Codelco last issued $1.5bn in bonds in January, split between 10 and 30-year maturities. Both tranches are now trading about 30 basis points below their original pricing, as reported by Reuters. Franck Bekaert, senior analyst at Gimme Credit, told Reuters that the current market backdrop offers “a compelling opportunity” for a new issue, although he warned that spreads appear “too tight compared to its peer group” given production uncertainties.