<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>1665-5346</journal-id>
<journal-title><![CDATA[Revista mexicana de economía y finanzas]]></journal-title>
<abbrev-journal-title><![CDATA[Rev. mex. econ. finanz]]></abbrev-journal-title>
<issn>1665-5346</issn>
<publisher>
<publisher-name><![CDATA[Instituto Mexicano de Ejecutivos de Finanzas A.C.]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1665-53462017000400431</article-id>
<article-id pub-id-type="doi">10.21919/remef.v12i4.242</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Spreads Determinants of Corporate Bonds in State-Owned Companies. The CODELCO Case]]></article-title>
<article-title xml:lang="es"><![CDATA[Determinantes del spread de los bonos corporativos de compañías estatales. El caso de CODELCO]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Castañeda]]></surname>
<given-names><![CDATA[Francisco]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Caro]]></surname>
<given-names><![CDATA[Víctor]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Contreras]]></surname>
<given-names><![CDATA[Franco]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de Santiago de Chile  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Chile</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2017</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2017</year>
</pub-date>
<volume>12</volume>
<numero>4</numero>
<fpage>431</fpage>
<lpage>446</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462017000400431&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462017000400431&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462017000400431&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: This article aims to measure the impact on CODELCO debt financial spreads as a result of the changes in various factors, mainly resulting from the fall in copper prices. In this sense, the article addresses a public policy issue in todays Chile, because of the low copper prices, that have reduced the company&#8217;s contributions to the treasury. The analysis is performed with a sample of data that is quarterly arranged and range from 2003 to 2015, and the goal is to measure the debt spread determinants from a credit risk perspective. As expected, the relationship between the average maturity of the bonds and the spread is inverse, the probability of &#8221;default&#8221; and the bond spread relate positively and the price of copper is related negatively with the bond spread. Contrary to what is expected risk classification is not statistically significant and the cash to total assets is positively related with the bond spread.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: Este artículo busca medir el impacto en el spread de la deuda financiera de CODELCO como resultado del cambio en varios factores, especialmente la caída del precio del cobre. En este sentido, el artículo aborda un asunto relacionado a las políticas públicas de Chile, ya que la baja en el precio del cobre ha reducido la contribución de la compañía al estado. El análisis es llevado a cabo con una muestra de datos trimestral que comprende un periodo entre 2003 y 2015, y el objetivo es medir los determinantes del spread desde la perspectiva del riesgo de crédito. Como se esperaba la relación entre la madurez promedio de los bonos y el spread es inversa, la probabilidad de default y el spread se relacionan positivamente y el precio del cobre se relaciona negativamente con el spread. Contrario a lo esperado, la clasificación de riesgo no es estadísticamente significativa y la razón entre caja y activos totales se relaciona positivamente con el spread de los bonos.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Bond Spread]]></kwd>
<kwd lng="en"><![CDATA[State owned Enterprise]]></kwd>
<kwd lng="en"><![CDATA[Copper Price]]></kwd>
<kwd lng="en"><![CDATA[Credit Risk]]></kwd>
<kwd lng="en"><![CDATA[Under-Capitalization]]></kwd>
<kwd lng="es"><![CDATA[Spread de bonos]]></kwd>
<kwd lng="es"><![CDATA[Emprea estatal]]></kwd>
<kwd lng="es"><![CDATA[Precio del cobre]]></kwd>
<kwd lng="es"><![CDATA[Riesgo de crédito]]></kwd>
<kwd lng="es"><![CDATA[Sub capitalización]]></kwd>
</kwd-group>
</article-meta>
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