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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 Most Liquid 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 (No Capital Gains
Tax) …………………………………………………………………………………………………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
Fixed Income in Chile
Updated May 2016 3 | 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, 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 Contribution
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
Fixed Income in Chile
Updated May 2016 4 | 30
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 are aimed at
implementing monetary policy, international reserves and manage foreign exchange
volatility. Issuances made by the Chilean Treasury, in turn, are aimed at 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 amounted to USD 50,060 million as of December 2015,
including debt issuances made in Chilean pesos (CLP) and the Inflation-Linked currency
(CLF)2 bonds.
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).
Fixed Income in Chile
Updated May 2016 5 | 30
(1) Through an Electronic Auction, and
(2) Through trading system called 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 3).
The over-the-counter market includes three mechanisms for interbank trading:
(1) OTC Rates (electronic managed by Santiago Exchange as an extension of its
business).
(2) Bilateral OTC (Over the phone), only available to trade Central Bank securities,
forwards, swaps and other derivatives, and
(3) Via Brokers, only for public-sector debt. Anonymous trading for banks, no
proprietary trading of brokers.
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,
as SVS regulates the issuance of tradable securities and imposes disclosure requirements
for registered issuers.
The Chilean market is comprised of (a) regulators supervision that oversees issuers, market
intermediaries and institutional investors, (b) buy side, (c) sell side, (d) issuers, that issue
securities to the market and (e) infrastructure entities that provide support for securities
trading, clearing, deposit and custody (see Figure 2).
The Chilean Central Bank (BCCh) acts as government placement agent for sovereign
securities such as Central Bank (BCCh) bills, Central Bank notes and Treasury bonds. The
BCCh and the Ministry of Finance work together to establish 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, (6) Book building, (7) Placement.
Fixed Income in Chile
Updated May 2016 6 | 30
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 Service”.
SVS: The SVS is an agency of the Chilean government reporting to the Ministry of
Finance. Law 3,538 created the agency, while Law No. 18,045 grants it with the
oversight and enforcement of securities law duties, proposing new securities rules and
regulating the securities industry, the exchanges, and other activities and organizations,
as well as the electronic securities markets. The agency supervises and regulates the
activities and entities that participate in the insurance market in Chile. The SVS mission
is:
- To act as a market regulator and enforce of rules and regulation,
- To maintain efficient market oversight,
Fixed Income in Chile
Updated May 2016 7 | 30
- 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 to increase market
transparency and facilitate the correct formation of prices.
BCCh: In accordance with Chapter XIV (on regulations applicable to loans, deposits,
investments and capital contributions from international sources), of the Compendium
of International Exchange Standards (CNCI), BCCh regulates foreign portfolio
investment for all financial instruments and vehicles. There are no rules on portfolio
diversification or restrictions regarding the timing of repatriation of capital. Capital inflow
and outflow are informed 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 for
ADR programs require prior authorization of the BCCh.
Internal Revenue Service (SII): It is responsible for applying and supervising all
internal taxes in Chile. The agency is also in change of 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 authorized to play this role are 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 regulates the
treatment of capital gains and losses for Fixed Income instruments. As per this 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 list of exempted instruments available
on Santiago Exchange website4.
3 SII exempt Resolution No. 36 dated March 14, 2011 (http://www.sii.cl/documentos/resoluciones/2011/reso36.htm). 4 www.bolsadesantiago.com - Menu selections: Markets --> Statistics --> Market Newsletters.
Fixed Income in Chile
Updated May 2016 8 | 30
Chile signed a series of Double Taxation Avoidance Agreements (DTAAs). These
agreements are listed on the SII's website5.
Table 1: Countries with conventions for the avoidance of double taxation (in force)
Countries
Australia Colombia España Noruega Portugal Tailandia Austria Corea Francia Nueva Zelandia Reino Unido Bélgica Croacia Irlanda Paraguay Rusia Brasil Dinamarca Malasia Perú Suecia Canadá Ecuador México Polonia Suiza
Source: SII.
Table 2: 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.
Rate of 35%, Withholding Tax.
For long-term debt instruments issued in Chile (not under Article 104 of the Income Tax Law).
