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CHILE EXCHANGE-TRADED

FIXED INCOME GUIDE

Fixed Income in Chile

Updated May 2016 2 | 30

CONTENTS

I. INTRODUCTION ............................................................................................................. 3

II. EXCHANGE-TRADED FIXED INCOME MARKET ........................................................... 4

1. Features ...................................................................................................................... 4

2. Market Participants ...................................................................................................... 5

3. Legislation ................................................................................................................... 6

4. Taxes .......................................................................................................................... 7

5. Type of Instruments ..................................................................................................... 8

6. Benchmarks for Fixed Income Market ....................................................................... 10

7. Investment, Access and Trading Mechanisms ........................................................... 12

8. Clearing and Settlement Mechanisms ....................................................................... 13

9. Statistics on Santiago Exchange ............................................................................... 14

10. Fixed Income Market Initiatives ................................................................................. 16

11. Services from Santiago Exchange ............................................................................. 17

12. Glossary .................................................................................................................... 19

III. APPENDIX ................................................................................................................. 21

1. List of Main Fixed Income Instruments ...................................................................... 21

2. List of Sovereign Fixed Income Instruments Listed on Santiago Exchange ............... 21

3. List of Private Debt Instruments Listed on Santiago Exchange .................................. 22

4. List of Instruments Governed by Article 104 of Income Tax Law................................ 26

5. Ranking of Santiago Exchange Brokers Operating on Fixed Income Market ............. 28

6. Santiago Exchange Brokers Operating on Fixed Income Market ............................... 29

IV. Santiago Exchange contact information ..................................................................... 30



I. INTRODUCTION

Chile stands out as the second largest Exchange-Traded Fixed Income Market in Latin

America, with a total traded value for the year ended December 2015 of USD 190 billion1.

The financial services industry accounts for 5% of the country´s GDP (see Graph 1) and is

made up of over 200 local institutional investors, Banks, Insurance Companies, General

Asset Managers (AGFs), Pension Funds (AFPs) and 25 Brokerage Houses.

Figure 1: Main Statistics in Chile

POPULATION GDP per Capita

GDP UNEMPLOYMENT RATE

SOVEREIGN RISK (S&P)

INFLATION

17.7 million* USD 22,346* USD 240

billion 5.8% AA- 4.4%

TRADE BALANCE EXPORTS (FOB) IMPORTS (FOB)

USD 3,494 million USD 62,232 million USD 58,738 million

Source: Chilean Central Bank and World Bank as of 2015. *2012 census data.

Graph 1: GDP by Sector

Source: Chilean Central Bank, 2015.

1 Source: Santiago Exchange, 2015.

31%

14%

12%

11%

9%

9%

8%

5% 3%

Other

Corporate Services

Personal Services

Manufacturing

Mining

Wholesale and Retail Trade

Construction

Financial Services

Utilities



II. EXCHANGE-TRADED FIXED INCOME MARKET

1. Features

The secondary market for Fixed Income in Chile can be divided into exchange traded and

over-the-counter (OTC). This document refers solely to exchange traded Fixed Income

securities.

Santiago Exchange boasts almost 100% of market share when it comes to exchange traded

Fixed Income securities. Long-term bonds account for 32%; while money market

instruments account for 68%.

Both public and private sector instruments are traded on the general Fixed Income Market

in Chile.

Public-sector instruments include sovereign bonds issued by the Chilean Central

Bank and the Chilean Treasury through public auctions (the Chilean Treasury reports

administratively to the Ministry of Finance). Central Bank issuances have as a goal

the implementation of monetary policy, finance international reserves and manage

foreign exchange volatility in the face of possible outside shocks. Issuances made

by the Chilean Treasury, have in turn, the aim of funding public policies and the

diversification of foreign exchange risk associated to its liabilities.

Private-sector instruments include debt issuances by corporates, mortgage backed

securities, certificate of deposits, bank bonds and securitized bonds. These bond

issuances are a source of funding for general corporate purposes, investment

financing & liability management among other uses.

The Ministry of Finance has stated the following objectives when issuing debt:

(a) To develop and maintain an efficient and liquid local bond market and establish

reference rates to facilitate access by Chilean companies to capital markets;

(b) To encourage greater participation by foreign investors in order to financially

integrate the Chilean economy with global markets; and

(c) To meet the government's funding needs and reduce the cost of long-term financing

with a given risk level.

The stock of public debt in Chile was USD 50,060 million as of December 2015, this amount

includes debt issuances made in Chilean pesos (CLP) and the inflation linked currency

(CLF).2 .

Trading of Fixed Income securities in Chile can be divided into exchange traded and over

the counter (OTC):

Trading of Fixed Income and money market instruments on the exchange can take

place on two different platforms:

2 Bonds expressed in a unit of account that is indexed to variations in the CPI (Consumer Price Index).



(1) Electronic Auction, and

(2) Telerenta.

Both systems can be used to trade Central Bank bonds, Treasury bonds, corporate

bonds, bank bonds, mortgage bonds, recognition bonds, securitized bonds,

commercial paper and certificates of deposit (see Table 2).

The over-the-counter market includes three mechanisms for interbank trading:

(1) OTC Rates (system managed by Santiago Exchange as an extension of its

business).

(2) Points Market (over the phone), only available to trade Central Bank securities,

forwards, swaps and other derivatives, and

(3) Brokers, which only provide securities brokerage services for public-sector debt

and do not engage in proprietary trading. They fulfill the role of protecting the

anonymity of the counterparty bank not wishing to disclose information on the

OTC Rates or Points Market systems.

Insurance companies and mutual funds may participate in the OTC market; however, they

generally trade as direct operators with brokers, just like AFPs in the exchange-traded

market. AFPs are not authorized to engage in over-the-counter transactions.

2. Market Participants

Diverse instruments issued by institutions accredited to do so by the Chilean

Superintendence of Securities and Insurance (SVS) are traded on the Fixed Income Market.

And so, the SVS regulates the issuance of tradable securities and imposes disclosure

requirements for registered issuers.

Broadly speaking, the Chilean market is comprised of the (a) regulators charged with the

supervision of investors, issuers and market intermediaries, (b) buy side, (c) sell side, (d)

issuers, who publicly offer securities to the market and (e) infrastructure entities, who provide

support for securities trading, clearing, deposit and custody (see Figure 2).

The Chilean Central bank acts as government placement agent for sovereign securities such

as Central Bank (BCCh) bills or notes and Treasury bonds. The BCCh and the Ministry of

Finance work in conjunction in order to draw up an issuance schedule that is periodically

released to the market.

Corporate bond issuances are regulated by the SVS, whereby issuances, instruments and

companies are registered in accordance with Chilean securities law and established

regulations.

The bond issuance process consists of at least the following stages: (1) Selecting the

structuring agent (financial advisor that underwrites the instrument), (2) Issuance contract,

(3) Risk rating, (4) SVS registration, (5) Roadshows, and (6) Pricing & Placement.



Figure 2: Chilean Market Structure

Source: Santiago Exchange.

3. Legislation

Chile's Securities Market Law lays the foundations for the Chilean capital markets, securities

law, third-party fund management and securities deposit and custody.

The main regulators, laws and regulations are highlighted below:

Ministry of Finance: In accordance with the Securities Market Law No. 18,045, the

public offering of securities, markets intermediaries, including authorized exchanges,

brokerage houses and securities agents; listed corporations, issuers of publicly offered

instruments and the trading of said securities in the secondary market (exchange and

OTC) falls under the oversight of the Ministry of Finance. As per the same regulation,

issuers and the securities themselves must be registered in the SVS's “Securities

Registry.”

SVS: The SVS is an agency of the Chilean government. Law 3,538 created the agency,

while Law No. 18,045 grants the agency charges it with the oversight and enforcement

of securities law, proposing new securities rules and regulating the securities industry,

the country´s stock exchanges, and other activities and organizations, including the

electronic securities markets in Chile to the SVS. The agency has the role of supervising

and regulating the activities and entities that participate in the insurance market in Chile.

The SVS has a four-part mission: to act as a market regulator and enforce of rules and

regulation, maintain efficient market oversight, to act as a sanctioning party applying

sanctions against a breach or violation of the regulatory framework following and to



develop and promote the Chilean capital market vying to increase market transparency

and facilitate capital formation.

BCCh: In accordance with Chapter XIV (on regulations applicable to loans, deposits,

investments and capital contributions from foreign sources), of the Compendium of

International Exchange Standards (CNCI), this entity regulates foreign investment for

all financial instruments and vehicles. There are no rules on portfolio diversification or

restrictions regarding the timing of repatriation of capital. All capital inflows and outflows

are communicated to the BCCh, but the entity's approval is not needed to carry out

transactions in Chile, except those carried out in accordance with Chapter XXVI, which

is still valid for ADR programs, require prior authorization from the BCCh.

Internal Revenue Service (SII): This entity is charged with applying and supervising

all internal taxes in Chile. The agency is also charged with the enforcement of Chilean

tax law and the issuance of rules and regulations for this purpose. The agency was

created in accordance to Law No. 1,515.

Resolution 36 of March 2011 simplifies the mechanism for registering a Taxpayer ID

Number (RUT) for foreign investors. Any legal entity or individual it being a non-resident

or domiciled in Chile that invests in the country and generates profits by buying and

selling listed stocks, Fixed Income instruments, money market instruments and mutual

fund units, or through some contracts, can use the simplified mechanism to obtain a

RUT. Resolution 36 sets forth that the investor must designate a responsible Agent for

tax purposes in Chile, and that Agent is responsible for providing relevant information

to tax authorities, filing tax returns and paying taxes on behalf of its client.

