chile - Bolsa de Santiago

Transcription

CHILE
EXCHANGE-TRADED
FIXED INCOME GUIDE
[Escriba aquí]
Fixed Income in Chile
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
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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
17.7 million*
USD 22,346*
UNEMPLOYMENT
RATE
SOVEREIGN
RISK (S&P)
INFLATION
5.8%
AA-
4.4%
USD 240
billion
TRADE BALANCE
USD 3,494 million
EXPORTS (FOB)
USD 62,232 million
IMPORTS (FOB)
USD 58,738 million
Source: Chilean Central Bank and World Bank as of 2015.
*2012 census data.
Graph 1: GDP by Sector
5%
3%
8%
Other
31%
9%
Corporate Services
Personal Services
Manufacturing
Mining
Wholesale and Retail Trade
9%
Construction
Financial Services
14%
11%
Utilities
12%
Source: Chilean Central Bank, 2015.
1
Source: Santiago Exchange, 2015.
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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):

2
Trading of Fixed Income and money market instruments on the exchange can take
place on two different platforms:
Bonds expressed in a unit of account that is indexed to variations in the CPI (Consumer Price Index).
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(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.
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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
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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).
Menu selections: Markets --> Statistics --> Market Newsletters.
5
Menu selections: Laws --> Regulations and Jurisprudence --> Laws and Bills of Law --> International Agreements.
4
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Table 1: Taxation for International Investors
Capital Gains
Interest (Coupons)
ZERO
Rate of 4%, Withholding Tax.
For long-term debt instruments issued in
Chile (under Article 104 of the Income Tax
Law).
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.
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
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 shortterm 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.
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Table 2: General characteristics of trading by type of Fixed Income Instrument
Instrument
FII
FII
(CB - Floating
Rate)
Santiago
Exchange Trading
Systems
Settlement
Condition
Trading
- Telerenta
- Electronic
Auction
Rate
- Telerenta
- Electronic
Auction
Price
Indexation
Currency
(Trading)
T+1
CLP
(Can also trade T+0
and T+2)
CLF
USD
T+1
CLP
(Can also trade T+0
and T+2)
CLF
USD
CLP
MMI
- Telerenta
- Electronic
Auction
Rate
T+0
(Can also trade T+1)
CLF
USD
EUR
Settlement
Currency
CLP
USD
CLP
USD
CLP
USD
EUR
ICP
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.
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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
Term
Benchmark
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
4 years 6 months
05
4 years 7 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
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.
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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”.
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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).
Updated May 2016
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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
Equity
7%
45% in private debt.
55% in public debt.
Fixed
Income
93%
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)
Trading Value
2010
154,906,163
2011
173,540,112
2012
167,325,018
2013
199,279,719
2014
220,283,126
2015
217,205,984
Source: Option BHMN of SEBRA HT Platform, Santiago Exchange.
Updated May 2016
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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)
MB
CB
TB
2010
365,897