Rate of 35%, Withholding Tax.
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 liability securities with a medium and long-term obligations undertaken by the issuer
with the holder of the instrument. These securities have maturities exceeding 365 days.
This category can be further classified by the issuer into sovereign and corporate
securities:
Sovereign
Central Bank and Treasury Bonds in Pesos (TB): Securities issued by these two
entities seek to manage monetary supply, to support foreign exchange policy and to
finance government policies, or for government 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
5 http://www.sii.cl/pagina/jurisprudencia/legis.htm - Menu selections: Laws, Regulations and Jurisprudence --> Laws and draft Bills
--> International Agreements.
Fixed Income in Chile
Updated May 2016 9 | 30
the Income Tax Law and are exempted on capital gains when stated upon issuance
by the BCCh.
Corporate
Bank and Corporate Bonds (CB): Instruments issued by banks and companies.
These bonds can be divided into several types:
(1) “Subordinated”, issued by banks and assign a lower priority to the creditor.
(2) “Securitized”, issued by Securitization Companies in anticipation of payment
flows from certain financial assets of a company or financial institution, such as
mortgage loans, auto loans, etc.
(3) “Convertible”, 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 when stated upon issuance by the
issuer.
Mortgage Backed Securities (MBS): These are issued by banks and financial
institutions to finance mortgage and commercial activities. They can be indexed to
inflation (CLF) or expressed in Chilean pesos (CLP).
Money Market
Money Market instruments (MMI) have a term of less than 365 days, at which time the
issuer repay principal and interest earned.
These instruments are issued to finance short-term capital needs or as an instrument of
monetary management when talking about Central Bank notes/bills. From a buy-side
perspective, these instruments offer an investment alternative to take advantage of
volatility 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 Debt
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 Debt
Certificates of Deposit: Certificates of deposit issued by banks and financial
institutions to obtain short-term funding. These documents are either placed directly
Fixed Income in Chile
Updated May 2016 10 | 30
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. It can be issued by corporates, financial entities,
(financial institution promissory notes) and factoring companies. The objective is raise
public capital to finance the issuer's short-term operations (working capital). With a
maximum tenor of 36 months, these securities are tradable on Chile’s Exchanges and
follow an issuance process similar to the corporate bonds issuance, requiring
supporting documentation such as a prospectus containing relevant information on the
securities and the issuer, offered for both potential investors and the market.
Table 3: 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 the evolution
of Fixed Income instruments. They are calculated by the Santiago Exchange and represent
the value in terms of rates for short-term and long-term bonds issued by the BCCh and the
Treasury. Benchmarks include a series of instruments within a set of parameters based on
the methodology defined by Santiago Exchange. In Chile, this set of instruments include 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
electronic 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
Fixed Income in Chile
Updated May 2016 11 | 30
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
entry or exit date to and from each category (see Table 4).
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 date they are 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 additional issuance takes place during the course of a given month, causing a
change in the underlying asset, it will not be modified on the current benchmark until
the creation of the next benchmark.
Table 4: 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
04 3 years 7 months 3 years 11 months
05 4 years 0 months 5 years 11 months
07 6 years 0 months 7 years 11 months
10 8 years 0 months 10 years 11 months
20 16 years 0 months 20 years 0 months
30 25 years 0 months 30 years 0 months
Source: Santiago Exchange.
Fixed Income in Chile
Updated May 2016 12 | 30
The benchmarks are available on Santiago Exchange website6.
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 all the requirements established by law to offer the service.
Investors can also access the exchange via direct market access (DMA) connection
allowed for trading through the brokerage house proprietary systems, or through a trading
platform provided by the Santiago Exchange.
An ISV (Independent Software Vendor) Investor may access the market using an access
offered by brokerage houses, through which investors may input bid/ask offers to the
exchange trading systems.
The Exchange offers STP (Straight-Through-Processing) from order input execution and
lock-in trades for clearing and settlement.
DMA Connection: FIX 4.4 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 above 5% of the last price executed on the
Exchange.
b. Only Automatic Cross Orders7 (CO) are permitted.