Agents shall be understood to include banking institutions that operate in Chile,

brokerage houses, securities agents, asset managers, mutual fund managers and

public investment fund management companies, while being incorporated in Chile3.

4. Taxes

In accordance with article 104 of the Income Tax Law No. 824 (ITL), (this article was

incorporated on January 6, 2010), issued by the Ministry of Finance, the SII administrates

the collection of capital gains and losses for Fixed Income instruments. As per said article,

capital gains obtained from alienation of publicly offered debt instruments referred to in the

same article (see APPENDIX), shall not be considered income for collection purposes,

provided that they meet the requirements defined therein. The aforementioned list of

instruments is also made available on Santiago Exchange website4.

Familiarity with Chilean tax regulation is a very important aspect of trading Fixed Income

securities as the nation signed a series of Double Taxation Avoidance Agreements

(DTAAs). These agreements are listed on the SII's website5.

3 SII exempt Resolution No. 36 dated March 14, 2011 (http://www.sii.cl/documentos/resoluciones/2011/reso36.htm). 4 Menu selections: Markets --> Statistics --> Market Newsletters. 5 Menu selections: Laws --> Regulations and Jurisprudence --> Laws and Bills of Law --> International Agreements.



Table 1: Taxation for International Investors

Capital Gains Interest (Coupons)

ZERO

For long-term debt instruments issued in Chile (under Article 104 of the Income Tax Law).

Rate of 4%, Withholding Tax.

For instruments admitted under Article 104 of the Income Tax Law.


For long-term debt instruments issued in Chile (not under Article 104 of the Income Tax Law).


For other instruments.

Source: Income Tax Law (ITL).

5. Type of Instruments

The instruments that make up the Fixed Income market in Chile can be divided into two large

groups: Fixed Income Instruments (FII) and Money Market Instruments (MMI).

FII

FII are securities with a longer tenor; medium- and long-term obligations, that the issuer

undertakes with the holder of the instrument. As a rule of thumb, these securities have

maturities in excess of 365 days. This category can be further classified as per the issuer

into sovereign and corporate securities:

Sovereign

Central Bank and Treasury Bonds in Pesos (TB): Securities issued by these two

entities seek to regulate monetary supply, to support foreign exchange policy, to

finance government policies or for liability management. These securities can be

denominated in Chilean pesos (CLP) or indexed to inflation (CLF), and are also known

as public securities. These instruments fall under the scope of Article 104 of the

Income Tax Law and are thus exempt capital gains when so stated upon issuance by

the Central Bank.

Corporate

Bank and Corporate Bonds (CB): Instruments issued by banks and companies.

These bonds can be divided into several types: “subordinated”, which are issued by

banks and assign a lower priority to the creditor; “Securitized”, which are issued by

securitizers in anticipation of payment flows from certain financial assets of a company

or financial institution, such as mortgage loans, auto loans, etc.; “Convertible”, which

are issued by private corporations to finance investment projects and can be converted

into shares of the issuing company. They can be denominated in Chilean pesos (CLP),

United States dollars (USD) or indexed to inflation (CLF). These instruments can

qualify under Article 104 if so stated by the issuer.



Mortgage Backed Securities (MBS): These are issued by banks and financial

institutions to fund mortgages or commercial activities. They can be indexed to inflation

(CLF) or expressed in Chilean pesos (CLP).

Money Market

Money market instruments (MMI) are instruments with a term of less than 365 days, at

which time the issuer repaid principal and interest earned.

These instruments are issued to finance short-term capital needs or as an instrument of

monetary regulation when talking about Central Bank notes/bills. From a buy-side

perspective, these instruments offer an investment alternative to take advantage of

fluctuations in short-term interest rates or as low-risk savings. This category of instruments

can be further classified into public and private, and include:

Sovereign

Central Bank Discountable and Indexed Promissory Notes (PDBC and PRBC):

Securities issued by the BCCh to regulate monetary supply through open-market

transactions. These are discountable promissory notes issued in Chilean pesos (CLP),

and the inflation linked currency (CLF) with semi-annual coupons.

Treasury Discountable and Indexed Promissory Notes: These are issued by the

Chilean Treasury in order to finance government expenditures. Discountable

promissory notes are issued in Chilean pesos (CLP), and in the inflation linked

currency (CLF) with semi-annual coupons.

Corporate

Certificates of Deposit: Certificates of deposit issued by banks and financial

institutions to obtain short-term funding. These documents are either placed directly

or through an intermediary. They can be denominated in CLP or the inflation linked

currency CLF with a minimum tenor of 30 days.

Commercial Paper: Instruments issued by entities registered with the SVS, known as

corporate promissory notes. They can be issued by corporate issuers, financial

entities, (financial institution promissory notes) and invoice discounting companies.

The objective is turn to the market for funding in order to finance the issuer's short-

term operations (working capital). Maximum tenor for these instruments is of 36

months, these securities are tradable on the nation´s exchanges and follow a similar

issuance process to that of corporate bonds, requiring supporting documentation such

as a prospectus containing relevant information on the securities and the issuer for

both potential investors and the market.



Table 2: General characteristics of trading by type of Fixed Income Instrument

Instrument

Santiago

Exchange Trading

Systems

Trading Settlement

Condition

Indexation

Currency

(Trading)

Settlement

Currency

FII

- Telerenta

- Electronic

Auction

Rate

T+1

(Can also trade T+0

and T+2)

CLP

CLF

USD

CLP

USD

FII

(CB - Floating

Rate)

- Telerenta

- Electronic

Auction

Price

T+1

(Can also trade T+0

and T+2)

CLP

CLF

USD

CLP

USD

MMI

- Telerenta

- Electronic

Auction

Rate T+0

(Can also trade T+1)

CLP

CLF

USD

EUR

ICP

CLP

USD

EUR

6. Benchmarks for Fixed Income Market

Benchmarks for this market are 16 indicators (8 in CLP and 8 in CLF) that track rate evolution

of Fixed Income. They are calculated by the Exchange and represent the value in terms of

rates for short- and long-term bonds issued by the BCCh and the Treasury. They include a

series of instruments within a set of parameters based on the methodology defined by

Santiago Exchange. In Chile, this group of instruments includes the main indicators for the

exchange traded Fixed Income market and acts as the “on-the-run” securities for each term.

These benchmarks are the result of weighted average rates for transactions made on the

trading floor for instruments issued by the Chilean Central Bank and the Chilean Treasury

and of spot transactions carried out on the OTC-Rates market (interbank market).

For each benchmark, transactions are compiled and later categorized from largest to

smallest IRR; then the highest 15% (based on traded amount) of the total trading amount

for all registered transactions is discarded. Similarly, the lowest 15% (based on traded

amount) of the total transactions considered is also discarded. Therefore, the benchmark is

calculated using 70% of eligible transactions based on selection criteria, which also must

not exceed 100,000 CLF for bonds in CLF, and CLP$ 2,000,000,000 for transactions in

Chilean pesos (CLP).

Definitions

Maturity: The maturity of the instruments that make up the benchmark will determine the

date of entry or exit to and from each category (see Table 3).

Date of entry and exit: Modifications may be made to the components that make up the

benchmarks on the first business day of each month.



Exceptions:

a. New issuances of instruments from the Central Bank or Treasury will be incorporated

as benchmark components on the same day the instrument is issued.

b. If, given the defined maturities, a benchmark is left without components for any period,

the exit of the last instrument will be postponed until another series enters the

category. The exit will take effect on the first business day of the following month. This

exception does not apply for the 20 and 30-year categories.

c. An instrument's exit from a given category may be postponed for up to six months

from the effective date on which it should have exited the benchmark. If the

aforementioned period has passed and no other series has entered this category, this

category will be left without components for some time.

d. The value of the benchmark for categories without instruments will be calculated as a

simple average of its adjacent categories.

e. If an issuance takes place during the course of a given month, causing a change in

the underlying asset, it will not be modified until the creation of the next benchmark.

Table 3: Santiago Exchange Benchmarks by Term

Benchmark

Term

From (including) Until (including)

02 1 year 7 months 2 years 6 months

03 2 years 7 months 3 years 6 months








The benchmarks are available on Santiago Exchange website6.

6 http://inter.bolsadesantiago.com/sitios/en/mercado/Paginas/Fixed%20Income.aspx

Menu selections: Markets --> Fixed Income.

http://inter.bolsadesantiago.com/sitios/en/mercado/Paginas/Fixed%20Income.aspx



7. Investment, Access and Trading Mechanisms

In order to be able to invest in Santiago Exchange Fixed Income Market, a potential investor

must contact an authorized intermediary such as a brokerage house domiciled in Chile, who

has to meet with all the requirements established by law to perform its role.

Investors can also access the exchange via FIX, using direct market access (DMA)

connection allowed for trading with proprietary systems, or through a trading platform

provided by Santiago Exchange acting as a router figure.

Investors may access the market insofar as they include a brokerage house intermediary in

the access mechanism, through which they may input bid/ask offers to the exchange market

and clearing securities.

In Santiago Exchange's Fixed Income Market, brokerage houses that connect directly to the

Exchange are recognized as intermediaries. Through them, any investor can access the

market.

DMA Connection: FIX connection through which market access is available. It allows

real-time order routing by investors or end clients that have been previously authorized by

a brokerage house to trade through firm proprietary systems.