15,038,378
35,025,591
2011
618,973
15,654,856
38,760,141
2012
2013
2014
335,478
14,762,486
35,148,253
374,760
22,278,256
34,766,285
102,473
26,740,340
46,991,341
2015
108,685
31,167,712
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)
Trading Volume Central Bank
Trading Volume Treasury
Trading Volume Banks
Trading Volume Companies
Trading Value Other
2010
9,997,347
75,602,681
856,613
43,768
2011
9,986,521
95,651,199
677,449
18,717
2012
9,981,128
99,074,207
547,195
24,035
2013
9,979,897
110,110,101
666,506
598
2014
9,984,084
107,045,385
705,725
-
2015
9,989,990
103,446,533
701,195
-
Source: Option RMTO of SEBRA HT Platform, Santiago Exchange.
Updated May 2016
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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
Updated May 2016
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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.
Updated May 2016
17 | 30
-
It has useful tools for analyzing and valuing instruments.
-
It is secure and has the backing and support of the Exchange.
-
FIX 4.4 technology.
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.
-
FIX 4.4 technology.
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.
Updated May 2016
18 | 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.
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.
Updated May 2016
19 | 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.
Updated May 2016
20 | 30
III.
APPENDIX
1. List of Main Fixed Income Instruments
Ticker
Readjustment
Maturity Date
BCU0300118
UF
BCU0300318
UF
BCU0300718
UF
BCU0300818
UF
BCU0301018
UF
BTU0300119
UF
BCU0300519
UF
BTU0300719
UF
BTU0300120
UF
BCU0300221
UF
BTU0150321
UF
BTU0300122
UF
BCU0300322
UF
BCU0500922
UF
BCU0300323
UF
BTU0451023
UF
BTU0300124
UF
BTU0450824
UF
BTU0260925
UF
BTU0150326
UF
BTU0300327
UF
BTU0300134
UF
BTU0200335
UF
BTU0300142
UF
BTU0300144
UF
Ticker
Readjustment
BTP0600118
BTP0600318
BCP0600318
BCP0600518
BCP0600618
BTP0600119
BCP0400119
BTP0600120
BCP0450420
BCP0450620
BCP0600221
BTP0450321
BTP0600122
BCP0600322
BCP0600323
BTP0600124
BTP0450326
BTP0600134
BTP0500335
BTP0600143
1-1-2018
3-1-2018
7-1-2018
8-1-2018
10-1-2018
1-1-2019
5-1-2019
7-1-2019
1-1-2020
2-1-2021
3-1-2021
1-1-2022
3-1-2022
9-1-2022
3-1-2023
10-15-2023
1-1-2024
8-1-2024
9-1-2025
3-1-2026
3-1-2027
1-1-2034
3-1-2035
1-1-2042
1-1-2044
Maturity Date
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
1-1-2018
3-1-2018
3-1-2018
5-1-2018
6-1-2018
1-1-2019
1-1-2019
1-1-2020
4-1-2020
6-1-2020
2-1-2021
3-1-2021
1-1-2022
3-1-2022
3-1-2023
1-1-2024
3-1-2026
1-1-2034
3-1-2035
1-1-2043
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
BCU0500922
BTU0451023
BTU0450824
BTU0260925
BTU0300327
BTP0600317
BCU0300517
BCU0300118
BTU0300338
BTU0300328
BTP0600318
BCU0300528
BCP0600518
BCU0300718
BCU0301018
BTU0300339
Updated May 2016
Isuue Rate
Readjustment
5.00
4.50
4.50
2.60
3.00
6.00
3.00
3.00
3.00
3.00
6.00
3.00
6.00
3.00
3.00
3.00
CLF
CLF
CLF
CLF
CLF
CLP
CLF
CLF
CLF
CLF
CLP
CLF
CLP
CLF
CLF
CLF
Maturity Date
9-1-2022
10-15-2023
8-1-2024
9-1-2025
3-1-2027
3-1-2017
5-1-2017
1-1-2018
3-1-2038
3-1-2028
3-1-2018
5-1-2028
5-1-2018
7-1-2018
10-1-2018
3-1-2039
Payment Currency
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
21 | 30
BTU0300329
BCU0300519
BTU0300719
BTU0300140
BTU0300130
BTP0600120
BTU0300120
BTU0300717
BTP0600118
BCU0300241
BCU0300231
BCP0600221
BCU0300221
BCP0600816
BCU0300816
BTU0300142
BTP0600132
BTU0300132
BTP0600122
BTU0300122
BTU0300119
BCP0600117
BTU0300117
BCP0600322
BCU0300322
BCU0300317
BCP0600617
BCU0300717
BTP0600143
BCP0600323
BCU0300323
BCP0600318
BCU0300318
BCP0600618
BCU0300818
BTU0300144
BTP0600134
BTU0300134
BTP0600124
BTU0300124
BTP0600119
BTP0500335
BTU0200335
BTP0450326
BTU0150326
BTU0150321
BCP0450420
BCP0450620
BCP0400119
BTP0450321
CERO
3.00
3.00
3.00
3.00
3.00
6.00
3.00
3.00
6.00
3.00