SEBRA HT Platform, for Exchange-Trading: Multi-Asset electronic platform for trading
of all Chilean Exchange-traded securities. It gathers the following systems to trade Fixed
Income securities8:
Telerenta: System for orders entry, receipts bids and offers, and trades on continuous
auction. It automatically matches best bid and offer 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 the price or rate/time criteria,
prioritizing those offers with more attractive price or rate.
Electronic Auction: System for trading Fixed Income and Money Market instruments
with periodic auctions. The transaction methodology is based on three defined periods
of time, which are (1) the period for entering sell offers, (2) the period for selecting
offers, and (3) the period for entering bids. At the end of the third period, bids are
6 http://inter.bolsadesantiago.com/sitios/en/mercado/Paginas/Fixed%20Income.aspx
Menu selections: Markets --> Fixed Income. 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”.
Fixed Income in Chile
Updated May 2016 13 | 30
awarded using an English auction, which assigns to each bid the specific rate input by
the participating institution (differentiated price for each offer).
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 BCCh 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 of trading with Fixed Income and Money Market
instruments for settlement on T+0 and T+1 that are traded on Chilean exchanges' trading
systems. These matched orders are input automatically and immediately after each
transaction is carried out. These transactions are sent to the clearing process 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's Bylaws allow it to hand out administrative penalties aiming out the enforcement of
market rules and regulations and compliance of positions pending settlement of instruments
and debtor funding 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).
Fixed Income in Chile
Updated May 2016 14 | 30
9. Statistics on Santiago Exchange
The Fixed Income market has the largest trading volumes in the Chilean Capital Markets,
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 average Chilean Peso stood below CLP 500 per 1 USD in the 2011
and 2013 period.
Graph 3: Evolution of Exchange-Traded Fixed Income Market Nominal amount (FII + MMI), converted to dollars using the average dollar rate
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.
Fixed Income in Chile
Updated May 2016 15 | 30
Graph 4: Trading Volume by FII Instrument
Nominal amount, converted to US dollars
at the average dollar rate
For FII, while the trading
volume of bonds issued by
public entities fell 18%, the
trading volume of bank and
corporate bonds increased
17% 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 amount, converted to US dollars at the average dollar rate
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 3.3%, 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 ITAS 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.
Fixed Income in Chile
Updated May 2016 16 | 30
Graph 6: Stock of Public Debt Issued by Santiago Exchange Nominal amount, converted to dollars using the average dollar rate
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 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 initiatives currently include:
a. Sovereign Debt Issuances and Benchmarks
Focusing new issues or reopening of existing benchmarks (5, 10, 20 and 30
years).
Concentrating instruments, auctions are held for few instruments with larger
significant volumes to improve liquidity.
The BCCh and the Ministry of Finance are working on auctions and defining a
calendar for a swaps issuances, respectively.
b. Regulatory Issues
Regulators are working on processes to facilitate the withholding of interest on
coupons (4% + CPI), an initiative included in the 22 measures to boost
productivity and broaden economic growth capacity announced by the Ministry
of Finance on March 30, 2016.
Fixed Income in Chile
Updated May 2016 17 | 30
c. Market Data on Tradestations.
Including debt instruments in technical analysis graphical tools in the Santiago
Exchange Trading Stations.
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 offers a series of services to international clients, including direct
connectivity 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 SEBRA HT under the sponsorship
of an authorized brokerage house registered with the Exchange.
The connection to access the Exchange can be of a routing network.
Key Features:
- Designed for intermediaries, providers of financial services and investors.
- Connection tailored to the client with several types of access.
- Allows the use of sophisticated algorithmic trading.
- Ultra-low latency of 1 millisecond.
- Autonomy in order management.
- FIX 4.4 Protocol.
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 low latency that uses FIX 4.4
Protocol 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.
Fixed Income in Chile
Updated May 2016 18 | 30
- It is secure and has the backing and support of the Exchange.
- FIX 4.4 Protocol.
Alternatives:
- Full Trading Platform: Consultation and trading systems for local and international
equities, debt, derivatives and MILA securities.
- Executive Fixed Income Tradestation: Consultations and trading system 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.
- FIX 4.4 Protocol.
