SANTIAGO, Aug 25 (Reuters) - Chilean state copper producer Codelco said it placed $390 million worth of bonds on the local market on Thursday, fetching an historically low effective rate of 2.09 percent.
The world’s top copper miner Codelco is raising the money for refinancing and investment purposes, at a time when a fall in the copper price has hit its income hard.
The yield was an historic low for 10-year debt in the local market, with the sale oversubscribed by nearly three times, Codelco said in a statement.
Alongside capitalization, the funds would enable it to progress with investment plans for next year, the company said in the statement. (Reporting by Felipe Iturrieta and Antonio de la Jara; Editing by Alan Crosby)