3.00
6.00
3.00
6.00
3.00
3.00
6.00
3.00
6.00
3.00
3.00
6.00
3.00
6.00
3.00
3.00
6.00
3.00
6.00
6.00
3.00
6.00
3.00
6.00
3.00
3.00
6.00
3.00
6.00
3.00
6.00
5.00
2.00
4.50
1.50
1.50
4.50
4.50
4.00
4.50
0.00
CLF
CLF
CLF
CLF
CLF
CLP
CLF
CLF
CLP
CLF
CLF
CLP
CLF
CLP
CLF
CLF
CLP
CLF
CLP
CLF
CLF
CLP
CLF
CLP
CLF
CLF
CLP
CLF
CLP
CLP
CLF
CLP
CLF
CLP
CLF
CLF
CLP
CLF
CLP
CLF
CLP
CLP
CLF
CLP
CLF
CLF
CLP
CLP
CLP
CLP
CLF
3-1-2029
5-1-2019
7-1-2019
1-1-2040
1-1-2030
1-1-2020
1-1-2020
7-1-2017
1-1-2018
2-1-2041
2-1-2031
2-1-2021
2-1-2021
8-1-2016
8-1-2016
1-1-2042
1-1-2032
1-1-2032
1-1-2022
1-1-2022
1-1-2019
1-1-2017
1-1-2017
3-1-2022
3-1-2022
3-1-2017
6-1-2017
7-1-2017
1-1-2043
3-1-2023
3-1-2023
3-1-2018
3-1-2018
6-1-2018
8-1-2018
1-1-2044
1-1-2034
1-1-2034
1-1-2024
1-1-2024
1-1-2019
3-1-2035
3-1-2035
3-1-2026
3-1-2026
3-1-2021
4-1-2020
6-1-2020
1-1-2019
3-1-2021
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
3. List of Private Debt Instruments Listed on Santiago Exchange
Series
BAGUA-AA
BAGUA-X
Updated May 2016
Issuer
AGUAS
AGUAS
Risk
AA+ ; AA+
AA+ ; AA+
Issue
Rate
3.2
3
TERA
3.198
2.998
Readjustment
CLF
CLF
Maturity
Date
1-15-2040
2-1-2038
22 | 30
Payment
Currency
CLP
CLP
BAGUA-W
BAGUA-V
BAGUA-U
BBANM-M
BBANM-O
BBIC490710
BAMOV-D
BAGUA-S
BARAU-R
BANDI-E
BBBVN41113
BANDI-D
BBANM-J
BBANV-A
BBBVN31113
BAGUA-P
BAGRS-I
BBANM-G
BAYS3-A
BARAU-P
BAGRS-D
BAGUA-Q
BBBVN10911
BBBVN20913
BAGUA-M
BAMAI-B1
BBICS-LE
BBICS-NK
BBICS-PQ
BBICS-RW
BAINT-A
BBICS-LD
BBICS-NJ
BBICS-PP
BBICS-RV
BBICS-S
BARAU-F
BBANM-D
BAGUA-H
BAVNO-A1
BAVNO-A2
BAVSU-A1
BAVSU-A2
BANUE-A
BANSM-A
BBICS-FF
BBICS-PN
BBICS-PO
BBIC670316
BBICS-UE
BBICS-VJ
BBICS-VK
BBICS-VL
BBICS-VM
BBICS-VN
BACEN-A1
BACEN-A2
BAGUA-F
BBICS-NH
BBICS-NI
BBICS-BC
BBICS-BD
BBICS-BE
BANDI-B1
BANDI-B2
BBANM-B
Updated May 2016
AGUAS
AGUAS
AGUAS
BANMEDICA
BANMEDICA
BBICE
AMERICAMOV
AGUAS
ARAUCO
EMB ANDINA
BBBVA
EMB ANDINA
BANMEDICA
BANVIDA
BBBVA
AGUAS
AGROSUPER
BANMEDICA
AYSTRES
ARAUCO
AGROSUPER
AGUAS
BBBVA
BBBVA
AGUAS
AUTOMAIPO
BICESECURI
BICESECURI
BICESECURI
BICESECURI
AUTOINTER
BICESECURI
BICESECURI
BICESECURI
BICESECURI
BICESECURI
ARAUCO
BANMEDICA
AGUAS
AUTOVESNOR
AUTOVESNOR
AUTOVESSUR
AUTOVESSUR
AGUAS NUEV
AGUAS NSUR
BICESECURI
BICESECURI
BICESECURI
BBICE
BICESECURI
BICESECURI
BICESECURI
BICESECURI
BICESECURI
BICESECURI
AUTOCENTRA
AUTOCENTRA
AGUAS
BICESECURI
BICESECURI
BICESECURI
BICESECURI
BICESECURI
EMB ANDINA
EMB ANDINA
BANMEDICA
AA+ ; AA+
AA+ ; AA+
AA+ ; AA+
AA- ; AAAA- ; AAAA ; AA
AA+ ; AA+
AA+ ; AA+
AA- ; AAAA ; AA
AA ; AA+
AA ; AA
AA- ; AAA+ ; A+
AA ; AA+
AA+ ; AA+
AA- ; A+
AA- ; AAAA- ; A+
AA- ; AA
AA- ; A+
AA+ ; AA+
AA ; AA+
AA ; AA+
AA+ ; AA+
A;A
C;C
C;C
C;C
C;C
A+ ; A+
C;C
C;C
C;C
C ; BBB
BBB ; BB+
AA- ; AA
AA- ; AAAA+ ; AA+
A- ; A
A- ; A
AA- ; AAAA- ; AAAA- ; AAAA- ; AA
C;C
A ; AAA ; AAAA ; AA
BBB ; BBB
AA ; AA
AA ; AA
BBB ; BBB
C;C
C;C
AA ; AA
AA ; AA
AA+ ; AA+
A : AAA ; AA
AAA ; AAA
AAA ; AAA
C; C
AA ; AA
AA ; AA
AA- ; AA-
3.3
3.5
3.8
3.25
3.25
3.75
4
3.9
3.6
3.75
3.5
3.8
3.8
4.1
3.5
3.86
4
3.75
4.7
4
3.8
4
3.5
3.5
4.2
3.2
6.5
6.5
4.5
4.5
4.25
6.5
6.5
6
6
6.4107
4.25
3.25
3.9
5.3
5.3
4.5
4.5
4
4
5.8
6
6
3
4.2
4.2
4.2
4.2
4.2
4.2
5.3
5.3
4.15
6.5
6.5
6
6
6
6.5
6.5
4.00
3.2975
3.4973
3.7973
3.2477
3.2477
3.782
3.9969
3.8973
3.5975
3.7467
3.4978
3.7969
3.7975
4.0977
3.4977
3.8568
3.9981
3.7477
4.6967
3.9975
3.7977
3.997
3.4976
3.4979
4.197
3.1978
6.4952
6.4957
4.497
4.4972
4.2507
6.4952
6.4959
5.9961
5.9963
6.408
4.2476
3.2481
3.8973
5.2965
5.2965
4.4544
4.4544
3.9962
3.9953
5.7363
5.9962
5.9962
3.0208
4.1982
4.1977
4.1978
4.1981
4.1974
4.1974
5.296
5.296
4.1475
6.4962
6.4962
5.9966
5.9966
5.9962
6.4953
6.4953
3.9590
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
6-1-2037
4-1-2037
4-1-2036
11-15-2035
11-15-2035
7-1-2035
5-25-2035
4-1-2035
4-1-2035
3-1-2035
11-1-2034
8-16-2034
4-10-2034
12-15-2033
11-1-2033
10-1-2033
9-1-2033
3-15-2033
12-15-2032