Exception to rule of trading via DMA:

a. Offers cannot be input when price is more than 5% above the most recent price on

the Exchange.

b. Only Automatic Cross Orders7 (CO) are permitted.

SEBRA HT Platform, for Exchange-Trading: One stop electronic platform for real-time

quoting and trading on the Chilean exchange market in one place. It consists of the

following systems for trading Fixed Income securities8:

Telerenta: System for placing orders through an order book or continuous auction.

This system allows automatic matching of buy and sell orders for instruments with

compatible rates or prices. The system orders bid/ask offers for the same instrument

and settlement condition in a sole order book based on rate/time criteria, prioritizing

those offers with more attractive rates.

Electronic Auction: System for trading Fixed Income and Money Market instruments

with a mechanism based on periodic auctions. The transaction methodology is based

on three defined periods of time, which are (1) the period for inputting sale offers, (2)

the period for selecting offers, and (3) the period for inputting bids. At the end of the

third period, bids are awarded using an English auction, which assigns to each bid the

specific rate input by the participating institution (differentiated price for each offer).

7 A Cross Order (CO) is that in which only one broker acts as buyer and seller of the instrument. The transaction is carried out after

a disclosure period for the offer. A CO is automatic when, if the offer meets certain characteristics, it does not require disclosure

and is executed automatically (SVS General Rule No. 131). 8 For more information, see Santiago Exchange's “Fixed Income and Money Market Transaction Handbook”.



In addition, investors can participate in the BCCh public bidding through its Open Market

Transaction System (SOMA).

Open Market Transaction System (SOMA): This is the trading platform of the Chilean

Central Bank (BCCh), through which authorized financial institutions interact. This system

was not developed and is not managed by Santiago Exchange.

Through SOMA, eligible institutions may conduct monetary, financial and special

transactions as indicated in the Compendium of Monetary and Financial Standards of the

Chilean Central Bank. SOMA may be accessed by any of the groups of agents authorized

by the Council to operate in the BCCh's Primary Fixed Income Market (Appendix 1 of

Chapter 1.3 of the Compendium of Monetary and Financial Standards) and that also meet

the requirements in that chapter for signing the contract. The BCCh will accept bid offers for

Fixed Income instruments as determined for each process9.

8. Clearing and Settlement Mechanisms

CCLV, Contraparte Central S.A., a subsidiary of Santiago Exchange, offers clearing and

settlement services for Fixed Income and Money Market securities, acting as a clearing

house for transactions that settle T+0 and T+1.

CCLV receives and processes information from the exchanges transactions on Fixed

Income and Money Market instruments with settlement conditions T+0 and T+1 that are

made on the exchanges' trading systems. These matched orders are input automatically

and immediately after each transaction is performed. These transactions give way to the

clearing orders that are later input into the CCLV's systems.

In the calculation of net positions, clearing orders input are netted multilaterally as well as in

financial terms by Agent (Settlement Agent or Indirect Settlement Agent). The settlement

process is completed under the principal of delivery against payment (DVP), i.e. that CCLV

delivers the cash and securities to the Agents provided that they fulfill their obligations. CCLV

bylaws allow it to hand out administrative penalties vying the enforcement of market rules

and regulations and compliance of positions pending settlement of instruments and debtor

balances in cash.

For more information, review CCLV's internal rules: www.cclv.cl.

9 For more information, see the website of the Chilean Central Bank (www.bcentral.cl), section Financial Policy, Compendium of

Monetary and Financial Standards (CNMF).

http://www.cclv.cl/



9. Statistics on Santiago Exchange

The Fixed Income market has the largest trading volumes in the Chilean capital market,

representing 93% of all traded volume (see Graph 2).

Graph 2: Trading Value by Market. Amounts in US dollars are for 2015

Source: Option BHMN of Trading Platform, Santiago Exchange.

In 2015, the Chilean Peso (CLP) experienced a period of depreciation when compared to

the U.S. dollar while volumes on Santiago Exchange fell (see Graph 3) only 1.4% in local

currency terms. The Chilean Peso averaged below CLP 500 per 1 USD between 2011 and

2013.

Graph 3: Evolution of Exchange-Traded Fixed Income Market Nominal amounts (FII + MMI), converted to dollars using the average dollar.

Figures in millions of Chilean pesos (CLP)

2010 2011 2012 2013 2014 2015

Trading Value 154,906,163 173,540,112 167,325,018 199,279,719 220,283,126 217,205,984

Source: Option BHMN of SEBRA HT Platform, Santiago Exchange.

Equity7%

Fixed Income

93%

45% in private debt. 55% in public debt.



By type of instrument, both long-term (FII) and short-term (MMI) instruments reported

drops in trading volumes and number of trades with respect to 2014 of 5.31% and 3.06%,

respectively, in total terms and local currency (see Graph 4 and Graph 5).

Graph 4: Trading Volume by FII Instrument

Nominal amounts, converted to US dollars

at the average dollar

For FII, while the trading

volume of bonds issued by

public entities fell 17.78%,

the trading volume of bank

and corporate bonds

increased 16.56% over

2014 in local currency.

Figures in millions of Chilean Pesos (CLP)

2010 2011 2012 2013 2014 2015

MB 365,897 618,973 335,478 374,760 102,473 108,685

CB 15,038,378 15,654,856 14,762,486 22,278,256 26,740,340 31,167,712

TB 35,025,591 38,760,141 35,148,253 34,766,285 46,991,341 38,635,302

Source: Option RMTO of SEBRA HT Platform, Santiago Exchange.

Graph 5: Trading Volume in MMI by Issuer

Nominal amounts, converted to US dollars at the average dollar.

For MMI, while the

trading value of public

instruments issued by the

Chilean Central Bank

increased 0.1%, the

trading value of private

instruments issued by

banks, companies and

other entities fell 3.34%, in

local currency,

respectively.

Figures in millions of Chilean Pesos (CLP)

2010 2011 2012 2013 2014 2015

Trading Volume Central Bank 9,997,347 9,986,521 9,981,128 9,979,897 9,984,084 9,989,990

Trading Volume Treasury - - - - - -

Trading Volume Banks 75,602,681 95,651,199 99,074,207 110,110,101 107,045,385 103,446,533

Trading Volume Companies 856,613 677,449 547,195 666,506 705,725 701,195

Trading Value Other 43,768 18,717 24,035 598 - -

Source: Option RMTO of SEBRA HT Platform, Santiago Exchange.



Finally, the stock of sovereign debt issued on Santiago Exchange as of December 2015

averaged USD 50,060 million.

Graph 6: Stock of Public Debt Issued by Santiago Exchange Nominal amounts, converted to dollars using the average dollar.

Source: Option RSER of SEBRA HT Platform, Santiago Exchange. Rates obtained from Risk America.

10. Fixed Income Market Initiatives

The BCCh, the Ministry of Finance, the Santiago Exchange and market participants in

general, share the common objective of fostering the development of the Fixed Income

market in Chile, and have worked to improve market depth through joint initiatives that

have promoted greater participation from local and international investors. These

measures currently include the following:

a. Sovereign Debt Issuances and Benchmarks

Focusing new issues or reopening’s on existing benchmarks (5, 10, 20 and 30

years).

Concentrating the liquidity of instruments, auctions are held for few instruments

with larger significant volumes.

The BCCh and the Ministry of Finance are working on an auction program and

a swap program, respectively.

b. Regulatory Issues

Regulators are working on processes to facilitate the withholding of interest on

coupons (4% + CPI), an initiative included within the 22 measures to boost



productivity and broaden economic growth capacity announced by the Finance

Ministry on March 30, 2016.

c. Market Data on Stations

Including debt instruments in technical analysis graphical tools.

d. Loans and Short Sales

Implementing loan management system for FII in SAB (Exchange

Administrative System) and in the Exchange's management systems.

11. Services from Santiago Exchange

Santiago Exchange makes a series of services available to international clients including a

direct connection to the Exchange, trading platforms and market data.

Connectivity Services

Direct Market Access (DMA): Enables the end client to channel or automatically route

buy and sell orders for Fixed Income securities real time to the SEBRA HT system

(Exchange Trading Platform). These orders enter the Exchange under the sponsorship of

an authorized brokerage house registered with the Exchange.

This connection can be used to access the Exchange through a routing network.

Key Features:

- Designed for intermediaries, providers of financial services and investors.

- Connection tailored to the client with several types of access.

- Permits the sophisticated use of algorithmic trading.

- Ultra-low latency of 1 millisecond.

- Autonomy in order management.

- FIX 4.4 technology.

Alternatives:

- DMA Broker: For applications developed by investors or websites in order to allow

the end client to send orders to the market.

- DMA Network: For routing network connections.

- DMA Direct: Permits development and use of transactional algorithms and HFT.

Trading Platform

Router Trading Platform: Electronic system for quoting and trading financial

instruments. This is an advanced, high-speed system with ultra-low latency that uses FIX

4.4 technology and connects to the Exchange via a VPN (Virtual Private Network).

Key Features:

- It is complete and allows access to market data and trading.



- It has useful tools for analyzing and valuing instruments.

- It is secure and has the backing and support of the Exchange.


Alternatives:

- Full Trading Platform: Consultations and trading systems for local and international

equities, debt, derivatives and MILA securities.

- Executive Fixed Income Station: Consultations and trading systems for FII and

MMI.

Data Services

Market Data: Provides access to complete flow of market data from Santiago Exchange

through FIX 4.4 messaging.

