Car finance company Forum issues US$42.4mn in bonds

- Wednesday, April 13, 2011

Car finance company Forum issues US$42.4mn in bonds

Chile's largest non-bank car finance company, Forum, has sold 20bn pesos (US$42.4mn) worth of bonds, in its second issuance in little over a month.

BancoEstado Corredores, the brokerage unit of state-run bank BancoEstado, acted as the deal's arranger, the bank said in a press release.

The issue was this year's second to be sold locally in pesos and is the third one arranged by BancoEstado Corredores. The bonds were sold at 102 basis points above the comparable central bank paper.

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Forum is 51% owned by Spain's BBVA (NYSE: BBVA).