11-15-2032
9-1-2032
6-1-2032
9-1-2031
9-1-2031
4-1-2031
12-15-2030
10-21-2030
10-21-2030
10-21-2030
10-21-2030
6-30-2030
4-21-2030
4-21-2030
4-21-2030
4-21-2030
11-15-2029
10-30-2029
5-2-2029
4-1-2029
12-15-2028
12-15-2028
12-15-2028
12-15-2028
5-15-2028
3-21-2028
7-21-2027
4-21-2027
4-21-2027
3-1-2027
12-21-2026
12-21-2026
12-21-2026
12-21-2026
12-21-2026
12-21-2026
12-15-2026
12-15-2026
12-1-2026
7-21-2026
7-21-2026
6-21-2026
6-21-2026
6-21-2026
6-1-2026
6-1-2026
5-15-2026
23 | 30
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
BBIC610515
BBIC660316
BBICS-UC
BBICS-UD
BBICS-UF
BBICS-UG
BBBVK80714
BAMAI-A1
BAMAI-A2
BBIC630515
BBCIK10300
BBCIK20300
BBCII10200
BBCII20200
BALIB-B1
BALIB-B2
BALIB-C1
BANOR-B1
BANOR-B2
BAPAC-B1
BAPAC-B2
BAPAC-C
BBBVK61113
BBICS-RT
BBICS-RU
BBCIJ21014
BBECP-A
BBBVK70714
BBCII20314
BBIC590314
BBBVK40212
BADRT-C
BBICS-AC
BBICS-AD
BBICS-AE
BBBVK51113
BBCIS-P19C
BBICS-LA
BBICS-LB
BBCIS-P19A
BBCIS-P19B
BBIC560313
BBBVK30212
BAGUA-Y
BAGUA-Z
BBHIE70100
BBIC650116
BBCIF20812
BBCIS-P4B1
BBCIS-P4B2
BBCIS-P4A1
BBCIS-P4A2
BBBVM61215
BBHID50699
BBHID60699
BBIC620515
BBICS-FC
BBICS-FD
BBICS-FE
BBIC530312
BBBVK20212
BAGUA-O
BBANM-K
BBANM-L
BAGRS-C
BBCIE20811
Updated May 2016
BBICE
BBICE
BICESECURI
BICESECURI
BICESECURI
BICESECURI
BBBVA
AUTOMAIPO
AUTOMAIPO
BBICE
BBCREDITO
BBCREDITO
BBCREDITO
BBCREDITO
AUTOLIBERT
AUTOLIBERT
AUTOLIBERT
AUTONORTE
AUTONORTE
AUTOPACIFI
AUTOPACIFI
AUTOPACIFI
BBBVA
BICESECURI
BICESECURI
BBCREDITO
BICECORP
BBBVA
BBCREDITO
BBICE
BBBVA
AD RETAIL
BICESECURI
BICESECURI
BICESECURI
BBBVA
BCI SECURI
BICESECURI
BICESECURI
BCI SECURI
BCI SECURI
BBICE
BBBVA
AGUAS
AGUAS
BBBHIF
BBICE
BBCREDITO
BCI SECURI
BCI SECURI
BCI SECURI
BCI SECURI
BBBVA
BBBHIF
BBBHIF
BBICE
BICESECURI
BICESECURI
BICESECURI
BBICE
BBBVA
AGUAS
BANMEDICA
BANMEDICA
AGROSUPER
BBCREDITO
AA ; AA
AA ; AA
AA ; AA
AAA ; AAA
C;C
C;C
AA ; AA+
A;A
A;A
AA ; AA
AA+ ; AA
AA+ ; AA
AA+ ; AA
AA+ ; AA
AA- ; A+
AA- ; A+
AA- ; A+
AAA ; AA+
AAA ; AA+
AAA ; AAA
AAA ; AAA
AAA ; AAA
AA ; AA+
A ; AAA ; AAAA+ ; AA+
AA ; AA
AA ; AA+
AA+ ; AA+
AA ; AA
AA ; AA+
BBB- ; BBB
AA ; AAA
AA ; AAA
C;C
AA ; AA+
A ; A+
A;A+
A;A+
AA- ; AA
A+ ; AAAA ; AA
AA ; AA+
AA+ ; AA+
AA+ ; AA+
AAA ; AA+
AA ; AA
AA+ ; AA+
C;C
C;C
BB ; B
BB ; B
AA+ ; AA
AAA ; AA+
AAA ; AA+
AA ; AA
AAA ; AAA
AAA ; AAA
C;C
AA ; AA
AA ; AA+
AA+ ; AA+
AA- ; AAAA- ; AAAA- ; A+
AA+ ; AA+
3.50
3.00
4.20
4.20
4.20
4.20
3.50
4.85
4.85
4.25
6.50
6.50
6.50
6.50
5.80
5.80
3.40
5.50
5.50
5.80
5.80
5.80
3.50
5.60
5.60
2.00
6.75
3.50
3.00
3.00
3.00
6.20
6.50
6.50
6.50
3.50
0.00
6.50
6.50
4.00
3.90
4.50
3.00
5.40
2.40
6.50
5.75
2.60
5.30
5.30
5.30
5.30
3.00
6.00
6.00
3.50
5.80
5.80
5.80
3.00
3.00
3.70
2.25
4.50
3.40
2.60
3.5276
3.0207
4.1977
4.1977
4.1971
4.1971
3.4970
4.8469
4.8468
4.2911
6.4948
6.4948
6.4959
6.4959
5.7969
5.7969
3.3969
5.6099
5.6099
5.7944
5.7944
5.7947
3.4976
5.5969
5.5969
2.0084
6.7458
3.4968
3.0198
3.0198
2.9980
6.1958
6.4949
6.4949
6.4953
3.4982
6.4942
6.4943
3.9969
3.8978
4.5476
2.9978
5.3972
2.3987
6.4960
5.8283
2.6153
5.3756
5.3756
5.3756
5.3756
2.9980
5.9948
5.9948
3.5275
5.6291
5.6291
5.7968
3.0207
2.9976
3.6969
2.2483
4.4966
3.3973
2.6146
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
Obs. USD
Obs. USD
Obs. USD
Obs. USD
Obs. USD
Obs. USD
Obs. USD
Obs. USD
Obs. USD
Obs. USD
Obs. USD
Obs. USD
Obs. USD
Obs. USD
Obs. USD
Obs. USD
Obs. USD
Obs. USD
Obs. USD
Obs. USD
Obs. USD
Obs. USD
Obs. USD
Obs. USD
Obs. USD
Obs. USD
Obs. USD
Obs. USD
Obs. USD
Obs. USD
Obs. USD
Obs. USD
Obs. USD
CLF
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
5-1-2026
3-1-2026
9-21-2025
9-21-2025
9-21-2025
9-21-2025
7-1-2025
6-15-2025
6-15-2025
5-1-2025
3-1-2025
3-1-2025
2-1-2025
2-1-2025
1-15-2025
1-15-2025
1-15-2025
12-30-2024
12-30-2024
12-30-2024
12-30-2024
12-30-2024
11-1-2024
10-21-2024
10-21-2024
10-1-2024
9-1-2024
7-1-2024
3-1-2024
3-1-2024
2-1-2024
12-1-2023