Alternatives:
- Market Data Analytics: Provides information on market transactions and market
depth on offers, and can also load the institution's own processes or platforms.
- Market Data Website: Information that the user can make available on its website to
provide an added-value service to its clients.
Fixed Income in Chile
Updated May 2016 19 | 30
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.
Public Fixed Income: Instruments issued by public entities like the BCCh and the Finance
Ministry.
Private Fixed Income: Instruments issued by private entities such as banks, financial
institutions and corporations.
Fixed Income in Chile
Updated May 2016 20 | 30
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.
Fixed Income in Chile
Updated May 2016 21 | 30
III. APPENDIX
1. List of Most Liquid 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
Source: Santiago Exchange.
Note: Highlighted securities are the most representatives in the market. Treasury Bills issued by the Chilean Treasury
Department have a plan for additional issues in 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
Ticker 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
Fixed Income in Chile
Updated May 2016 22 | 30
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
Source: Santiago Exchange.
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
Fixed Income in Chile
Updated May 2016 23 | 30
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
BBBVN31113 BBBVA AA ; AA+ 3.5 3.4977 CLF 11-1-2033 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
BBBVN10911 BBBVA AA ; AA+ 3.5 3.4976 CLF 9-1-2031 CLP
BBBVN20913 BBBVA AA ; AA+ 3.5 3.4979 CLF 9-1-2031 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
Fixed Income in Chile
Updated May 2016 24 | 30
BBIC610515 BBICE AA ; AA 3.50 3.5276 CLF 5-1-2026 CLP
BBIC660316 BBICE AA ; AA 3.00 3.0207 CLF 3-1-2026 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
BBBVK70714 BBBVA AA ; AA+ 3.50 3.4968 Obs. USD 7-1-2024 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
BBBVK40212 BBBVA AA ; AA+ 3.00 2.9980 Obs. USD 2-1-2024 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
BBBVK51113 BBBVA AA ; AA+ 3.50 3.4982 Obs. USD 11-1-2023 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
BBIC530312 BBICE AA ; AA 3.00 3.0207 CLP 3-1-2022 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
Fixed Income in Chile
Updated May 2016 25 | 30
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
BBIC570214 BBICE AA ; AA 3.00 3.0203 CLP 2-1-2021 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
BBIC640116 BBICE AA ; AA 5.50 5.5699 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
BBCIS-P26A BCI SECURI AA ; AA 7.00 6.9993 CLP 7-1-2020 CLP
BBCIS-P30C BCI SECURI C ; C 0.00 CLP 7-1-2020 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
BBBVM41113 BBBVA AA ; AA+ 3.00 2.9994 CLP 5-1-2020 CLP
BBIC480510 BBICE AA ; AA 3.50 3.5275 CLP 5-1-2020 CLP
BBIC600515 BBICE AA ; AA 3.00 3.0190 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
BBIC410399 BBICE AA; AA 6.00 6.0858 CLP 3-1-2020 CLP
BBIC550313 BBICE AA ; AA 4.00 4.0366 CLP 3-1-2020 US$
BBBVP20714 BBBVA AA ; AA+ 6.00 5.9921 CLP 1-1-2020 CLP
BBBVM31113 BBBVA AA ; AA+ 3.00 2.9987 CLP 11-1-2019 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
BBIC580314 BBICE AA ; AA 3.00 3.0206 CLP 3-1-2019 CLP
BBIC510214 BBICE AA ; AA 5.75 5.8300 CLP 2-1-2019 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
BBBVM21011 BBBVA AA ; AA+ 3.00 2.9980 CLP 4-9-2018 CLP
BBBVJ40413 BBBVA AA ; AA+ 3.00 2.9983 CLP 4-1-2018 CLP
BBIC540313 BBICE AA ; AA 3.50 3.5284 CLP 3-1-2018 US$
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
BBBVM11011 BBBVA AA ; AA+ 3.00 2.9972 CLP 10-9-2017 CLP
Fixed Income in Chile
Updated May 2016 26 | 30
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
BBCIS-P25C BCI SECURI C ; C 0.00 CLP 9-1-2017 CLP
BBCIF10812 BBCREDITO AA+ ; AA+ 2.60 2.6154 CLP 8-1-2017 CLP
BBIC370796 BBICE AA; AA 5.75 5.8321 CLP 7-1-2017 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
BBBVJ31011 BBBVA AA ; AA+ 3.00 2.9977 CLP 4-9-2017 CLP
BBCIS-P20C BCI SECURI C ; C 0.00 CLP 3-1-2017 CLP
BBIC520312 BBICE AA ; AA 3.00 3.0207 CLP 3-1-2017 CLP
BBIC460207 BBICE AA ; AA 3.00 3.0202 CLP 2-1-2017 CLP
BBCIS-P20A BCI SECURI AA ; AA 6.00 5.9981 CLP 12-1-2016 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
BBCIS-P23C BCI SECURI C ; C 0.00 CLP 7-1-2016 CLP
BBIC360796 BBICE AA; AA 5.75 5.8321 CLP 7-1-2016 CLP
BBIC500711 BBICE AA ; AA 3.50 3.5265 CLP 7-1-2016 US$
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
BBCIS-P24C BCI SECURI C ; C 0.00 CLP 6-1-2016 CLP
Source: Santiago Exchange.
