Santander Chile taps Swiss bond market

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Wednesday, September 5, 2018

The Chilean unit of Spanish banking giant Santander issued a bond in the Swiss market for a total of 115mn francs (US$118mn).

Santander Chile currently has three outstanding bonds in Switzerland and had not issued there since the end of 2016.

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Santander Chile CFO Emiliano Muratore said in a statement: "This transaction is evidence of the excellent positioning the Bank has in international markets, even with high volatility due to issues in the international markets in the last few months and issues within the region in the last few weeks.

"We decided to issue in the Swiss market due to the attractive levels in comparison with the local financing alternatives, all with minimal execution risk."

Credit Suisse and UBS handled the transaction.

By assets, Santander was the No. 2 bank in Chile at the end of July, after local player Bci, which recently closed the purchase of TotalBank in the US.