BanChile Securitizadora brought the country's largest MBS ever to market Dec. 5. As expected, the spread levels didn't come near local treasuries, even for the AAA' rated eight-year tranche. Nevertheless, results no doubt translate into a healthy arbitrage for the bank (see ASR 12/02, p.1). "We were pleased with the transaction," said Jorge Vial Cruz, CEO of BanChile.

The eight-year piece was delivered to pension funds unscathed, whereas the 18-year tranche appears to have gotten a little scratched up.

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