Note: Obs. USD refers to the observed USD dollar.
The list Includes instruments with and without capital gain tax.
4. List of Instruments Governed by Article 104 of Income Tax Law (No Capital Gains
Tax)
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
BTU0450824 Tesorería General de la República 01-08-2004 01-08-2024 CLF 4.50
BTU0260925 Tesorería General de la República 01-09-2005 01-09-2025 CLF 2.60
BTU0300327 Tesorería General de la República 01-03-2007 01-03-2027 CLF 3.00
BTP0600317 Tesorería General de la República 01-03-2007 01-03-2017 CLF 6.00
BCU0300517 Banco Central de Chile 01-05-2007 01-05-2017 CLF 3.00
BCU0300118 Banco Central de Chile 01-01-2008 01-01-2018 CLF 3.00
BTU0300338 Tesorería General de la República 01-03-2008 01-03-2038 CLF 3.00
BTU0300328 Tesorería General de la República 01-03-2008 01-03-2028 CLF 3.00
BTP0600318 Tesorería General de la República 01-03-2008 01-03-2018 CLF 6.00
BCU0300528 Banco Central de Chile 01-05-2008 01-05-2028 CLF 3.00
BCP0600518 Banco Central de Chile 01-05-2008 01-05-2018 CLF 6.00
BCU0300718 Banco Central de Chile 01-07-2008 01-07-2018 CLF 3.00
BCU0301018 Banco Central de Chile 01-10-2008 01-10-2018 CLF 3.00
BTU0300339 Tesorería General de la República 01-03-2009 01-03-2039 CLF 3.00
BTU0300329 Tesorería General de la República 01-03-2009 01-03-2029 CLF 3.00
BCU0300519 Banco Central de Chile 01-05-2009 01-05-2019 CLF 3.00
BTU0300719 Tesorería General de la República 01-07-2009 01-07-2019 CLF 3.00
BTU0300140 Tesorería General de la República 01-01-2010 01-01-2040 CLF 3.00
BTU0300130 Tesorería General de la República 01-01-2010 01-01-2030 CLF 3.00
BTU0300120 Tesorería General de la República 01-01-2010 01-01-2020 CLF 3.00
BTP0600120 Tesorería General de la República 01-01-2010 01-01-2020 CLF 6.00
BTU0300717 Tesorería General de la República 01-07-2010 01-07-2017 CLF 3.00
BTP0600118 Tesorería General de la República 01-01-2011 01-01-2018 CLF 6.00
BCU0300241 Banco Central de Chile 01-02-2011 01-02-2041 CLF 3.00
BCU0300231 Banco Central de Chile 01-02-2011 01-02-2031 CLF 3.00
BCP0600221 Banco Central de Chile 01-02-2011 01-02-2021 CLF 6.00
BCU0300221 Banco Central de Chile 01-02-2011 01-02-2021 CLF 3.00
Fixed Income in Chile
Updated May 2016 27 | 30
BCU0300816 Banco Central de Chile 01-08-2011 01-08-2016 CLF 3.00
BCP0600816 Banco Central de Chile 01-08-2011 01-08-2016 CLF 6.00
BTU0300142 Tesorería General de la República 01-01-2012 01-01-2042 CLF 3.00
BTP0600132 Tesorería General de la República 01-01-2012 01-01-2032 CLF 6.00
BTU0300132 Tesorería General de la República 01-01-2012 01-01-2032 CLF 3.00
BTP0600122 Tesorería General de la República 01-01-2012 01-01-2022 CLF 6.00
BTU0300122 Tesorería General de la República 01-01-2012 01-01-2022 CLF 3.00
BTU0300119 Tesorería General de la República 01-01-2012 01-01-2019 CLF 3.00
BCP0600117 Banco Central de Chile 01-01-2012 01-01-2017 CLF 6.00
BTU0300117 Tesorería General de la República 01-01-2012 01-01-2017 CLF 3.00
