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BBVA Chile places bonds on local market worth about 52B pesos

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BBVA Chile places bonds on local market worth about 52B pesos

placed on July 19 bonds worth 2 million UF, or about 52.2 billion Chilean pesos,through a Dutch auction, the bank told the Santiago stock exchange the same day.

Demandfor the bonds, which have a term of 4.6 years, reached 4.45 million UF, or morethan double the amount offered, Diario Financieroreported, citing a statement from the company.

The bondsobtained an annual interest rate of 2.13%, with a spread of 104 basis points abovethe risk free benchmark instrument.

The mainaim of the issuance is to finance the bank's loan growth and commercial development,the report said.

The bank'sbrokerage unit, BBVA Corredores de Bolsa Ltda., was the placing agent.

The UFis Chile's development unit worth 26,101.28 pesos as of July 19, according to centralbank data.

As of July 18, US$1 was worth653.53 Chilean pesos.