11-21-2023
11-21-2023
11-21-2023
11-1-2023
10-1-2023
7-21-2023
7-21-2023
7-1-2023
7-1-2023
3-1-2023
2-1-2023
1-15-2023
1-15-2023
1-1-2023
1-1-2023
8-1-2022
8-1-2022
8-1-2022
7-1-2022
7-1-2022
6-9-2022
6-1-2022
6-1-2022
5-1-2022
4-21-2022
4-21-2022
4-21-2022
3-1-2022
2-1-2022
12-1-2021
11-15-2021
11-15-2021
9-1-2021
8-1-2021
24 | 30
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
US$
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
US$
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
US$
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
BANTA-B
BBBVM50714
BBBVJ71215
BBICS-MC
BBCIS-P1C2
BBICS-MA
BBICS-MB
BBCIS-P28B
BAGUA-T
BARAU-Q
BBCIS-P1B1
BBCIS-P1B2
BADRT-A
BBIC570214
BBCIS-P28A
BBIC190191
BBIC640116
BBCIS-P26C
BARAU-J
BANDI-C
BBCIS-P26A
BBCIS-P30C
BBBVJ61215
BADRT-B
BBBVM41113
BBIC480510
BBIC600515
BBANM-H
BBANM-I
BBICS-ZB
BBICS-ZA1
BBIC410399
BBIC550313
BBBVP20714
BBBVM31113
BBCIAK1114
BAGUA-L
BBCIJ11014
BAGRS-G
BAGRS-H
BBBVK10509
BBBVJ51113
BAGUA-R
BBANM-E
BBANM-F
BBCII10314
BBIC580314
BBIC510214
BBBVP10713
BAGUA-J
BAGRS-A
BAGRS-B
BARAU-I
BBECP-B
BBCIAB0708
BBCIAG0513
BBBVM21011
BBBVJ40413
BBIC540313
BASOL-A1
BASOL-A2
BASOL-B1
BASOL-B2
BASOL-C1
BBBVM11011
Updated May 2016
ANTARCHILE
BBBVA
BBBVA
BICESECURI
BCI SECURI
BICESECURI
BICESECURI
BCI SECURI
AGUAS
ARAUCO
BCI SECURI
BCI SECURI
AD RETAIL
BBICE
BCI SECURI
BBICE
BBICE
BCI SECURI
ARAUCO
EMB ANDINA
BCI SECURI
BCI SECURI
BBBVA
AD RETAIL
BBBVA
BBICE
BBICE
BANMEDICA
BANMEDICA
BICESECURI
BCI SECURI
BICESECURI
BBICE
BBICE
BBBVA
BBBVA
BBCREDITO
AGUAS
BBCREDITO
AGROSUPER
AGROSUPER
BBBVA
BBBVA
AGUAS
BANMEDICA
BANMEDICA
BBCREDITO
BBICE
BBICE
BBBVA
AGUAS
AGROSUPER
AGROSUPER
ARAUCO
BICECORP
BBCREDITO
BBCREDITO
BBBVA
BBBVA
BBICE
AUTOSOL
AUTOSOL
AUTOSOL
AUTOSOL
AUTOSOL
BBBVA
AA-; A+
AA ; AA+
AA+ ; AA
AA+; C
C;C
AAA; AAA
AAA; AAA
AA ; AA
AA+ ; AA+
AA- ; AAAAA ; AAA
AAA ; AAA
BBB- ; BBB
AA ; AA
AA ; AA
AA; AA
AA ; AA
C;C
AA- ; AA
AA ; AA
AA ; AA
C;C
AA+ ; AA
BBB- ; BBB
AA ; AA+
AA ; AA
AA ; AA
AA- ; AAAA- ; AAC;C
AA ; AA
AA ; AA
AA; AA
AA ; AA
AA ; AA+
AA ; AA+
AA+ ; AA+
AA+ ; AA+
AA+ ; AA+
AA- ; A+
AA- ; A+
AA ; AA+
AA ; AA+
AA+ ; AA+
AA- ; AAAA- ; AAAA+ ; AA+
AA ; AA
AA ; AA
AA ; AA+
AA+ ; AA+
AA- ; A+
AA- ; A+
AA- ; AA
AA ; AA
AA+ ; AA+
AA+ ; AA+
AA ; AA+
AA ; AA+
AA ; AA
AAA; AAA
AAA; AAA
AAA; AAA
AAA; AAA
AAA ; AAA
AA ; AA+
6.90
3.00
3.00
0.00
6.50
5.00
5.00
0.00
3.50
3.00
6.50
6.50
6.05
3.00
7.70
5.00
5.50
0.00
3.25
3.50
7.00
0.00
3.00
6.30
3.00
3.50
3.00
3.40
6.50
0.00
5.80
6.50
6.00
4.00
6.00
3.00
4.00
3.90
2.00
3.50
6.50
3.00
3.00
3.30
3.50
6.50
3.00
3.00
5.75
6.00
4.00
3.40
6.10
3.25
4.85
0.00
5.00
3.00
3.00
3.50
5.80
5.80
5.80
5.80
4.00
3.00
6.8944
2.9974
2.9976
6.4955
4.9971
4.9971
3.4973
2.9973
6.4941
6.4942
6.0475
3.0203
7.6867
4.9973
5.5699
3.2475
3.4962
6.9993
2.9972
6.2933
2.9994
3.5275
3.0190
3.3979
6.4959
5.7996
6.5973
6.0858
4.0366
5.9921
2.9987
4.0380
3.8969
2.0089
3.4996
6.4997
2.9981
3.0007
3.2982
3.4985
6.4972
3.0206
3.0206
5.8300
5.9923
3.9963
3.3984
6.0972
3.2479
4.8413
5.0592
2.9980
2.9983
3.5284
5.7976
5.7976
5.7975
5.7975
3.9983
2.9972
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
7-15-2021
7-1-2021
6-9-2021
5-25-2021
5-1-2021
4-25-2021
4-25-2021
4-15-2021
4-1-2021
4-1-2021
4-1-2021
4-1-2021
3-20-2021
2-1-2021
1-15-2021
1-1-2021
1-1-2021
10-1-2020
9-1-2020
8-16-2020
7-1-2020
7-1-2020
6-9-2020
5-1-2020
5-1-2020
5-1-2020
5-1-2020
4-10-2020
4-10-2020
4-6-2020
4-1-2020
3-4-2020
3-1-2020
3-1-2020
1-1-2020
11-1-2019
11-1-2019
10-1-2019
10-1-2019
9-1-2019
9-1-2019
5-9-2019
5-1-2019
4-1-2019
3-15-2019
3-15-2019
3-1-2019
3-1-2019
2-1-2019
1-1-2019
12-1-2018
9-1-2018
9-1-2018
9-1-2018
7-15-2018
7-1-2018
5-1-2018
4-9-2018
4-1-2018
3-1-2018
1-15-2018
1-15-2018
1-15-2018
1-15-2018
1-15-2018
10-9-2017
25 | 30
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
US$
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
