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ISSUED DEBT INSTRUMENTS AND OTHER FINANCIAL LIABILITIES | 12 Months Ended
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Dec. 31, 2018
Issued Debt Instruments And Other Financial Liabilities |
ISSUED DEBT INSTRUMENTS AND OTHER FINANCIAL LIABILITIES | NOTE 20 ISSUED DEBT INSTRUMENTS AND OTHER FINANCIAL LIABILITIES As of December 31, 2018 and 2017, composition of this item is as follows:
| As of December 31,
| 2018 |  | 2017
| MCh$ |  | MCh$
Other financial liabilities |  |  |
Obligations to public sector | 32,449 |  | 59,470
Other domestic obligations | 175,210 |  | 175,389
Foreign obligations | 7,741 |  | 7,171
Subtotals | 215,400 |  | 242,030
Issued debt instruments |  |  |
Mortgage finance bonds | 25,490 |  | 34,479
Senior bonds | 7,198,865 |  | 6,186,760
Mortgage bond | 94,921 |  | 99,222
Subordinated bonds | 795,957 |  | 773,192
Subtotals | 8,115,233 |  | 7,093,653
Total | 8,330,633 |  | 7,335,683
Debts classified as current are either demand obligations or will mature in one year or less, All other debts are classified as non-current, The Bank’s debts, both current and non-current, are summarized below:
| As of December 31, 2018
| Current | Non-current | Total
| MCh$ | MCh$ | MCh$
Mortgage finance bonds | 6,830 | 18,660 | 25,490
Senior bonds | 844,898 | 6,353,967 | 7,198,865
Mortgage bond | 4,833 | 90,088 | 94,921
Subordinated bonds | 1 | 795,956 | 795,957
Issued debt instruments | 856,562 | 7,258,671 | 8,115,233
Other financial liabilities | 205,871 | 9,529 | 215,400
Total | 1,062,433 | 7,268,200 | 8,330,633
| As of December 31, 2017
| Current | Non-current | Total
| MCh$ | MCh$ | MCh$
Mortgage finance bonds | 8,691 | 25,788 | 34,479
Senior bonds | 337,166 | 5,849,594 | 6,186,760
Mortgage bond | 4,541 | 94,681 | 99,222
Subordinated bonds | 3 | 773,189 | 773,192
Issued debt instruments | 350,401 | 6,743,252 | 7,093,653
Other financial liabilities | 212,825 | 29,205 | 242,030
Total | 563,226 | 6,772,457 | 7,335,683
a) Mortgage finance bonds These bonds are used to finance mortgage loans, Their principal amounts are amortised on a quarterly basis. The range of maturities of these bonds is between five and twenty years. Loans are indexed to UF and create a yearly interest yield of 5.43% as of December 31, 2018 (5.39% as of December 31, 2017).
| As of December 31,
| 2018 |  | 2017
| MCh$ |  | MCh$
Due within 1 year | 6,830 |  | 8,691
Due after 1 year but within 2 years | 5,946 |  | 6,744
Due after 2 year but within 3 years | 5,034 |  | 6,096
Due after 3 year but within 4 years | 3,997 |  | 5,155
Due after 4 year but within 5 years | 2,480 |  | 4,101
Due after 5 years | 1,203 |  | 3,692
Total mortgage bonds | 25,490 |  | 34,479
b) Senior bonds The following table shows senior bonds by currency:
| As of December 31,
| 2018 |  | 2017
| MCh$ |  | MCh$
Santander bonds in UF | 4,095,741 |  | 3,542,006
Santander bonds in USD | 1,094,267 |  | 1,045,465
Santander bonds in CHF | 386,979 |  | 268,281
Santander bonds in Ch$ | 1,291,900 |  | 1,135,527
Santander bonds in AUD | 24,954 |  | 14,534
Current bonds in JPY | 191,598 |  | 126,059
Santander bonds in EUR | 113,426 |  | 54,888
Total senior bonds | 7,198,865 |  | 6,186,760
i, Placement of senior bonds: In 2018, the Bank issued bonds for UF 23,000,000; CLP 225,000,000,000; USD 70,000,000; EUR 66,000,000; AUD 20,000,000; CHF 115,000,000 and JPY 7,000,000,000 detailed as follows:
Series | Currency | Amount | Term | Issuance rate | Series approval date | Series maximum amount | Maturity date
T1 | UF | 4,000,000 | 2,0 | 2.20% | 01-02-2016 | 7,000,000 | 01-02-2020
