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Issued Debt Instruments and Other Financial Liabilities

12 Months Ended

Dec. 31, 2019

Issued Debt Instruments and Other Financial Liabilities [Abstract]

ISSUED DEBT INSTRUMENTS AND OTHER FINANCIAL LIABILITIES

NOTE 19

ISSUED DEBT INSTRUMENTS AND OTHER FINANCIAL LIABILITIES

As of December 31, 2019 and 2018, composition of this item is as follows:

	As of December 31,
	2019		2018
	MCh$		MCh$

Other financial liabilities
Obligations to public sector		9,198		32,449
Other domestic obligations		204,705		175,210
Foreign obligations		12,455		7,741
Subtotals		226,358		215,400
Issued debt instruments
Mortgage finance bonds		18,502		25,490
Senior bonds		8,574,213		7,198,865
Mortgage bond		89,924		94,921
Subordinated bonds		818,084		795,957
Subtotals		9,500,723		8,115,233

Total		9,727,081		8,330,633

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, 2019
	Current		Non-current		Total
	MCh$		MCh$		MCh$

Mortgage finance bonds		6,013		12,489		18,502
Senior bonds		2,078,202		6,496,011		8,574,213
Mortgage bond		5,137		84,787		89,924
Subordinated bonds		-		818,084		818,084
Issued debt instruments		2,089,352		7,411,371		9,500,723

Other financial liabilities		226,033		325		226,358

Total		2,315,385		7,411,696		9,727,081

	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

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 5.39% as of December 31, 2019 (5.43% as of December 31, 2018).

	As of December 31,
	2019		2018
	MCh$		MCh$

Due within 1 year		6,013		6,830
Due after 1 year but within 2 years		4,944		5,946
Due after 2 year but within 3 years		3,928		5,034
Due after 3 year but within 4 years		2,442		3,997
Due after 4 year but within 5 years		1,005		2,480
Due after 5 years		170		1,203
Total mortgage bonds		18,502		25,490

Senior bonds

The following table shows senior bonds by currency:

	As of December 31,
	2019		2018
	MCh$		MCh$

Santander bonds in UF		4,814,604		4,095,741
Santander bonds in USD		1,649,238		1,094,267
Santander bonds in CHF		499,485		386,979
Santander bonds in Ch$		1,242,633		1,291,900
Santander bonds in AUD		124,748		24,954
Current bonds in JPY		77,797		191,598
Santander bonds in EUR		165,708		113,426
Total senior bonds		8,574,213		7,198,865

Placement of senior bonds:

In 2019, the Bank issued bonds for UF 29,678,000; CLP 115,000,000,000; EUR 30,000,000; AUD 160,000,000 and CHF 250,000,000 detailed as follows:

Series	Currency	Amount		Term	Issuance rate	Series approval date	Series maximum amount		Maturity date
T7	UF		5,000,000	4	2,50%	02-01-2016		5,000,000	02-01-2023
T8	UF		5,678,000	4 y 6	2,55%	02-01-2016		5,678,000	08-01-2023
T14	UF		9,000,000	8	2,80%	02-01-2016		18,000,000	02-01-2027
T6	UF		5,000,000	10	1,70%	11-01-2018		5,000,000	05-01-2029
T10	UF		5,000,000	5 y 4	2,60%	02-01-2016		5,000,000	08-01-2024
Total	UF		29,678,000					38,678,000
U9	CLP		75,000,000,000	2 y 8	ICP + 0,80% yearly	11-01-2018		75,000,000,000	11-19-2021
P-5	CLP		75,000,000,000	2 y 7	5,3% yearly	03-01-2015		150,000,000,000	03-01-2022
Total	CLP		150,000,000,000					225,000,000,000
EUR	EUR		30,000,000	7	1,10%	02-01-2019		40,000,000	02-07-2026
EUR	EUR		25,000,000	5	1,25%	11-26-2019		25,000,000	11-26-2034
Total	EUR		55,000,000					65,000,000
AUD	AUD		22,000,000	15	3,66% yearly	05-20-2019		22,000,000	05-20-2034
AUD	AUD		20,000,000	5	1,13% yearly	07-11-2019		20,000,000	07-11-2024
AUD	AUD		28,000,000	5	1,13% yearly	07-17-2019		28,000,000	07-17-2024
AUD	AUD		15,000,000	5	1,13% yearly	07-17-2019		15,000,000	07-17-2024
AUD	AUD		75,000,000	20	3,05% yearly	08-30-2019		75,000,000	02-28-2039
AUD	AUD		12,000,000	5	3,16% yearly	11-12-2019		12,000,000	11-20-2034
AUD	AUD		13,000,000	5	2,91% yearly	11-21-2019		13,000,000	11-27-2034
Total			185,000,000					185,000,000
CHF	CHF		150,000,000	5 y 6	0,38% yearly	03-12-2019		150,000,000	09-27-2024
CHF	CHF		100,000,000	10	0,14% yearly	08-29-2019		100,000,000	08-29-2029
Total	CHF		250,000,000					250,000,000