US$
CLP
CLP
CLP
CLP
CLP
CLP
BAGRS-E
AGROSUPER
BAGRS-F
AGROSUPER
BBCIS-P25C
BCI SECURI
BBCIF10812
BBCREDITO
BBIC370796
BBICE
BBCI-X0607
BBCREDITO
BBCIS-P25A
BCI SECURI
BAMOV-C
AMERICAMOV
BBBVJ31011
BBBVA
BBCIS-P20C
BCI SECURI
BBIC520312
BBICE
BBIC460207
BBICE
BBCIS-P20A
BCI SECURI
BARAU-K
ARAUCO
BAGUA-K
AGUAS
BBCIE10811
BBCREDITO
BBNS-C0107
BBSCOTIABA
BBCIS-P22C
BCI SECURI
BBCIS-P23C
BCI SECURI
BBIC360796
BBICE
BBIC500711
BBICE
BANOR-A1
AUTONORTE
BANOR-A2
AUTONORTE
BBCIS-P24C
BCI SECURI
AA- ; A+
AA- ; A+
C;C
AA+ ; AA+
AA; AA
AA+ ; AA+
AAA ; AA
AA+ ; AA+
AA ; AA+
C;C
AA ; AA
AA ; AA
AA ; AA
AA- ; AA
AA+ ; AA+
AA+ ; AA+
AAA ; AAA
C;C
C;C
AA; AA
AA ; AA
AAA ; AA+
AAA ; AA+
C;C
3.50
6.50
0.00
2.60
5.75
3.00
6.50
3.00
3.00
0.00
3.00
3.00
6.00
3.50
2.90
2.60
3.50
1.00
0.00
5.75
3.50
5.00
5.00
0.00
3.4983
6.4973
2.6154
5.8321
2.9974
6.4921
2.9963
2.9977
3.0207
3.0202
5.9981
3.4962
2.8971
2.6139
3.4985
0.9992
5.8321
3.5265
5.0628
5.0628
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
9-1-2017
9-1-2017
9-1-2017
8-1-2017
7-1-2017
6-1-2017
6-1-2017
5-25-2017
4-9-2017
3-1-2017
3-1-2017
2-1-2017
12-1-2016
11-15-2016
10-1-2016
8-1-2016
7-31-2016
7-1-2016
7-1-2016
7-1-2016
7-1-2016
6-30-2016
6-30-2016
6-1-2016
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
US$
CLP
CLP
CLP
Note: Obs. USD refers to the observed USD dollar.
4. List of Instruments Governed by Article 104 of Income Tax Law
Ticker
BCU0500922
BTU0451023
BTU0450824
BTU0260925
BTU0300327
BTP0600317
BCU0300517
BCU0300118
BTU0300338
BTU0300328
BTP0600318
BCU0300528
BCP0600518
BCU0300718
BCU0301018
BTU0300339
BTU0300329
BCU0300519
BTU0300719
BTU0300140
BTU0300130
BTU0300120
BTP0600120
BTU0300717
BTP0600118
BCU0300241
BCU0300231
BCP0600221
BCU0300221
BCU0300816
BCP0600816
BTU0300142
Updated May 2016
Issuer
Banco Central de Chile
Tesorería General de la República
Issue Date
01-09-2002
15-10-2003
01-08-2004
01-09-2005
01-03-2007
01-03-2007
01-05-2007
01-01-2008
01-03-2008
01-03-2008
01-03-2008
01-05-2008
01-05-2008
01-07-2008
01-10-2008
01-03-2009
01-03-2009
01-05-2009
01-07-2009
01-01-2010
01-01-2010
01-01-2010
01-01-2010
01-07-2010
01-01-2011
01-02-2011
01-02-2011
01-02-2011
01-02-2011
01-08-2011
01-08-2011
01-01-2012
Maturity
Issue
Currency
Date
Rate %
01-09-2022
CLF
5.00
15-10-2023
CLF
4.50
01-08-2024
CLF
4.50
01-09-2025
CLF
2.60
01-03-2027
CLF
3.00
01-03-2017
CLF
6.00
01-05-2017
CLF
3.00
01-01-2018
CLF
3.00
01-03-2038
CLF
3.00
01-03-2028
CLF
3.00
01-03-2018
CLF
6.00
01-05-2028
CLF
3.00
01-05-2018
CLF
6.00
01-07-2018
CLF
3.00
01-10-2018
CLF
3.00
01-03-2039
CLF
3.00
01-03-2029
CLF
3.00
01-05-2019
CLF
3.00
01-07-2019
CLF
3.00
01-01-2040
CLF
3.00
01-01-2030
CLF
3.00
01-01-2020
CLF
3.00
01-01-2020
CLF
6.00
01-07-2017
CLF
3.00
01-01-2018
CLF
6.00
01-02-2041
CLF
3.00
01-02-2031
CLF
3.00
01-02-2021
CLF
6.00
01-02-2021
CLF
3.00
01-08-2016
CLF
3.00
01-08-2016
CLF
6.00
01-01-2042
CLF
3.00
26 | 30
BTP0600132
BTU0300132
BTP0600122
BTU0300122
BTU0300119
BCP0600117
BTU0300117
BCP0600322
BCU0300322
BCU0300317
BCU0300717
BTP0600143
BCU0300323
BCP0600323
BCP0600318
BCU0300318
BCP0600618
BCU0300818
BTU0300144
BTU0300134
BTP0600134
BTU0300124
BTP0600124
BTP0600119
BFFCC-AA
BFFCC-AB
BSTDSC0414
BSTDSD0414
BCP0600617
BCOSJ-A
BCOSJ-B
BENJO-F
BBNS-X0814
BBNS-Y0814
BPARC-K
BPARC-J
BPARC-I
BBCIJ21014
BBCIJ11014
BESSB-H
BECOP-G
BESSB-F
BESSB-G
BBCIAK1114
BSECU-L3
BSECU-L1
BSECU-L2
BLIPI-C
BAGUA-X
BLIPI-E
BLIPI-D
BLIPI-A
BLIPI-B
BPARC-O
BPARC-N
BTP0500335
BTU0200335
BTP0450326
BTU0120326
BTU0150321
BPARC-L
BPARC-M
BCP0450420
BESVA-Q
BBNSAB0515
Updated May 2016
Empresas de los Ferrocarriles del Estado
Empresas de los Ferrocarriles del Estado
Banco Santander-Chile
Banco Santander-Chile
Sociedad Concesionaria San José-Tecnocontrol S.A.
Sociedad Concesionaria San José-Tecnocontrol S.A.
Enjoy S.A.
Scotiabank Chile
Scotiabank Chile
Parque Arauco S.A.