T4 | UF | 4,000,000 | 3,0 | 2.35% | 01-02-2016 | 8,000,000 | 01-08-2021
T11 | UF | 5,000,000 | 7,0 | 2.65% | 01-02-2016 | 5,000,000 | 01-02-2025
T12 | UF | 5,000,000 | 7,0 | 2.70% | 01-02-2016 | 5,000,000 | 01-08-2025
T15 | UF | 5,000,000 | 11,0 | 3.00% | 01-02-2016 | 5,000,000 | 01-08-2028
Total | UF | 23,000,000 |  |  |  | 30,000,000 |
P5 | CLP | 75,000,000,000 | 4,0 | 5.30% | 05-03-2015 | 150,000,000,000 | 01-03-2022
U4 | CLP | 75,000,000,000 | 3,4 | ICP + 1.00% yearly | 10-01-2017 | 75,000,000,000 | 10-01-2022
U3 | CLP | 75,000,000,000 | 2,7 | ICP + 1.00% yearly | 11-06-2018 | 75,000,000,000 | 11-06-2021
Total | CLP | 225,000,000,000 |  |  |  | 300,000,000,000 |
DN | USD | 50,000,000 | 10,0 | 4.17% | 10-10-2018 | 50,000,000 | 10-10-2028
DN | USD | 20,000,000 | 2,0 | 0.0369 | 16-11-2018 | 20,000,000 | 16-11-2020
Total | USD | 70,000,000 |  |  |  | 70,000,000 |
EUR | EUR | 26,000,000 | 7,0 | 1.00% yearly | 04-05-2018 | 26,000,000 | 28-05-2025
EUR | EUR | 40,000,000 | 12,0 | 1.78% yearly | 08-06-2018 | 40,000,000 | 15-06-2030
Total | EUR | 66,000,000 |  |  |  | 66,000,000 |
AUD | AUD | 20,000,000 | 5,0 | 3.56% | 13-11-2018 | 20,000,000 | 13-11-2023
Total | AUD | 20,000,000 |  |  |  | 20,000,000 |
CHF | CHF | 115,000,000 | 5,3 | 0.441% | 21-09-2018 | 115,000,000 | 21-12-2023
Total | CHF | 115,000,000 |  |  |  | 115,000,000 |
JPY | JPY | 4,000,000,000 | 10,6 | 0.65% anual | 13-07-2018 | 4,000,000,000 | 13-01-2029
JPY | JPY | 3,000,000,000 | 5 años | 56% | 30-10-2018 | 3,000,000,000 | 30-10-2023
Total | JPY | 7,000,000,000 |  |  |  | 7,000,000,000 |
During 2018, the Bank performed a partial repurchase of the following bonds:
Date | Type | Currency | Amount
04-01-2018 | Senior | CLP | 12,890,000,000
04-01-2018 | Senior | CLP | 4,600,000,000
22-01-2018 | Senior | UF | 24,000
05-04-2018 | Senior | UF | 484,000
06-04-2018 | Senior | UF | 184,000
23-04-2018 | Senior | UF | 216,000
24-04-2018 | Senior | UF | 4,000
25-04-2018 | Senior | UF | 262,000
10-05-2018 | Senior | UF | 800,000
07-06-2018 | Senior | USD | 3,090,000
11-12-2018 | Senior | USD | 250,000,000
In 2017, the Bank issued bonds for UF 10,000,000; CLP 160,000,000,000; USD 770,000,000 and AUD 30,000,000; detailed as follows:
Series | Currency | Amount | Term | Issuance rate | Series approval date | Series maximum amount | Maturity date
T9 | UF | 5,000,000 | 7 | 2.60% | 01-02-2016 | 5,000,000 | 01-03-2024
T13 | UF | 5,000,000 | 9 | 2.75% | 01-02-2016 | 5,000,000 | 01-03-2026
Total UF |  | 10,000,000 |  |  |  | 10,000,000 |
SD | CLP | 60,000,000,000 | 5 | 5.50% | 01-06-2014 | 200,000,000,000 | 01-12-2019
T16 | CLP | 100,000,000,000 | 6 | 5.20% | 01-02-2016 | 100,000,000,000 | 01-12-2021
Total CLP |  | 160,000,000,000 |  |  |  | 300,000,000,000 |
DN | USD | 100,000,000 | 3 | Libor-USD 3M+0.80% | 20-07-2017 | 100,000,000 | 27-07-2020
DN | USD | 50,000,000 | 3 | Libor-USD 3M+0.80% | 21-07-2017 | 50,000,000 | 27-07-2020
DN | USD | 50,000,000 | 3 | Libor-USD 3M+0.80% | 24-07-2017 | 50,000,000 | 27-07-2020
DN | USD | 10,000,000 | 4 | Libor-USD 3M+0.80% | 23-08-2017 | 10,000,000 | 23-11-2021
DN | USD | 10,000,000 | 4 | Libor-USD 3M+0.83& | 23-08-2017 | 10,000,000 | 23-11-2021
DN | USD | 50,000,000 | 3 | Libor-USD 3M+0.83% | 14-09-2017 | 50,000,000 | 15-09-2020
DN | USD | 500,000,000 | 3 | Libor-USD 3M+0.75% | 12-12-2017 | 500,000,000 | 15-12-2020
Total DN |  | 770,000,000 |  |  |  | 770,000,000 |
AUD | AUD | 30,000,000 | 10 | 3.96% | 05-12-2017 | 30,000,000 | 12-12-2027
Total |  | 30,000,000 |  |  |  | 30,000,000 |
During 2017, the Bank performed a partial repurchase of the following bond:
