CHILE EXCHANGE-TRADED FIXED INCOME GUIDE
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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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Fixed Income in Chile
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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Fixed Income in Chile
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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Fixed Income in Chile
(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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Fixed Income in Chile
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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Fixed Income in Chile
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.
Rate of 35%, Withholding Tax.
Rate of 35%, Withholding Tax.
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
Source: Santiago Exchange.
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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Fixed Income in Chile
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).
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Fixed Income in Chile
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.
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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.
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Fixed Income in Chile
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
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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.
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Fixed Income in Chile
-
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.
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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.
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Fixed Income in Chile
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
Fixed Income in Chile
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 Source: Santiago Exchange.
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
Fixed Income in Chile
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 Source: Santiago Exchange.
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
Fixed Income in Chile
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
Fixed Income in Chile
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
Fixed Income in Chile
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
Fixed Income in Chile
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 Source: Santiago Exchange.
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 Tesorería General de la República Tesorería General de la República Tesorería General de la República Tesorería General de la República Banco Central de Chile Banco Central de Chile Tesorería General de la República Tesorería General de la República Tesorería General de la República Banco Central de Chile Banco Central de Chile Banco Central de Chile Banco Central de Chile Tesorería General de la República Tesorería General de la República Banco Central de Chile Tesorería General de la República Tesorería General de la República Tesorería General de la República Tesorería General de la República Tesorería General de la República Tesorería General de la República Tesorería General de la República Banco Central de Chile Banco Central de Chile Banco Central de Chile Banco Central de Chile Banco Central de Chile 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
Fixed Income in Chile
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
Tesorería General de la República Tesorería General de la República Tesorería General de la República Tesorería General de la República Tesorería General de la República Banco Central de Chile Tesorería General de la República Banco Central de Chile Banco Central de Chile Banco Central de Chile Banco Central de Chile Tesorería General de la República Banco Central de Chile Banco Central de Chile Banco Central de Chile Banco Central de Chile Banco Central de Chile Banco Central de Chile Tesorería General de la República Tesorería General de la República Tesorería General de la República Tesorería General de la República Tesorería General de la República Tesorería General de la República Empresas de los Ferrocarriles del Estado Empresas de los Ferrocarriles del Estado Banco Santander-Chile Banco Santander-Chile Banco Central de 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 Banco de Crédito e Inversiones Essbio S.A Empresas Copec S.A. Essbio S.A Essbio S.A Banco de Crédito e Inversiones Grupo Security S.A. Grupo Security S.A. Grupo Security S.A. Empresas Lipigas S.A Aguas Andinas S.A Empresas Lipigas S.A Empresas Lipigas S.A Empresas Lipigas S.A Empresas Lipigas S.A Parque Arauco S.A Parque Arauco S.A Tesorería General de la República Tesorería General de la República Tesorería General de la República Tesorería General de la República Tesorería General de la República Parque Arauco S.A Parque Arauco S.A Banco Central de Chile 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
Fixed Income in Chile
BCHIBD0815 Banco de Chile BCP0450620 Banco Central de Chile BTMOV-G Telefónica Móviles Chile S.A BTMOV-H Telefónica Móviles Chile S.A BTANN-W Tanner Servicios Financieros S.A BCHIBO0815 Banco de Chile BTANN-U Tanner Servicios Financieros S.A BTANN-V Tanner Servicios Financieros S.A BTMOV-I Telefónica Móviles Chile S.A 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 Banco Central de Chile BAGUA-AA Aguas Andinas S.A BTP0450321 Tesoreria General de la Republica Source: Santiago Exchange.
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
Source: Santiago Exchange.
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
Fixed Income in Chile
MMI Brokerage Houses 2015 BANCOESTADO S.A. CORREDORES DE BOLSA BBVA CORREDORES DE BOLSA LIMITADA SANTANDER S.A. CORREDORES DE BOLSA BCI CORREDOR DE BOLSA S.A. BANCHILE CORREDORES DE BOLSA S.A. BICE INVERSIONES CORREDORES DE BOLSA S.A. ITAU BBA CORREDOR DE BOLSA LIMITADA SCOTIA CORREDORA DE BOLSA CHILE S.A. LARRAIN VIAL S.A. CORREDORA DE BOLSA EUROAMERICA 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 TANNER CORREDORES DE BOLSA S.A. VALORES SECURITY S.A., CORREDORES DE BOLSA NEGOCIOS Y VALORES S.A., CORREDORES DE BOLSA CONSORCIO CORREDORES DE BOLSA S.A. MBI, 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 Source: Santiago Exchange.
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
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
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
Fixed Income in Chile
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:
[email protected]
E:
[email protected]
E:
[email protected]
Verónica Dinen
Ignacio Reyes
International Relationship Manager
Head of International Relationship and Issuers
T: +56 2 2399 3964
T: +56 2 2399 3917
E:
[email protected]
E:
[email protected]
Updated May 2016
30 | 30