Parque Arauco S.A.
Parque Arauco S.A.
Banco de Crédito e Inversiones
Essbio S.A
Empresas Copec S.A.
Essbio S.A
Essbio S.A
Grupo Security S.A.
Grupo Security S.A.
Grupo Security S.A.
Empresas Lipigas S.A
Aguas Andinas S.A
Parque Arauco S.A
Parque Arauco S.A
Parque Arauco S.A
Parque Arauco S.A
Esval S.A
Banco Scotiabank Chile
01-01-2012
01-01-2012
01-01-2012
01-01-2012
01-01-2012
01-01-2012
01-01-2012
01-03-2012
01-03-2012
01-03-2012
01-07-2012
01-01-2013
01-03-2013
01-03-2013
01-03-2013
01-03-2013
01-06-2013
01-08-2013
01-01-2014
01-01-2014
01-01-2014
01-01-2014
01-01-2014
01-01-2014
01-06-2014
01-06-2014
01-06-2014
01-06-2014
01-06-2014
30-06-2014
30-06-2014
31-07-2014
01-08-2014
01-08-2014
01-09-2014
01-09-2014
01-09-2014
01-10-2014
01-10-2014
15-10-2014
15-10-2014
15-10-2014
15-10-2014
01-11-2014
15-11-2014
15-11-2014
15-11-2014
04-01-2015
01-02-2015
04-02-2015
04-02-2015
04-02-2015
04-02-2015
01-03-2015
01-03-2015
01-03-2015
01-03-2015
01-03-2015
01-03-2015
01-03-2015
01-03-2015
01-03-2015
01-04-2015
20-04-2015
01-05-2015
01-01-2032
01-01-2032
01-01-2022
01-01-2022
01-01-2019
01-01-2017
01-01-2017
01-03-2022
01-03-2022
01-03-2017
01-07-2017
01-01-2043
01-03-2023
01-03-2023
01-03-2018
01-03-2018
01-06-2018
01-08-2018
01-01-2044
01-01-2034
01-01-2034
01-01-2024
01-01-2024
01-01-2019
01-06-2040
01-06-2040
01-06-2024
01-06-2019
01-06-2017
30-06-2021
30-06-2021
14-06-2021
01-08-2024
01-08-2019
01-09-2039
01-09-2034
01-09-2020
01-10-2024
01-10-2019
15-10-2037
15-10-2024
15-10-2019
15-10-2019
01-11-2019
15-11-2035
15-11-2019
15-11-2019
04-02-2025
01-02-2038
04-02-2040
04-02-2035
04-02-2020
04-02-2020
01-03-2040
01-03-2036
01-03-2035
01-03-2035
01-03-2026
01-03-2026
01-03-2021
01-06-2020
01-03-2020
01-04-2020
20-04-2040
01-05-2025
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
27 | 30
6.00
3.00
6.00
3.00
3.00
6.00
3.00
6.00
3.00
3.00
3.00
6.00
3.00
6.00
6.00
3.00
6.00
3.00
3.00
3.00
6.00
3.00
6.00
6.00
3.00
3.00
6.00
2.95
4.00
6.25
3.00
3.00
3.65
3.40
2.75
2.00
2.00
3.30
2.70
5.40
2.40
4.00
3.40
2.40
4.80
2.85
3.00
3.55
3.40
2.00
5.10
3.30
3.25
5.00
2.00
4.50
1.50
2.30
4.90
4.50
3.10
3.00
BCHIBD0815
Banco de Chile
BCP0450620
BTMOV-G
Telefónica Móviles Chile S.A
BTMOV-H
BTANN-W
Tanner Servicios Financieros S.A
BCHIBO0815
Banco de Chile
BTANN-U
BTANN-V
BTMOV-I
BANEA-C
Enaex S.A
BENAE-A
Enaex S.A
BENAE-B
Enaex S.A
BESVA-T
Esval S.A
BESVA-R
Esval S.A
BESVA-S
Esval S.A
BBNSAD1015 Scotiabank Chile
BEURO-G
Eurocapital S.A
BEURO-H
Eurocapital S.A
BEURO-E
Eurocapital S.A
BEURO-F
Eurocapital S.A
BCHICR1215
Banco de Chile
BCAJ-L1215
Caja los Andes
BCAJ-M1215
Caja los Andes
BCAJ-J1215
Caja los Andes
BCAJ-K1215
Caja los Andes
BBNSAE0116 Scotiabanck Chile
BCP0400119
BAGUA-AA
Aguas Andinas S.A
BTP0450321
Tesoreria General de la Republica
01-05-2015
01-06-2015
20-06-2015
20-06-2015
01-08-2015
01-08-2015
01-08-2015
01-08-2015
14-08-2015
01-09-2015
01-09-2015
01-09-2015
15-09-2015
15-09-2015
15-09-2015
01-10-2015
15-10-2015
15-10-2015
15-10-2015
15-10-2015
01-12-2015
01-12-2015
01-12-2015
01-12-2015
01-12-2015
01-01-2016
01-01-2016
15-01-2016
01-03-2016
01-02-2022
01-06-2020
20-06-2020
20-06-2020
01-08-2036
01-02-2028
01-08-2020
01-08-2020
14-08-2020
01-09-2036
01-09-2025
01-09-2025
15-09-2039
15-09-2020
15-09-2020
01-10-2025
15-10-2019
15-10-2019
15-10-2018
15-10-2018
01-12-2034
01-12-2020
01-12-2020
01-06-2019
01-06-2019
01-07-2026
01-01-2019
15-01-2040
01-03-2021
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLF
CLP
2.50
4.50
2.20
5.20
3.80
3.00
2.50
5.70
1.95
2.90
2.50
3.20
5.20
2.20
3.00
3.70
3.90
6.70
3.70
3.20
4.00
7.00
3.75
6.80
3.00
4.00
3.20
4.50
5. Ranking of Santiago Exchange Brokers Operating on Fixed Income Market
FII Brokerage Houses 2015
BANCOESTADO S.A. CORREDORES DE BOLSA
BBVA CORREDORES DE BOLSA LIMITADA
SANTANDER S.A. CORREDORES DE BOLSA
BICE INVERSIONES CORREDORES DE BOLSA S.A.