Date | Type | Currency | Amount
06-03-2017 | Senior | USD | 6,900,000
12-05-2017 | Senior | UF | 1,000,000
16-05-2017 | Senior | UF | 690,000
17-05-2017 | Senior | UF | 15,000
26-06-2017 | Senior | UF | 340,000
01-06-2017 | Senior | UF | 590,000
02-06-2017 | Senior | UF | 300,000
05-06-2017 | Senior | UF | 130,000
19-06-2017 | Senior | UF | 265,000
10-07-2017 | Senior | UF | 770,000
21-07-2017 | Senior | UF | 10,000
28-08-2017 | Senior | UF | 200,000
28-08-2017 | Senior | UF | 200,000
29-08-2017 | Senior | UF | 2,000
29-08-2017 | Senior | UF | 270,000
03-11-2017 | Senior | UF | 14,000
29-11-2017 | Senior | UF | 400,000
06-12-2017 | Senior | UF | 20,000
12-12-2017 | Senior | CLP | 10,990,000,000
ii. The maturities of senior bonds are as follows:
| As of December 31,
| 2018 |  | 2017
| MCh$ |  | MCh$
Due within 1 year | 844,898 |  | 337,166
Due after 1 year but within 2 years | 1,331,255 |  | 866,936
Due after 2 year but within 3 years | 1,073,847 |  | 832,978
Due after 3 year but within 4 years | 1,104,547 |  | 1,177,081
Due after 4 year but within 5 years | 421,918 |  | 902,647
Due after 5 years | 2,422,400 |  | 2,069,952
Total senior bonds | 7,198,865 |  | 6,186,760
| c) | Mortgage bonds
Detail of mortgage bonds per currency is as follows:
| As of December 31,
| 2018 |  | 2017
| MCh$ |  | MCh$
Mortgage bonds in UF | 94,921 |  | 99,222
Total mortgage bonds | 94,921 |  | 99,222
i. Allocation of mortgage bonds During 2018 and 2017, the Bank has not placed any mortgage bonds.
| ii. | The maturities of Mortgage bonds are as follows:
| As of December 31,
| 2018 |  | 2017
| MCh$ |  | MCh$
Due within 1 year | 4,833 |  | 4,541
Due after 1 year but within 2 years | 7,758 |  | 7,291
Due after 2 year but within 3 years | 8,008 |  | 7,526
Due after 3 year but within 4 years | 8,267 |  | 7,769
Due after 4 year but within 5 years | 8,534 |  | 8,019
Due after 5 years | 57,521 |  | 64,076
Total Mortgage bonds | 94,921 |  | 99,222
d) Subordinated bonds Detail of the subordinated bonds per currency is as follows:
| As of December 31,
| 2018 |  | 2017
| MCh$ |  | MCh$
Subordinated bonds denominated in CLP | 1 |  | 3
Subordinated bonds denominated in UF | 795,956 |  | 773,189
Total subordinated bonds | 795,957 |  | 773,192
i. Allocation of subordinated bonds During 2018 and 2017, the Bank has not placed any subordinated bonds. The maturities of subordinated bonds, are as follows:
| As of December 31,
| 2018 |  | 2017
| MCh$ |  | MCh$
Due within 1 year | 1 |  | 3
Due after 1 year but within 2 years | - |  | -
Due after 2 year but within 3 years | - |  | -
Due after 3 year but within 4 years | - |  | -
Due after 4 year but within 5 years | - |  | -
Due after 5 years | 795,956 |  | 773,189
Total subordinated bonds | 795,957 |  | 773,192
e) Other financial liabilities The composition of other financial obligations, by maturity, is detailed below:
| As of December 31,
| 2018 |  | 2017
| MCh$ |  | MCh$
Non-current portion: |  |  |
Due after 1 year but within 2 years | 9,221 |  | 23,401
Due after 2 year but within 3 years | 40 |  | 4,181
Due after 3 year but within 4 years | 44 |  | 194
Due after 4 year but within 5 years | 48 |  | 210
Due after 5 years | 176 |  | 1,219
Non-current portion subtotal | 9,529 |  | 29,205
Current portion: |  |  |
Amounts due to credit card operators | 172,425 |  | 173,271
Acceptance of letters of credit | 2,894 |  | 2,780
Other long-term financial obligations, short-term portion | 30,552 |  | 36,774
Current portion subtotal | 205,871 |  | 212,825
Total other financial liabilities | 215,400 |  | 242,030

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