The Gap is Clear
Chile’s public debt market has fewer than 200 corporate issuers, while over 500,000 companies turned to private financing in the same year. Public offerings are also concentrated in unsecured or lightly secured bonds, leaving out a vast universe of companies that need flexible, collateral-backed structures.
Why It Matters
- Reach: Ignoring private credit means missing out on financing ~99% of Chile’s business landscape.
- Risk Quality: Many private loans are backed by real collateral and stricter covenants than the average public bond.
- Diversification: For institutional investors, private debt provides access to sectors and structures not available in the public market.
Cordada’s Take
Those who focus only on the public market are seeing just the tip of the iceberg. The real volume — and the bulk of value creation — happens in the private space, where specialized originators and active risk management — our focus — unlock superior risk-adjusted return opportunities.