Corporate Debt Restructuring Masterclass

18 July 2022 (Mon), 5pm Singapore/HK time

Chile raised $4.25bn via sustainability-linked bonds (SLBs) in a dual currency offering. It raised $750mn via a tap of its 2.55% green 2032s sold at a yield of 1.962%, or T+87bp, 33bp inside initial guidance of T+120bp area. It also raised $1.5bn via a 40Y social bond at a yield of 3.116%, or T+127bp, 28bp inside initial guidance of T+155bp area.

On the Euro offering, it raised €400mn ($486mn) via a tap of its 0.83% green 2031s at a yield of 0.399%, or MS+60bp, 20bp inside initial guidance of MS+80bp area. It also raised €1.25bn ($1.52bn) via a 30Y social bond at a yield of 1.298% (historical lows), or MS+125bp, 15bp inside initial guidance of MS+140bp area.

The bonds have expected ratings of A1/A+/A-. The dollar tranche received orders over $7.2bn, 3x issue size while the euro tranche received orders over €4.12bn ($5bn), 2.5x issue size. Investment fund managers with ESG mandates acquired 48.5% in euros. Proceeds will be used to finance sustainable investments, including green projects. The 40Y dollar-denominated and 30Y euro-denominated social bonds carry the longest maturity for Chile in these two currencies.

For the full story, click here

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