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Deals of the Year 2011: Republic of Chile

Republic of Chile
Value $1 billion 10-year (and Ps162 billion retap of its Chilean peso denominated 2020s.)
Date September 7 2011
Bookrunners Deutsche Bank and HSBC
return to the Latin America Deals of the Year index

However, it was Republic of Chile’s $1 billion bond in September that takes our second award. The $1 billion of 2021s was priced in volatile markets in early September, with the republic taking advantage of an intra-day window to achieve a record low all-in pricing of 3.35%, compared with the 3.89% it achieved the year before. On the same day, the Republic of Chile also re-tapped the Chilean peso-denominated 2020s for another $350 million equivalent. The focus of the re-tap was to minimize yield rather than achieve size and Chile priced the new notes at a yield of 4.4%. Both issues were managed by Deutsche Bank and HSBC.

"The placement of the new 10-year bond ... reached a yield of 3.35%," says Ignacio Briones, head of international finance at Chile’s finance ministry.

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