EM LATAM CREDIT: Chile's Falabella SA (BFALA; NR/BB+/BB+) Tenders for 2027 Notes
“Falabella Starts Tender Offer for 3.750% Notes Due 2027” – BBG
Positive for spreads
• Chilean based retailer Falabella tendering for 2027 notes at USD98 which is a premium to last night’s close of USD96.35 according to Bloomberg CBBT and bonds quoted a point higher today at USD97.35 after news of the tender.
• In our post in late February, we highlighted Falabella’s improving credit story and investment grade metrics when the company reported strong 4Q earnings driven by EBITDA margin expansion while net leverage dropped. 2032 bonds have tightened 20 bps since then, last quoted T+156bps.
• The company already tendered for USD100mn of the 2027s July 2024 with USD300mn remaining.
• Link to our previous post:
https://mni.marketnews.com/41YMRNP
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MNI EXCLUSIVE: 13/14/28/50-week BTFs
| Type | 13-week BTF | 14-week BTF | 28-week BTF | 50-week BTF |
| Maturity | May 14, 2025 | May 21, 2025 | Aug 27, 2025 | Jan 28, 2026 |
| Amount | E2.795bln | E497mln | E1.896bln | E1.897bln |
| Target | E2.4-2.8bln | E0.1-0.5bln | E1.5-1.9bln | E1.5-1.9bln |
| Previous | E2.594bln | E1.96bln | E2.196bln | |
| Avg yield | 2.475% | 2.450% | 2.358% | 2.224% |
| Previous | 2.496% | 2.595% | 2.218% | |
| Bid-to-cover | 4.58x | 4.96x | 3.89x | 4.44x |
| Previous | 3.52x | 3.73x | 3.36x | |
| Previous date | Feb 03, 2025 | Jan 13, 2025 | Feb 03, 2025 |
MNI EXCLUSIVE: MNI interviews S&P analyst on possible tariff effects on autos
MNI interviews S&P analyst on possible tariff effects on auto sector -- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
GLOBAL POLITICAL RISK: Week Ahead 10-16 February
MNI's Political Risk team has published its Week Ahead article, looking at the major political risk events scheduled for the coming seven days.
Monday 10 February:
- China-US: Following US President Donald Trump’s imposition of 10% tariffs on almost all Chinese products entering the US, Beijing has responded with its own measures as of 10 February. A 15% levy on imports of US coal and LNG, and a 10% tariff on US oil, agricultural machinery and large-engine cars have come into force. With both the US and China having now imposed some form of trade levy on the other, focus will be on whether there is an escalation into an all-out trade war or if this now sets up Washington and Beijing for negotiations.
