Codelco Pays Heavy Price for Ramping Up Debt Burden to Fund Over-Budget Projects [BNN Bloomberg (Canada)]
Banco Bilbao Vizcaya Argentaria S.A. (BBVA)
US:NYSE Investor Relations:
shareholdersandinvestors.bbva.com
Company Research
Source: BNN Bloomberg
Chile's state-owned miner sold two tranches of debt worth a total of $2 billion last week at 230 basis points and 235 points above US Treasuries, a wider spread than on its existing notes. The company's debt burden is by far the largest among major copper producers tracked by Bloomberg, at about 5.8 times earnings before one-time items. Proceeds will help the mining giant continue the overhaul of its aging deposits, seeking to compensate for a decline in ore quality that has seen production slump to a quarter-century low. Output has dropped much more than anticipated amid missteps and project delays. “This is what happens when money is needed,” said William Snead, an analyst at Banco Bilbao Vizcaya Argentaria SA in New York. “Honestly, not necessarily a surprise given the funding needs.” Codelco sold $1.5 billion of 12-year notes to yield 6.45%, as well as $500 million more of a previous issuance due in 2053, just four months after its prior sale. Both tightened from initial pr
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BBVA
Earnings
- 4/29/24 - Beat
BBVA
Analyst Actions
- 3/25/24 - Barclays PLC
BBVA
Sec Filings
- 5/1/24 - Form 6-K
- 4/30/24 - Form 6-K
- 4/30/24 - Form 6-K
- BBVA's page on the SEC website