The road to the international capital markets will soon be well trodden by Chilean issuers. A combination of government policies, such as the foreign exchange intervention programme, and technical moves in the swap market, are driving this new interest in cross-border deals.
Chile’s borrowers have had an easy time in the local markets in recent years. Twelve months ago a well-developed $114 billion pension system provided borrowers with a willing investor, coupons have been low at an average of 3% to 4.5%, and swapping into dollars from Chilean pesos has been cheap – a...
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