BCP0600322 Banco Central de Chile 01-03-2012 01-03-2022 CLF 6.00
BCU0300322 Banco Central de Chile 01-03-2012 01-03-2022 CLF 3.00
BCU0300317 Banco Central de Chile 01-03-2012 01-03-2017 CLF 3.00
BCU0300717 Banco Central de Chile 01-07-2012 01-07-2017 CLF 3.00
BTP0600143 Tesorería General de la República 01-01-2013 01-01-2043 CLF 6.00
BCU0300323 Banco Central de Chile 01-03-2013 01-03-2023 CLF 3.00
BCP0600323 Banco Central de Chile 01-03-2013 01-03-2023 CLF 6.00
BCP0600318 Banco Central de Chile 01-03-2013 01-03-2018 CLF 6.00
BCU0300318 Banco Central de Chile 01-03-2013 01-03-2018 CLF 3.00
BCP0600618 Banco Central de Chile 01-06-2013 01-06-2018 CLF 6.00
BCU0300818 Banco Central de Chile 01-08-2013 01-08-2018 CLF 3.00
BTU0300144 Tesorería General de la República 01-01-2014 01-01-2044 CLF 3.00
BTU0300134 Tesorería General de la República 01-01-2014 01-01-2034 CLF 3.00
BTP0600134 Tesorería General de la República 01-01-2014 01-01-2034 CLF 6.00
BTU0300124 Tesorería General de la República 01-01-2014 01-01-2024 CLF 3.00
BTP0600124 Tesorería General de la República 01-01-2014 01-01-2024 CLF 6.00
BTP0600119 Tesorería General de la República 01-01-2014 01-01-2019 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
BCP0600617 Banco Central de Chile 01-06-2014 01-06-2017 CLF 6.00
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
BSECU-L1 Grupo Security S.A. 15-11-2014 15-11-2019 CLF 2.40
BSECU-L2 Grupo Security S.A. 15-11-2014 15-11-2019 CLF 4.80
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
BTP0500335 Tesorería General de la República 01-03-2015 01-03-2035 CLF 5.00
BTU0200335 Tesorería General de la República 01-03-2015 01-03-2035 CLF 2.00
BTP0450326 Tesorería General de la República 01-03-2015 01-03-2026 CLF 4.50
BTU0120326 Tesorería General de la República 01-03-2015 01-03-2026 CLF
BTU0150321 Tesorería General de la República 01-03-2015 01-03-2021 CLF 1.50
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
Fixed Income in Chile
Updated May 2016 28 | 30
BCP0450420 Banco Central de Chile 01-04-2015 01-04-2020 CLF 4.50
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
BCP0450620 Banco Central de Chile 01-06-2015 01-06-2020 CLF 4.50
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
BCP0400119 Banco Central de Chile 01-01-2016 01-01-2019 CLF 4.00
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
Source: Santiago Exchange.
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%
Source: Santiago Exchange.
Fixed Income in Chile
Updated May 2016 29 | 30
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%
Source: Santiago Exchange.
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
Fixed Income in Chile
Updated May 2016 30 | 30
IV. Santiago Exchange contact information
For more information please contact with:
Nicolás Rabie
Sales
Ryan Kerr
Sales
Felipe Urrutia
Sales Director
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