Key Features:

- Provides more information to clients.

- Information can be personalized to distribute to third parties.

- Improves investment decisions, accessing depth of order books.


Alternatives:

- Market Data Analytics: Provides information on market transactions and the depth

of offers, and can also load the institution's own processes or platforms.

- Market Data Website: Information that the client can make available on its website

to provide an added service to its clients.



12. Glossary

Agent: Participant figure or client of CCLV (see Settlement Agent or Indirect Settlement

Agent).

Average Dollar: For this document, this refers to the exchange rate for converting original

values in Chilean pesos based on the simple average of the monthly observed dollar

published by the Chilean Central Bank.

BCCh: Chilean Central Bank.

CCLV: Securities Settlement and Clearing House, acts as a CCP for Equities and

Derivatives, and as a Clearing House for Fixed Income.

CLF: See “Unidad de Fomento”.

CPI (consumer price index): Measures the variation in prices of a basket of goods and

services consumed by an urban household in Greater Santiago in a given period. Its purpose

is to estimate domestic inflation (or deflation, if appropriate).

FII: Fixed Income instruments. Securities representative of medium- and long-term

obligations.

Indirect Settlement Agent (ISA): Client figure defined in SVS General Rule No. 256. It is a

client of a SA that acquires the capacity to clear and settle its transactions directly with CCLV

through its own accounts. However, the SA retains responsibility for the settlement of those

transactions before CCLV.

Institutional Investors: Organizations that operate with large volumes of assets: Banks,

Financial Companies, Insurance Companies, Pension Funds (AFPs), National Reinsurance

Companies and Fund Managers authorized by law. This also includes other entities

designated by the SVS via a general rule.

MMI: Money market instruments. Securities maturing in less than 365 days.

Nominal Amounts: Current value expressed in Chilean pesos (CLP).

Observed Dollar: An indicator calculated by the Chilean Central Bank based on the

weighted average of buy and sell transactions of that currency during the day. The

calculation excludes interbank transactions and the value is in effect for the business day

after the day of calculation.

Principal: Individual or legal entity that enters into instrument agreements through a

Participant (SA) or Client (ISA). It has no authority to clear and settle its transactions directly

with CCLV. CCLV interacts with the principal through an SA or ISA.

Private Fixed Income: Instruments issued by public entities like the BCCh and the Finance

Ministry.

Public Fixed Income: Instruments issued by private entities such as banks, financial

institutions and corporations.



Santiago Exchange Benchmarks: Indicators of the evolution of the Fixed Income market

with methodologies and calculations defined by Santiago Exchange. They bring together a

series of public bonds whose transactions, under certain characteristics, determine the value

of the indicator in terms of rate.

Settlement Agent (SA): Participant figure defined in Law No. 20,345 on Clearing and

Settlement Systems for Financial Instruments. Legal entity authorized by Law or by the SVS

and approved by the CCLV to be a direct member of a clearing and settlement system.

Responsible for settling all orders accepted by CCLV, input by the agent itself or by its

Indirect Settlement Agents.

SVS: Superintendence of Securities and Insurance.

Unidad de Fomento (CLF): A unit of account used in Chile as one of the indexation systems

authorized by the Chilean Central Bank in accordance with No. 9, Article 35 of the

Constitutional Organic Law. It is readjusted daily from the 10th of every month until the 9th

of the following month at the geometric average rate corresponding to the variation in the

Consumer Price Index (CPI) as determined by the National Institute of Statistics, or the body

that replaces it, in the calendar month immediately before the period for which that unit is

calculated. The measurement is based on the variation in CPI.



III. APPENDIX

1. List of Main Fixed Income Instruments

Ticker Readjustment Maturity Date Ticker Readjustment Maturity Date

BCU0300118 UF 1-1-2018 BTP0600118 CLP 1-1-2018

BCU0300318 UF 3-1-2018 BTP0600318 CLP 3-1-2018

BCU0300718 UF 7-1-2018 BCP0600318 CLP 3-1-2018

BCU0300818 UF 8-1-2018 BCP0600518 CLP 5-1-2018

BCU0301018 UF 10-1-2018 BCP0600618 CLP 6-1-2018

BTU0300119 UF 1-1-2019 BTP0600119 CLP 1-1-2019

BCU0300519 UF 5-1-2019 BCP0400119 CLP 1-1-2019

BTU0300719 UF 7-1-2019 BTP0600120 CLP 1-1-2020

BTU0300120 UF 1-1-2020 BCP0450420 CLP 4-1-2020

BCU0300221 UF 2-1-2021 BCP0450620 CLP 6-1-2020

BTU0150321 UF 3-1-2021 BCP0600221 CLP 2-1-2021

BTU0300122 UF 1-1-2022 BTP0450321 CLP 3-1-2021

BCU0300322 UF 3-1-2022 BTP0600122 CLP 1-1-2022

BCU0500922 UF 9-1-2022 BCP0600322 CLP 3-1-2022

BCU0300323 UF 3-1-2023 BCP0600323 CLP 3-1-2023

BTU0451023 UF 10-15-2023 BTP0600124 CLP 1-1-2024

BTU0300124 UF 1-1-2024 BTP0450326 CLP 3-1-2026

BTU0450824 UF 8-1-2024 BTP0600134 CLP 1-1-2034

BTU0260925 UF 9-1-2025 BTP0500335 CLP 3-1-2035

BTU0150326 UF 3-1-2026 BTP0600143 CLP 1-1-2043

BTU0300327 UF 3-1-2027

BTU0300134 UF 1-1-2034

BTU0200335 UF 3-1-2035

BTU0300142 UF 1-1-2042

BTU0300144 UF 1-1-2044


Note: Highlighted securities are the most representatives in the market. About them, Treasury has a plan for additional

issues during 2016 (reopening).

Readjustment: Currency or unit account of the issued instrument over which the readjustment is done.

BTU, BTP: Bonds issued by the Treasury in CLF and CLP.

BCU, BCP: Bonds issued by the BCCh in CLF and CLP.