BANCHILE CORREDORES DE BOLSA S.A.
BCI CORREDOR DE BOLSA S.A.
ITAU BBA CORREDOR DE BOLSA LIMITADA
CREDICORP CAPITAL S.A. CORREDORES DE BOLSA
LARRAIN VIAL S.A. CORREDORA DE BOLSA
CORPBANCA CORREDORES DE BOLSA S.A.
BTG PACTUAL CHILE S.A. CORREDORES DE BOLSA
EUROAMERICA CORREDORES DE BOLSA S.A.
FINANZAS y NEGOCIOS S.A.
NEGOCIOS Y VALORES S.A., CORREDORES DE BOLSA
SCOTIA CORREDORA DE BOLSA CHILE S.A.
VALORES SECURITY S.A., CORREDORES DE BOLSA
PENTA CORREDORES DE BOLSA S.A.
CONSORCIO CORREDORES DE BOLSA S.A.
TANNER CORREDORES DE BOLSA S.A.
MBI, CORREDORES DE BOLSA S.A.
MERRILL LYNCH CORREDORES DE BOLSA SPA
CORREDORES DE BOLSA SURA S.A.
CRUZ DEL SUR CORREDORA DE BOLSA S.A.
UGARTE Y COMPAÑIA CORREDORES DE BOLSA S.A.
DEUTSCHE SECURITIES CORREDORES DE BOLSA SPA
Total
Volume (CLP)
$ 24,562,224
$ 22,594,033
$ 19,338,207
$ 13,836,936
$ 10,926,708
$ 8,317,556
$ 7,197,992
$ 6,891,424
$ 4,136,290
$ 4,099,456
$ 3,721,250
$ 2,952,020
$ 2,423,751
$ 2,406,360
$ 1,958,357
$ 1,957,584
$ 1,245,708
$ 608,571
$ 357,543
$ 231,333
$ 57,229
$ 1,448
$ 1,417
$ 139,823,398
Weight %
17.57%
16.16%
13.83%
9.90%
7.81%
5.95%
5.15%
4.93%
2.96%
2.93%
2.66%
2.11%
1.73%
1.72%
1.40%
1.40%
0.89%
0.44%
0.26%
0.17%
0.04%
0.00%
0.00%
0.00%
0.00%
100.00%
Variation
-16.59%
-3.72%
17.15%
-22.19%
-21.15%
-6.52%
50.80%
28.70%
21.20%
-26.63%
29.02%
13.52%
16.16%
757.65%
4.17%
-2.75%
-67.18%
-54.53%
-58.56%
36.33%
-64.28%
267.59%
-99.61%
N/A
N/A
-5.31%
Ranking
Updated May 2016
28 | 30
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
MMI Brokerage Houses 2015
BANCOESTADO S.A. CORREDORES DE BOLSA
BBVA CORREDORES DE BOLSA LIMITADA
BCI CORREDOR DE BOLSA S.A.
BANCHILE CORREDORES DE BOLSA S.A.
BICE INVERSIONES CORREDORES DE BOLSA S.A.
CORPBANCA CORREDORES DE BOLSA S.A.
BTG PACTUAL CHILE S.A. CORREDORES DE BOLSA
PENTA CORREDORES DE BOLSA S.A.
CREDICORP CAPITAL S.A. CORREDORES DE BOLSA
NEGOCIOS Y VALORES S.A., CORREDORES DE
BOLSA
CONSORCIO CORREDORES DE BOLSA S.A.
FINANZAS y NEGOCIOS S.A.
CRUZ DEL SUR CORREDORA DE BOLSA S.A.
UGARTE Y COMPAÑIA CORREDORES DE BOLSA S.A.
DEUTSCHE SECURITIES CORREDORES DE BOLSA
SPA
Total
Volume (CLP)
$ 77,614,084
$ 56,951,002
$ 31,935,818
$ 28,457,978
$ 25,971,859
$ 19,021,065
$ 14,894,369
$ 8,689,215
$ 7,059,506
$ 6,408,301
$ 5,741,884
$ 4,829,437
$ 3,577,855
$ 998,030
$ 829,511
$ 768,950
Weight %
26.35%
19.33%
10.84%
9.66%
8.82%
6.46%
5.06%
2.95%
2.40%
2.18%
1.95%
1.64%
1.21%
0.34%
0.28%
0.26%
$ 516,288
$ 196,536
$ 109,666
$ 17,169
$ 43
$ 294,588,566
Variation
-9.17%
9.69%
106.23%
-4.18%
-27.33%
-2.62%
29.69%
4.18%
-5.37%
32.52%
-37.03%
61.10%
1.93%
-22.89%
253.57%
18.93%
Ranking
0.18%
48.06%
0.07%
-89.54%
0.04%
149.83%
0.01%
-69.41%
0.00%
-99.95%
0.00% N/A
0.00% N/A
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
www.euroamerica.cl
11
FINANZAS Y NEGOCIOS S.A. CORREDORES DE BOLSA
www.fynsa.cl
12
www.itau.cl
13
www.larrainvial.com
14
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
www.santander.cl/inversiones
18
www.scotiabankchile.cl/Personas/inversiones
19
www.tanner.cl/tanner-corredora-de-bolsa
20
www.inversionessecurity.cl
Updated May 2016
29 | 30
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
IV.
Santiago Exchange contact information
For more information please contact with:
Nicolás Rabie
Ryan Kerr
Felipe Urrutia
Sales
Sales
Sales Directorver
T: +56 2 2399 3950
T: +56 2 2399 3923
T: +56 2 2399 3826
E: nrabie@bolsadesantiago.com
E: rkerr@bolsadesantiago.com
E: furrutia@bolsadesantiago.com
Verónica Dinen
Ignacio Reyes
International Relationship Manager
Head of International Relationship and Issuers
T: +56 2 2399 3964
T: +56 2 2399 3917
E: vdinen@bolsadesantiago.com
E: ireyes@bolsadesantiago.com
Updated May 2016
30 | 30

chile - Bolsa de Santiago

Transcription

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