Cencosud Shopping S.A., also known as Cenco Malls, announced on April 23 its return to the Chilean debt capital markets for the first time since 2019, successfully placing bonds totaling UF 2,500,000. The company reported that this transaction was completed under record financial conditions and was supported by its AAA local credit rating.
The bond issuance corresponds to series BCSSA-H and has a bullet maturity set for February 5, 2056. It features a yield of 3.08% and an annual coupon rate of 3.00%. According to the company, demand from institutional investors was strong, resulting in an oversubscription rate of 2.4 times.
The bonds were priced at a spread of 63 basis points over the reference rate, which Cenco Malls said is the lowest level achieved in Chile for issuances with similar terms. Proceeds from this offering will be used to support the company’s investment plan and those of its subsidiaries, as well as for general corporate purposes.
Agustín Letelier, Chief Financial Officer of Cenco Malls, said: “This return to the Chilean market, after several years, under highly favorable conditions — including a 30-year tenor and historically low spreads — reflects strong investor confidence in Cenco Malls’ solid financial position, the quality of its project pipeline, aligned with our long-term growth strategy.”
Cenco Malls is part of the Cencosud Group and operates shopping centers across South America in countries such as Chile, Peru, and Colombia. The company manages a total of 41 shopping centers covering more than one million square meters of gross leasable area.