2. List of Sovereign Fixed Income Instruments Listed on Santiago Exchange

BTU Isuue Rate Readjustment Maturity Date Payment Currency

BCU0500922 5.00 CLF 9-1-2022 CLP

BTU0451023 4.50 CLF 10-15-2023 CLP

BTU0450824 4.50 CLF 8-1-2024 CLP

BTU0260925 2.60 CLF 9-1-2025 CLP

BTU0300327 3.00 CLF 3-1-2027 CLP

BTP0600317 6.00 CLP 3-1-2017 CLP

BCU0300517 3.00 CLF 5-1-2017 CLP

BCU0300118 3.00 CLF 1-1-2018 CLP

BTU0300338 3.00 CLF 3-1-2038 CLP

BTU0300328 3.00 CLF 3-1-2028 CLP

BTP0600318 6.00 CLP 3-1-2018 CLP

BCU0300528 3.00 CLF 5-1-2028 CLP

BCP0600518 6.00 CLP 5-1-2018 CLP

BCU0300718 3.00 CLF 7-1-2018 CLP

BCU0301018 3.00 CLF 10-1-2018 CLP

BTU0300339 3.00 CLF 3-1-2039 CLP



BTU0300329 3.00 CLF 3-1-2029 CLP

BCU0300519 3.00 CLF 5-1-2019 CLP

BTU0300719 3.00 CLF 7-1-2019 CLP

BTU0300140 3.00 CLF 1-1-2040 CLP

BTU0300130 3.00 CLF 1-1-2030 CLP

BTP0600120 6.00 CLP 1-1-2020 CLP

BTU0300120 3.00 CLF 1-1-2020 CLP

BTU0300717 3.00 CLF 7-1-2017 CLP

BTP0600118 6.00 CLP 1-1-2018 CLP

BCU0300241 3.00 CLF 2-1-2041 CLP

BCU0300231 3.00 CLF 2-1-2031 CLP

BCP0600221 6.00 CLP 2-1-2021 CLP

BCU0300221 3.00 CLF 2-1-2021 CLP

BCP0600816 6.00 CLP 8-1-2016 CLP

BCU0300816 3.00 CLF 8-1-2016 CLP

BTU0300142 3.00 CLF 1-1-2042 CLP

BTP0600132 6.00 CLP 1-1-2032 CLP

BTU0300132 3.00 CLF 1-1-2032 CLP

BTP0600122 6.00 CLP 1-1-2022 CLP

BTU0300122 3.00 CLF 1-1-2022 CLP

BTU0300119 3.00 CLF 1-1-2019 CLP

BCP0600117 6.00 CLP 1-1-2017 CLP

BTU0300117 3.00 CLF 1-1-2017 CLP

BCP0600322 6.00 CLP 3-1-2022 CLP

BCU0300322 3.00 CLF 3-1-2022 CLP

BCU0300317 3.00 CLF 3-1-2017 CLP

BCP0600617 6.00 CLP 6-1-2017 CLP

BCU0300717 3.00 CLF 7-1-2017 CLP

BTP0600143 6.00 CLP 1-1-2043 CLP

BCP0600323 6.00 CLP 3-1-2023 CLP

BCU0300323 3.00 CLF 3-1-2023 CLP

BCP0600318 6.00 CLP 3-1-2018 CLP

BCU0300318 3.00 CLF 3-1-2018 CLP

BCP0600618 6.00 CLP 6-1-2018 CLP

BCU0300818 3.00 CLF 8-1-2018 CLP

BTU0300144 3.00 CLF 1-1-2044 CLP

BTP0600134 6.00 CLP 1-1-2034 CLP

BTU0300134 3.00 CLF 1-1-2034 CLP

BTP0600124 6.00 CLP 1-1-2024 CLP

BTU0300124 3.00 CLF 1-1-2024 CLP

BTP0600119 6.00 CLP 1-1-2019 CLP

BTP0500335 5.00 CLP 3-1-2035 CLP

BTU0200335 2.00 CLF 3-1-2035 CLP

BTP0450326 4.50 CLP 3-1-2026 CLP

BTU0150326 1.50 CLF 3-1-2026 CLP

BTU0150321 1.50 CLF 3-1-2021 CLP

BCP0450420 4.50 CLP 4-1-2020 CLP

BCP0450620 4.50 CLP 6-1-2020 CLP

BCP0400119 4.00 CLP 1-1-2019 CLP

BTP0450321 4.50 CLP 3-1-2021 CLP

CERO 0.00 CLF CLP


3. List of Private Debt Instruments Listed on Santiago Exchange

Series Issuer Risk Issue Rate

TERA Readjustment Maturity

Date Payment Currency

BAGUA-AA AGUAS AA+ ; AA+ 3.2 3.198 CLF 1-15-2040 CLP

BAGUA-X AGUAS AA+ ; AA+ 3 2.998 CLF 2-1-2038 CLP



BAGUA-W AGUAS AA+ ; AA+ 3.3 3.2975 CLF 6-1-2037 CLP

BAGUA-V AGUAS AA+ ; AA+ 3.5 3.4973 CLF 4-1-2037 CLP

BAGUA-U AGUAS AA+ ; AA+ 3.8 3.7973 CLF 4-1-2036 CLP

BBANM-M BANMEDICA AA- ; AA- 3.25 3.2477 CLF 11-15-2035 CLP

BBANM-O BANMEDICA AA- ; AA- 3.25 3.2477 CLF 11-15-2035 CLP

BBIC490710 BBICE AA ; AA 3.75 3.782 CLF 7-1-2035 CLP

BAMOV-D AMERICAMOV AA+ ; AA+ 4 3.9969 CLF 5-25-2035 CLP

BAGUA-S AGUAS AA+ ; AA+ 3.9 3.8973 CLF 4-1-2035 CLP

BARAU-R ARAUCO AA- ; AA- 3.6 3.5975 CLF 4-1-2035 CLP

BANDI-E EMB ANDINA AA ; AA 3.75 3.7467 CLF 3-1-2035 CLP

BBBVN41113 BBBVA AA ; AA+ 3.5 3.4978 CLF 11-1-2034 CLP

BANDI-D EMB ANDINA AA ; AA 3.8 3.7969 CLF 8-16-2034 CLP

BBANM-J BANMEDICA AA- ; AA- 3.8 3.7975 CLF 4-10-2034 CLP

BBANV-A BANVIDA A+ ; A+ 4.1 4.0977 CLF 12-15-2033 CLP


BAGUA-P AGUAS AA+ ; AA+ 3.86 3.8568 CLF 10-1-2033 CLP

BAGRS-I AGROSUPER AA- ; A+ 4 3.9981 CLF 9-1-2033 CLP

BBANM-G BANMEDICA AA- ; AA- 3.75 3.7477 CLF 3-15-2033 CLP

BAYS3-A AYSTRES AA- ; A+ 4.7 4.6967 CLF 12-15-2032 CLP

BARAU-P ARAUCO AA- ; AA 4 3.9975 CLF 11-15-2032 CLP

BAGRS-D AGROSUPER AA- ; A+ 3.8 3.7977 CLF 9-1-2032 CLP

BAGUA-Q AGUAS AA+ ; AA+ 4 3.997 CLF 6-1-2032 CLP



BAGUA-M AGUAS AA+ ; AA+ 4.2 4.197 CLF 4-1-2031 CLP

BAMAI-B1 AUTOMAIPO A ; A 3.2 3.1978 CLF 12-15-2030 CLP

BBICS-LE BICESECURI C ; C 6.5 6.4952 CLF 10-21-2030 CLP

BBICS-NK BICESECURI C ; C 6.5 6.4957 CLF 10-21-2030 CLP

BBICS-PQ BICESECURI C ; C 4.5 4.497 CLF 10-21-2030 CLP

BBICS-RW BICESECURI C ; C 4.5 4.4972 CLF 10-21-2030 CLP

BAINT-A AUTOINTER A+ ; A+ 4.25 4.2507 CLF 6-30-2030 CLP

BBICS-LD BICESECURI C ; C 6.5 6.4952 CLF 4-21-2030 CLP

BBICS-NJ BICESECURI C ; C 6.5 6.4959 CLF 4-21-2030 CLP

BBICS-PP BICESECURI C ; C 6 5.9961 CLF 4-21-2030 CLP

BBICS-RV BICESECURI C ; BBB 6 5.9963 CLF 4-21-2030 CLP

BBICS-S BICESECURI BBB ; BB+ 6.4107 6.408 CLF 11-15-2029 CLP

BARAU-F ARAUCO AA- ; AA 4.25 4.2476 CLF 10-30-2029 CLP

BBANM-D BANMEDICA AA- ; AA- 3.25 3.2481 CLF 5-2-2029 CLP

BAGUA-H AGUAS AA+ ; AA+ 3.9 3.8973 CLF 4-1-2029 CLP

BAVNO-A1 AUTOVESNOR A- ; A 5.3 5.2965 CLF 12-15-2028 CLP

BAVNO-A2 AUTOVESNOR A- ; A 5.3 5.2965 CLF 12-15-2028 CLP

BAVSU-A1 AUTOVESSUR AA- ; AA- 4.5 4.4544 CLF 12-15-2028 CLP

