(Bloomberg) -- Chile is planning to tap international debt markets for the second time this year as it offer to buy back some of its global peso bonds. 

The nation is repurchasing notes denominated in pesos due in 2025, 2026, 2028 and 2033, according to a Wednesday statement. The tender depends on the sale of similar securities, the statement said.

The new bond deal comes after the pesos’ world-beating rally this month. The currency, which had been battered by the central bank’s aggressive interest-rate cutting cycle, has rebounded 6.2% versus the greenback in May as copper prices soar. That is more than any of its more than 140 peers tracked by Bloomberg. Still, the currency tumbled 2% on Wednesday as the local market reopened after a holiday and the red metal weakened.

Finance Minister Mario Marcel, central bank Governor Rosanna Costa and other officials will be meeting investors in New York and Toronto next week as part of the annual Chile day. 

Bonds denominated in local currency catered to global investors have become popular for Latin American issuers, from Uruguay and Peru to Carlos Slim’s America Movil. Chile last tapped global bond markets in January, when it sold $1.7 billion in dollar notes due in 2029.  

World-Beating Currency Rally Spurs Latin America Debt Sales

The buyback offer expires at 10 a.m. in New York on May 30. Citigroup Global Markets Inc., Itau BBA USA Securities, Inc. and Santander US Capital Markets LLC are running the deal. 

(Adds details on the peso move in third paragraph. An earlier version corrected spelling of central bank governor’s name.)

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