Chile

The People’s Bank of China (PBoC) said on Friday that it has appointed the local branch of Industrial and Commercial Bank of China as the renminbi clearing bank for Argentina. The country becomes the second official RMB hub in Latin America, following the footsteps of Chile.

LatAm syndicate bankers said Codelco had carried out a perfectly executed trade on Wednesday with its new 10 year, but some highlighted that the re-offer yield should be a lesson to borrowers about the dangers of waiting to issue.

Chilean government-owned copper miner Codelco raised $2bn of 10 year notes on Wednesday in a deal that provoked debate about the size of the new issue premium but was unanimously considered a positive for the LatAm market.

Credit Suisse has named Jorge Eduardo Díaz Barros as Chilean country head after hiring the banker from JP Morgan.

Chile has taken the prized spot of being the first Latin American renminbi hub, with a clearing bank, a central bank swap line and an RMB qualified foreign institutional investors (RQFII) quota all being announced on May 25.