BAVSU-A2 AUTOVESSUR AA- ; AA- 4.5 4.4544 CLF 12-15-2028 CLP

BANUE-A AGUAS NUEV AA- ; AA- 4 3.9962 CLF 5-15-2028 CLP

BANSM-A AGUAS NSUR AA- ; AA 4 3.9953 CLF 3-21-2028 CLP

BBICS-FF BICESECURI C ; C 5.8 5.7363 CLF 7-21-2027 CLP

BBICS-PN BICESECURI A ; AA- 6 5.9962 CLF 4-21-2027 CLP

BBICS-PO BICESECURI A ; AA- 6 5.9962 CLF 4-21-2027 CLP

BBIC670316 BBICE AA ; AA 3 3.0208 CLF 3-1-2027 CLP

BBICS-UE BICESECURI BBB ; BBB 4.2 4.1982 CLF 12-21-2026 CLP

BBICS-VJ BICESECURI AA ; AA 4.2 4.1977 CLF 12-21-2026 CLP

BBICS-VK BICESECURI AA ; AA 4.2 4.1978 CLF 12-21-2026 CLP

BBICS-VL BICESECURI BBB ; BBB 4.2 4.1981 CLF 12-21-2026 CLP

BBICS-VM BICESECURI C ; C 4.2 4.1974 CLF 12-21-2026 CLP

BBICS-VN BICESECURI C ; C 4.2 4.1974 CLF 12-21-2026 CLP

BACEN-A1 AUTOCENTRA AA ; AA 5.3 5.296 CLF 12-15-2026 CLP

BACEN-A2 AUTOCENTRA AA ; AA 5.3 5.296 CLF 12-15-2026 CLP

BAGUA-F AGUAS AA+ ; AA+ 4.15 4.1475 CLF 12-1-2026 CLP

BBICS-NH BICESECURI A : AA- 6.5 6.4962 CLF 7-21-2026 CLP

BBICS-NI BICESECURI A ; AA 6.5 6.4962 CLF 7-21-2026 CLP

BBICS-BC BICESECURI AAA ; AAA 6 5.9966 CLF 6-21-2026 CLP

BBICS-BD BICESECURI AAA ; AAA 6 5.9966 CLF 6-21-2026 CLP

BBICS-BE BICESECURI C; C 6 5.9962 CLF 6-21-2026 CLP

BANDI-B1 EMB ANDINA AA ; AA 6.5 6.4953 CLF 6-1-2026 CLP

BANDI-B2 EMB ANDINA AA ; AA 6.5 6.4953 CLF 6-1-2026 CLP

BBANM-B BANMEDICA AA- ; AA- 4.00 3.9590 CLF 5-15-2026 CLP





BBICS-UC BICESECURI AA ; AA 4.20 4.1977 CLF 9-21-2025 CLP

BBICS-UD BICESECURI AAA ; AAA 4.20 4.1977 CLF 9-21-2025 CLP

BBICS-UF BICESECURI C ; C 4.20 4.1971 CLF 9-21-2025 CLP

BBICS-UG BICESECURI C ; C 4.20 4.1971 CLF 9-21-2025 CLP

BBBVK80714 BBBVA AA ; AA+ 3.50 3.4970 CLF 7-1-2025 CLP

BAMAI-A1 AUTOMAIPO A ; A 4.85 4.8469 CLF 6-15-2025 CLP

BAMAI-A2 AUTOMAIPO A ; A 4.85 4.8468 CLF 6-15-2025 CLP

BBIC630515 BBICE AA ; AA 4.25 4.2911 Obs. USD 5-1-2025 US$

BBCIK10300 BBCREDITO AA+ ; AA 6.50 6.4948 Obs. USD 3-1-2025 CLP

BBCIK20300 BBCREDITO AA+ ; AA 6.50 6.4948 Obs. USD 3-1-2025 CLP

BBCII10200 BBCREDITO AA+ ; AA 6.50 6.4959 Obs. USD 2-1-2025 CLP

BBCII20200 BBCREDITO AA+ ; AA 6.50 6.4959 Obs. USD 2-1-2025 CLP

BALIB-B1 AUTOLIBERT AA- ; A+ 5.80 5.7969 Obs. USD 1-15-2025 CLP

BALIB-B2 AUTOLIBERT AA- ; A+ 5.80 5.7969 Obs. USD 1-15-2025 CLP

BALIB-C1 AUTOLIBERT AA- ; A+ 3.40 3.3969 Obs. USD 1-15-2025 CLP

BANOR-B1 AUTONORTE AAA ; AA+ 5.50 5.6099 Obs. USD 12-30-2024 CLP

BANOR-B2 AUTONORTE AAA ; AA+ 5.50 5.6099 Obs. USD 12-30-2024 CLP

BAPAC-B1 AUTOPACIFI AAA ; AAA 5.80 5.7944 Obs. USD 12-30-2024 CLP

BAPAC-B2 AUTOPACIFI AAA ; AAA 5.80 5.7944 Obs. USD 12-30-2024 CLP

BAPAC-C AUTOPACIFI AAA ; AAA 5.80 5.7947 Obs. USD 12-30-2024 CLP

BBBVK61113 BBBVA AA ; AA+ 3.50 3.4976 Obs. USD 11-1-2024 CLP

BBICS-RT BICESECURI A ; AA- 5.60 5.5969 Obs. USD 10-21-2024 CLP

BBICS-RU BICESECURI A ; AA- 5.60 5.5969 Obs. USD 10-21-2024 CLP

BBCIJ21014 BBCREDITO AA+ ; AA+ 2.00 2.0084 Obs. USD 10-1-2024 CLP

BBECP-A BICECORP AA ; AA 6.75 6.7458 Obs. USD 9-1-2024 CLP


BBCII20314 BBCREDITO AA+ ; AA+ 3.00 3.0198 Obs. USD 3-1-2024 CLP

BBIC590314 BBICE AA ; AA 3.00 3.0198 Obs. USD 3-1-2024 CLP


BADRT-C AD RETAIL BBB- ; BBB 6.20 6.1958 Obs. USD 12-1-2023 CLP

BBICS-AC BICESECURI AA ; AAA 6.50 6.4949 Obs. USD 11-21-2023 CLP

BBICS-AD BICESECURI AA ; AAA 6.50 6.4949 Obs. USD 11-21-2023 CLP

BBICS-AE BICESECURI C ; C 6.50 6.4953 Obs. USD 11-21-2023 CLP


BBCIS-P19C BCI SECURI A ; A+ 0.00 Obs. USD 10-1-2023 CLP

BBICS-LA BICESECURI A ; A + 6.50 6.4942 Obs. USD 7-21-2023 CLP

BBICS-LB BICESECURI A ; A + 6.50 6.4943 Obs. USD 7-21-2023 CLP

BBCIS-P19A BCI SECURI AA- ; AA 4.00 3.9969 Obs. USD 7-1-2023 CLP

BBCIS-P19B BCI SECURI A+ ; AA- 3.90 3.8978 Obs. USD 7-1-2023 CLP

BBIC560313 BBICE AA ; AA 4.50 4.5476 Obs. USD 3-1-2023 US$

BBBVK30212 BBBVA AA ; AA+ 3.00 2.9978 CLF 2-1-2023 CLP

BAGUA-Y AGUAS AA+ ; AA+ 5.40 5.3972 CLP 1-15-2023 CLP

BAGUA-Z AGUAS AA+ ; AA+ 2.40 2.3987 CLP 1-15-2023 CLP

BBHIE70100 BBBHIF AAA ; AA+ 6.50 6.4960 CLP 1-1-2023 CLP

BBIC650116 BBICE AA ; AA 5.75 5.8283 CLP 1-1-2023 CLP

BBCIF20812 BBCREDITO AA+ ; AA+ 2.60 2.6153 CLP 8-1-2022 CLP

BBCIS-P4B1 BCI SECURI C ; C 5.30 5.3756 CLP 8-1-2022 CLP

BBCIS-P4B2 BCI SECURI C ; C 5.30 5.3756 CLP 8-1-2022 CLP

BBCIS-P4A1 BCI SECURI BB ; B 5.30 5.3756 CLP 7-1-2022 CLP

BBCIS-P4A2 BCI SECURI BB ; B 5.30 5.3756 CLP 7-1-2022 CLP

BBBVM61215 BBBVA AA+ ; AA 3.00 2.9980 CLP 6-9-2022 CLP

BBHID50699 BBBHIF AAA ; AA+ 6.00 5.9948 CLP 6-1-2022 CLP

BBHID60699 BBBHIF AAA ; AA+ 6.00 5.9948 CLP 6-1-2022 CLP

BBIC620515 BBICE AA ; AA 3.50 3.5275 CLP 5-1-2022 US$

BBICS-FC BICESECURI AAA ; AAA 5.80 5.6291 CLP 4-21-2022 CLP

BBICS-FD BICESECURI AAA ; AAA 5.80 5.6291 CLP 4-21-2022 CLP

BBICS-FE BICESECURI C ; C 5.80 5.7968 CLP 4-21-2022 CLP


BBBVK20212 BBBVA AA ; AA+ 3.00 2.9976 CLP 2-1-2022 CLP

BAGUA-O AGUAS AA+ ; AA+ 3.70 3.6969 CLP 12-1-2021 CLP

BBANM-K BANMEDICA AA- ; AA- 2.25 2.2483 CLP 11-15-2021 CLP

