Caja 18 has successfully completed a US$42 million corporate bond placement

February 2025 — Caja 18 has completed a placement of US$42 million (1,100,000UF) in corporate bonds on the local capital market. The bonds, with a seven-year term, semi-annual amortizations and a duration of 3.87 years, were secured by social credit guarantees. The proceeds will be used to finance Caja 18’s social credit program and refinance previously contracted liabilities for the same purpose. As part of this refinancing plan, Caja 18 also completed the voluntary early repurchase of its Series A bonds.

Caja de Compensación de Asignación Familiar 18 de Septiembre (Caja 18) is a private, non-profit corporation with its own assets, dedicated to administering social security benefits and primarily providing social credit through payroll deductions. Operating within Chile’s stable and highly regulated Cajas de Compensación (social security institution) industry, these entities are uniquely authorized to offer payroll-deductible loans that are both pensionable and non-waivable.

Our role in the transaction

Oaklins’ team in Chile successfully advised Caja 18 on its 2025 plan for liability refinancing and the funding of its social credit program.