By Wendy Van Sickle
Columbus, Ohio, Jan. 17 – The Republic of Chile priced $1.7 billion of 4.85% notes due Jan. 22, 2029 (A2/A/A-) on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.903 to yield 4.872%, or a spread of 85 basis points over Treasuries.
Initial talk had the notes coming in the Treasuries plus 120 bps area, with guidance moving them to Treasuries plus 90 bps, plus or minus 5 bps.
BofA Securities, Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and SG Americas Securities, LLC are the bookrunners.
Chile intends to invest an amount equal to the proceeds from the sale of the notes into projects that may qualify as eligible social expenditures under its sustainable bond framework.
| Issuer: | Republic of Chile
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| Amount: | $1.7 billion
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| Issue: | Notes
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| Maturity: | Jan. 22, 2029
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| Bookrunners: | BofA Securities, Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and SG Americas Securities, LLC
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| Trustee: | Bank of New York Mellon
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| Counsel to issuers: | Shearman & Sterling LLP and Morales & Besa Abogados Ltda.
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| Counsel to underwriters: | Cleary Gottlieb Steen & Hamilton LLP and Garrigues Chile Ltda.
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| Coupon: | 4.85%
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| Price: | 99.903
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| Yield: | 4.872%
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| Spread: | Treasuries plus 85 bps
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| Call features: | Make-whole call at Treasuries plus 15 bps prior to Dec. 22, 2028; par call after that
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| Pricing date: | Jan. 17
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| Settlement date: | Jan. 22
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| Ratings: | Moody’s: A2
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| S&P: A
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| Fitch: A-
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| Distribution: | SEC registered
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| Price talk: | Treasuries plus 120 bps area, guided to 90 bps, plus or minus 5 bps
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| Cusip: | 168863EB0
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