BBANM-L BANMEDICA AA- ; AA- 4.50 4.4966 CLP 11-15-2021 CLP

BAGRS-C AGROSUPER AA- ; A+ 3.40 3.3973 CLP 9-1-2021 CLP

BBCIE20811 BBCREDITO AA+ ; AA+ 2.60 2.6146 CLP 8-1-2021 CLP



BANTA-B ANTARCHILE AA-; A+ 6.90 6.8944 CLP 7-15-2021 CLP

BBBVM50714 BBBVA AA ; AA+ 3.00 2.9974 CLP 7-1-2021 CLP

BBBVJ71215 BBBVA AA+ ; AA 3.00 2.9976 CLP 6-9-2021 CLP

BBICS-MC BICESECURI AA+; C 0.00 CLP 5-25-2021 CLP

BBCIS-P1C2 BCI SECURI C ; C 6.50 6.4955 CLP 5-1-2021 CLP

BBICS-MA BICESECURI AAA; AAA 5.00 4.9971 CLP 4-25-2021 CLP

BBICS-MB BICESECURI AAA; AAA 5.00 4.9971 CLP 4-25-2021 CLP

BBCIS-P28B BCI SECURI AA ; AA 0.00 CLP 4-15-2021 CLP

BAGUA-T AGUAS AA+ ; AA+ 3.50 3.4973 CLP 4-1-2021 CLP

BARAU-Q ARAUCO AA- ; AA- 3.00 2.9973 CLP 4-1-2021 CLP

BBCIS-P1B1 BCI SECURI AAA ; AAA 6.50 6.4941 CLP 4-1-2021 CLP

BBCIS-P1B2 BCI SECURI AAA ; AAA 6.50 6.4942 CLP 4-1-2021 CLP

BADRT-A AD RETAIL BBB- ; BBB 6.05 6.0475 CLP 3-20-2021 CLP


BBCIS-P28A BCI SECURI AA ; AA 7.70 7.6867 CLP 1-15-2021 CLP

BBIC190191 BBICE AA; AA 5.00 4.9973 CLP 1-1-2021 CLP


BBCIS-P26C BCI SECURI C ; C 0.00 CLP 10-1-2020 CLP

BARAU-J ARAUCO AA- ; AA 3.25 3.2475 CLP 9-1-2020 CLP

BANDI-C EMB ANDINA AA ; AA 3.50 3.4962 CLP 8-16-2020 CLP



BBBVJ61215 BBBVA AA+ ; AA 3.00 2.9972 CLP 6-9-2020 CLP

BADRT-B AD RETAIL BBB- ; BBB 6.30 6.2933 CLP 5-1-2020 CLP




BBANM-H BANMEDICA AA- ; AA- 3.40 3.3979 CLP 4-10-2020 CLP

BBANM-I BANMEDICA AA- ; AA- 6.50 6.4959 CLP 4-10-2020 CLP

BBICS-ZB BICESECURI C ; C 0.00 CLP 4-6-2020 CLP

BCI SECURI AA ; AA 5.80 5.7996 CLP 4-1-2020 CLP

BBICS-ZA1 BICESECURI AA ; AA 6.50 6.5973 CLP 3-4-2020 CLP



BBBVP20714 BBBVA AA ; AA+ 6.00 5.9921 CLP 1-1-2020 CLP


BBCIAK1114 BBCREDITO AA+ ; AA+ 4.00 4.0380 CLP 11-1-2019 CLP

BAGUA-L AGUAS AA+ ; AA+ 3.90 3.8969 CLP 10-1-2019 CLP

BBCIJ11014 BBCREDITO AA+ ; AA+ 2.00 2.0089 CLP 10-1-2019 CLP

BAGRS-G AGROSUPER AA- ; A+ 3.50 3.4996 CLP 9-1-2019 CLP

BAGRS-H AGROSUPER AA- ; A+ 6.50 6.4997 CLP 9-1-2019 CLP

BBBVK10509 BBBVA AA ; AA+ 3.00 2.9981 CLP 5-9-2019 CLP

BBBVJ51113 BBBVA AA ; AA+ 3.00 3.0007 CLP 5-1-2019 CLP

BAGUA-R AGUAS AA+ ; AA+ 3.30 3.2982 CLP 4-1-2019 CLP

BBANM-E BANMEDICA AA- ; AA- 3.50 3.4985 CLP 3-15-2019 CLP

BBANM-F BANMEDICA AA- ; AA- 6.50 6.4972 CLP 3-15-2019 CLP

BBCII10314 BBCREDITO AA+ ; AA+ 3.00 3.0206 CLP 3-1-2019 CLP



BBBVP10713 BBBVA AA ; AA+ 6.00 5.9923 CLP 1-1-2019 CLP

BAGUA-J AGUAS AA+ ; AA+ 4.00 3.9963 CLP 12-1-2018 CLP

BAGRS-A AGROSUPER AA- ; A+ 3.40 3.3984 CLP 9-1-2018 CLP

BAGRS-B AGROSUPER AA- ; A+ 6.10 6.0972 CLP 9-1-2018 CLP

BARAU-I ARAUCO AA- ; AA 3.25 3.2479 CLP 9-1-2018 CLP

BBECP-B BICECORP AA ; AA 4.85 4.8413 CLP 7-15-2018 CLP

BBCIAB0708 BBCREDITO AA+ ; AA+ 0.00 CLP 7-1-2018 CLP

BBCIAG0513 BBCREDITO AA+ ; AA+ 5.00 5.0592 CLP 5-1-2018 CLP




BASOL-A1 AUTOSOL AAA; AAA 5.80 5.7976 CLP 1-15-2018 CLP

BASOL-A2 AUTOSOL AAA; AAA 5.80 5.7976 CLP 1-15-2018 CLP

BASOL-B1 AUTOSOL AAA; AAA 5.80 5.7975 CLP 1-15-2018 CLP

BASOL-B2 AUTOSOL AAA; AAA 5.80 5.7975 CLP 1-15-2018 CLP

BASOL-C1 AUTOSOL AAA ; AAA 4.00 3.9983 CLP 1-15-2018 CLP




BAGRS-E AGROSUPER AA- ; A+ 3.50 3.4983 CLP 9-1-2017 CLP

BAGRS-F AGROSUPER AA- ; A+ 6.50 6.4973 CLP 9-1-2017 CLP


BBCIF10812 BBCREDITO AA+ ; AA+ 2.60 2.6154 CLP 8-1-2017 CLP


BBCI-X0607 BBCREDITO AA+ ; AA+ 3.00 2.9974 CLP 6-1-2017 CLP

BBCIS-P25A BCI SECURI AAA ; AA 6.50 6.4921 CLP 6-1-2017 CLP

BAMOV-C AMERICAMOV AA+ ; AA+ 3.00 2.9963 CLP 5-25-2017 CLP






BARAU-K ARAUCO AA- ; AA 3.50 3.4962 CLP 11-15-2016 CLP

BAGUA-K AGUAS AA+ ; AA+ 2.90 2.8971 CLP 10-1-2016 CLP

BBCIE10811 BBCREDITO AA+ ; AA+ 2.60 2.6139 CLP 8-1-2016 CLP

BBNS-C0107 BBSCOTIABA AAA ; AAA 3.50 3.4985 CLP 7-31-2016 CLP

BBCIS-P22C BCI SECURI C ; C 1.00 0.9992 CLP 7-1-2016 CLP




BANOR-A1 AUTONORTE AAA ; AA+ 5.00 5.0628 CLP 6-30-2016 CLP

BANOR-A2 AUTONORTE AAA ; AA+ 5.00 5.0628 CLP 6-30-2016 CLP



Note: Obs. USD refers to the observed USD dollar.

4. List of Instruments Governed by Article 104 of Income Tax Law

Ticker Issuer Issue Date Maturity

Date Currency

Issue Rate %

BCU0500922 Banco Central de Chile 01-09-2002 01-09-2022 CLF 5.00

BTU0451023 Tesorería General de la República 15-10-2003 15-10-2023 CLF 4.50




BTP0600317 Tesorería General de la República 01-03-2007 01-03-2017 CLF 6.00







BCP0600518 Banco Central de Chile 01-05-2008 01-05-2018 CLF 6.00














































BFFCC-AA Empresas de los Ferrocarriles del Estado 01-06-2014 01-06-2040 CLF 3.00

BFFCC-AB Empresas de los Ferrocarriles del Estado 01-06-2014 01-06-2040 CLF 3.00

BSTDSC0414 Banco Santander-Chile 01-06-2014 01-06-2024 CLF

BSTDSD0414 Banco Santander-Chile 01-06-2014 01-06-2019 CLF


BCOSJ-A Sociedad Concesionaria San José-Tecnocontrol S.A. 30-06-2014 30-06-2021 CLF 2.95

BCOSJ-B Sociedad Concesionaria San José-Tecnocontrol S.A. 30-06-2014 30-06-2021 CLF 4.00

BENJO-F Enjoy S.A. 31-07-2014 14-06-2021 CLF 6.25

BBNS-X0814 Scotiabank Chile 01-08-2014 01-08-2024 CLF 3.00

BBNS-Y0814 Scotiabank Chile 01-08-2014 01-08-2019 CLF 3.00

BPARC-K Parque Arauco S.A. 01-09-2014 01-09-2039 CLF 3.65

BPARC-J Parque Arauco S.A. 01-09-2014 01-09-2034 CLF 3.40

BPARC-I Parque Arauco S.A. 01-09-2014 01-09-2020 CLF 2.75

BBCIJ21014 Banco de Crédito e Inversiones 01-10-2014 01-10-2024 CLF 2.00

BBCIJ11014 Banco de Crédito e Inversiones 01-10-2014 01-10-2019 CLF 2.00

BESSB-H Essbio S.A 15-10-2014 15-10-2037 CLF 3.30

BECOP-G Empresas Copec S.A. 15-10-2014 15-10-2024 CLF 2.70

BESSB-F Essbio S.A 15-10-2014 15-10-2019 CLF 5.40

BESSB-G Essbio S.A 15-10-2014 15-10-2019 CLF 2.40

BBCIAK1114 Banco de Crédito e Inversiones 01-11-2014 01-11-2019 CLF 4.00

BSECU-L3 Grupo Security S.A. 15-11-2014 15-11-2035 CLF 3.40



BLIPI-C Empresas Lipigas S.A 04-01-2015 04-02-2025 CLF 2.85

BAGUA-X Aguas Andinas S.A 01-02-2015 01-02-2038 CLF 3.00

BLIPI-E Empresas Lipigas S.A 04-02-2015 04-02-2040 CLF 3.55

BLIPI-D Empresas Lipigas S.A 04-02-2015 04-02-2035 CLF 3.40

BLIPI-A Empresas Lipigas S.A 04-02-2015 04-02-2020 CLF 2.00

BLIPI-B Empresas Lipigas S.A 04-02-2015 04-02-2020 CLF 5.10

BPARC-O Parque Arauco S.A 01-03-2015 01-03-2040 CLF 3.30

BPARC-N Parque Arauco S.A 01-03-2015 01-03-2036 CLF 3.25




BTU0120326 Tesorería General de la República 01-03-2015 01-03-2026 CLF


BPARC-L Parque Arauco S.A 01-03-2015 01-06-2020 CLF 2.30

BPARC-M Parque Arauco S.A 01-03-2015 01-03-2020 CLF 4.90


BESVA-Q Esval S.A 20-04-2015 20-04-2040 CLF 3.10

BBNSAB0515 Banco Scotiabank Chile 01-05-2015 01-05-2025 CLF 3.00



BCHIBD0815 Banco de Chile 01-05-2015 01-02-2022 CLF 2.50


BTMOV-G Telefónica Móviles Chile S.A 20-06-2015 20-06-2020 CLF 2.20

BTMOV-H Telefónica Móviles Chile S.A 20-06-2015 20-06-2020 CLF 5.20

BTANN-W Tanner Servicios Financieros S.A 01-08-2015 01-08-2036 CLF 3.80

BCHIBO0815 Banco de Chile 01-08-2015 01-02-2028 CLF 3.00

BTANN-U Tanner Servicios Financieros S.A 01-08-2015 01-08-2020 CLF 2.50

BTANN-V Tanner Servicios Financieros S.A 01-08-2015 01-08-2020 CLF 5.70

BTMOV-I Telefónica Móviles Chile S.A 14-08-2015 14-08-2020 CLF 1.95

BANEA-C Enaex S.A 01-09-2015 01-09-2036 CLF

BENAE-A Enaex S.A 01-09-2015 01-09-2025 CLF 2.90

BENAE-B Enaex S.A 01-09-2015 01-09-2025 CLF 2.50

BESVA-T Esval S.A 15-09-2015 15-09-2039 CLF 3.20

BESVA-R Esval S.A 15-09-2015 15-09-2020 CLF 5.20

BESVA-S Esval S.A 15-09-2015 15-09-2020 CLF 2.20

BBNSAD1015 Scotiabank Chile 01-10-2015 01-10-2025 CLF 3.00

BEURO-G Eurocapital S.A 15-10-2015 15-10-2019 CLF 3.70

BEURO-H Eurocapital S.A 15-10-2015 15-10-2019 CLF 3.90

BEURO-E Eurocapital S.A 15-10-2015 15-10-2018 CLF 6.70

BEURO-F Eurocapital S.A 15-10-2015 15-10-2018 CLF 3.70

BCHICR1215 Banco de Chile 01-12-2015 01-12-2034 CLF 3.20

BCAJ-L1215 Caja los Andes 01-12-2015 01-12-2020 CLF 4.00

BCAJ-M1215 Caja los Andes 01-12-2015 01-12-2020 CLF 7.00

BCAJ-J1215 Caja los Andes 01-12-2015 01-06-2019 CLF 3.75

BCAJ-K1215 Caja los Andes 01-12-2015 01-06-2019 CLF 6.80

BBNSAE0116 Scotiabanck Chile 01-01-2016 01-07-2026 CLF 3.00


BAGUA-AA Aguas Andinas S.A 15-01-2016 15-01-2040 CLF 3.20

BTP0450321 Tesoreria General de la Republica 01-03-2016 01-03-2021 CLP 4.50


5. Ranking of Santiago Exchange Brokers Operating on Fixed Income Market

FII Brokerage Houses 2015 Volume (CLP) Weight % Variation Ranking

BANCOESTADO S.A. CORREDORES DE BOLSA $ 24,562,224 17.57% -16.59% 1

BBVA CORREDORES DE BOLSA LIMITADA $ 22,594,033 16.16% -3.72% 2

SANTANDER S.A. CORREDORES DE BOLSA $ 19,338,207 13.83% 17.15% 3

BICE INVERSIONES CORREDORES DE BOLSA S.A. $ 13,836,936 9.90% -22.19% 4

BANCHILE CORREDORES DE BOLSA S.A. $ 10,926,708 7.81% -21.15% 5

BCI CORREDOR DE BOLSA S.A. $ 8,317,556 5.95% -6.52% 6

ITAU BBA CORREDOR DE BOLSA LIMITADA $ 7,197,992 5.15% 50.80% 7

CREDICORP CAPITAL S.A. CORREDORES DE BOLSA $ 6,891,424 4.93% 28.70% 8

LARRAIN VIAL S.A. CORREDORA DE BOLSA $ 4,136,290 2.96% 21.20% 9

CORPBANCA CORREDORES DE BOLSA S.A. $ 4,099,456 2.93% -26.63% 10

BTG PACTUAL CHILE S.A. CORREDORES DE BOLSA $ 3,721,250 2.66% 29.02% 11

EUROAMERICA CORREDORES DE BOLSA S.A. $ 2,952,020 2.11% 13.52% 12

FINANZAS y NEGOCIOS S.A. $ 2,423,751 1.73% 16.16% 13

NEGOCIOS Y VALORES S.A., CORREDORES DE BOLSA $ 2,406,360 1.72% 757.65% 14

SCOTIA CORREDORA DE BOLSA CHILE S.A. $ 1,958,357 1.40% 4.17% 15

VALORES SECURITY S.A., CORREDORES DE BOLSA $ 1,957,584 1.40% -2.75% 16

PENTA CORREDORES DE BOLSA S.A. $ 1,245,708 0.89% -67.18% 17

CONSORCIO CORREDORES DE BOLSA S.A. $ 608,571 0.44% -54.53% 18

TANNER CORREDORES DE BOLSA S.A. $ 357,543 0.26% -58.56% 19

MBI, CORREDORES DE BOLSA S.A. $ 231,333 0.17% 36.33% 20

MERRILL LYNCH CORREDORES DE BOLSA SPA $ 57,229 0.04% -64.28% 21

CORREDORES DE BOLSA SURA S.A. $ 1,448 0.00% 267.59% 22

CRUZ DEL SUR CORREDORA DE BOLSA S.A. $ 1,417 0.00% -99.61% 23

UGARTE Y COMPAÑIA CORREDORES DE BOLSA S.A. 0.00% N/A

DEUTSCHE SECURITIES CORREDORES DE BOLSA SPA 0.00% N/A

Total $ 139,823,398 100.00% -5.31%




MMI Brokerage Houses 2015 Volume (CLP) Weight % Variation Ranking

BANCOESTADO S.A. CORREDORES DE BOLSA $ 77,614,084 26.35% -9.17% 1

BBVA CORREDORES DE BOLSA LIMITADA $ 56,951,002 19.33% 9.69% 2

SANTANDER S.A. CORREDORES DE BOLSA $ 31,935,818 10.84% 106.23% 3

BCI CORREDOR DE BOLSA S.A. $ 28,457,978 9.66% -4.18% 4

BANCHILE CORREDORES DE BOLSA S.A. $ 25,971,859 8.82% -27.33% 5

BICE INVERSIONES CORREDORES DE BOLSA S.A. $ 19,021,065 6.46% -2.62% 6

ITAU BBA CORREDOR DE BOLSA LIMITADA $ 14,894,369 5.06% 29.69% 7

SCOTIA CORREDORA DE BOLSA CHILE S.A. $ 8,689,215 2.95% 4.18% 8

LARRAIN VIAL S.A. CORREDORA DE BOLSA $ 7,059,506 2.40% -5.37% 9

EUROAMERICA CORREDORES DE BOLSA S.A. $ 6,408,301 2.18% 32.52% 10

CORPBANCA CORREDORES DE BOLSA S.A. $ 5,741,884 1.95% -37.03% 11

BTG PACTUAL CHILE S.A. CORREDORES DE BOLSA $ 4,829,437 1.64% 61.10% 12

PENTA CORREDORES DE BOLSA S.A. $ 3,577,855 1.21% 1.93% 13

CREDICORP CAPITAL S.A. CORREDORES DE BOLSA $ 998,030 0.34% -22.89% 14

TANNER CORREDORES DE BOLSA S.A. $ 829,511 0.28% 253.57% 15

VALORES SECURITY S.A., CORREDORES DE BOLSA $ 768,950 0.26% 18.93% 16 NEGOCIOS Y VALORES S.A., CORREDORES DE BOLSA $ 516,288 0.18% 48.06% 17

CONSORCIO CORREDORES DE BOLSA S.A. $ 196,536 0.07% -89.54% 18

MBI, CORREDORES DE BOLSA S.A. $ 109,666 0.04% 149.83% 19

FINANZAS y NEGOCIOS S.A. $ 17,169 0.01% -69.41% 20

CRUZ DEL SUR CORREDORA DE BOLSA S.A. $ 43 0.00% -99.95% 21

UGARTE Y COMPAÑIA CORREDORES DE BOLSA S.A. 0.00% N/A DEUTSCHE SECURITIES CORREDORES DE BOLSA SPA 0.00% N/A

Total $ 294,588,566 100.00% 0.58%


Note: Data in CLP million. Bid and Ask volume is together considered.

6. Santiago Exchange Brokers Operating on Fixed Income Market

N° Santiago Exchange Brokerage Houses Web Site

1 BANCHILE CORREDORES DE BOLSA S.A. www.banchileinversiones.cl

2 BANCOESTADO S.A. CORREDORES DE BOLSA www.bancoestado.cl

3 BBVA CORREDORES DE BOLSA LIMITADA www.bbva.cl

4 BCI CORREDOR DE BOLSA S.A. www.bci.cl

5 BICE INVERSIONES CORREDORES DE BOLSA S.A. www.biceinversiones.cl

6 BTG PACTUAL CHILE S.A. CORREDORES DE BOLSA www.btgpactual.cl

7 CONSORCIO CORREDORES DE BOLSA S.A. www.consorcio.cl/ccbolsa/

8 CORPBANCA CORREDORES DE BOLSA S.A. www.corpbancainversiones.cl

9 CREDICORP CAPITAL S.A. CORREDORES DE BOLSA www.imtrust.cl

10 EUROAMERICA CORREDORES DE BOLSA S.A. www.euroamerica.cl

11 FINANZAS Y NEGOCIOS S.A. CORREDORES DE BOLSA www.fynsa.cl

12 ITAU BBA CORREDOR DE BOLSA LIMITADA www.itau.cl

13 LARRAIN VIAL S.A. CORREDORA DE BOLSA www.larrainvial.com

14 MBI, CORREDORES DE BOLSA S.A. www.mbi.cl

15 MERRILL LYNCH CORREDORES DE BOLSA SPA www.merrill.cl

16 NEGOCIOS Y VALORES S.A., CORREDORES DE BOLSA www.nevasa.cl

17 SANTANDER S.A. CORREDORES DE BOLSA www.santander.cl/inversiones

18 SCOTIA CORREDORA DE BOLSA CHILE S.A. www.scotiabankchile.cl/Personas/inversiones

19 TANNER CORREDORES DE BOLSA S.A. www.tanner.cl/tanner-corredora-de-bolsa

20 VALORES SECURITY S.A., CORREDORES DE BOLSA www.inversionessecurity.cl



IV. Santiago Exchange contact information

For more information please contact with:

Nicolás Rabie

Sales

Ryan Kerr

Sales

Felipe Urrutia

Sales Directorver

T: +56 2 2399 3950 T: +56 2 2399 3923 T: +56 2 2399 3826

E: [email protected] E: [email protected] E: [email protected]

Verónica Dinen

International Relationship Manager

Ignacio Reyes

Head of International Relationship and Issuers

T: +56 2 2399 3964 T: +56 2 2399 3917

E: [email protected] E: [email protected]

mailto:[email protected]





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