During 2019, the Bank performed a partial repurchase of the following bonds:

Date	Type	Currency	Amount
02-12-2019	Senior	CLP		10,000,000,000
02-14-2019	Senior	CLP		30,000,000,000
02-19-2019	Senior	CLP		4,200,000,000
02-22-2019	Senior	CLP		14,240,000,000
02-22-2019	Senior	CLP		30,000,000
02-22-2019	Senior	CLP		10,000,000
03-01-2019	Senior	CLP		11,800,000,000
03-04-2019	Senior	CLP		40,080,000,000
03-05-2019	Senior	CLP		20,000,000,000
03-15-2019	Senior	UF		156,000
03-19-2019	Senior	UF		418,000
03-20-2019	Senior	CLP		6,710,000,000
03-20-2019	Senior	UF		154,000
03-21-2019	Senior	UF		100,000
03-25-2019	Senior	UF		100,000
03-26-2019	Senior	UF		90,000
04-08-2019	Senior	CLP		3,950,000,000
04-10-2019	Senior	UF		409,000
04-16-2019	Senior	UF		55,000
04-17-2019	Senior	CLP		130,000,000
04-18-2019	Senior	CLP		330,000,000
05-16-2019	Senior	CLP		14,880,000,000
05-16-2019	Senior	UF		9,000
06-13-2019	Senior	UF		1,000
10-01-2019	Senior	CLP		10,960,000,000
10-02-2019	Senior	CLP		100,000,000
10-04-2019	Senior	CLP		60,000,000
11-05-2019	Senior	CLP		15,220,000,000
11-07-2019	Senior	CLP		3,620,000,000
11-13-2019	Senior	CLP		5,320,000,000
11-14-2019	Senior	UF		2,977,000
11-28-2019	Senior	UF		340,000
12-02-2019	Senior	UF		105,000

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	2,20%	02-01-2016		7,000,000	02-01-2020
T4	UF		4,000,000	3	2,35%	02-01-2016		8,000,000	08-01-2021
T11	UF		5,000,000	7	2,65%	02-01-2016		5,000,000	02-01-2025
T12	UF		5,000,000	7	2,70%	02-01-2016		5,000,000	08-01-2025
T15	UF		5,000,000	11	3,00%	02-01-2016		5,000,000	08-01-2028
Total	UF		23,000,000					30,000,000
P5	CLP		75,000,000,000	4	5,30%	03-05-2015		150,000,000,000	03-01-2022
U4	CLP		75,000,000,000	3 y 4	ICP + 1,00%	01-10-2017		75,000,000,000	01-10-2022
U3	CLP		75,000,000,000	2 y 7	ICP + 1,00%	06-11-2018		75,000,000,000	06-11-2021
Total	CLP		225,000,000,000					300,000,000,000
USD	USD		50,000,000	10	4,17%	10-10-2018		50,000,000	10-10-2028
USD	USD		20,000,000	2	0,03%	11-16-2018		20,000,000	11-16-2020
Total	USD		70,000,000					70,000,000
EUR	EUR		26,000,000	7	1,00%	05-04-2018		26,000,000	05-28-2025
EUR	EUR		40,000,000	12	1,78%	06-07-2018		40,000,000	06-15-2030
Total	EUR		66,000,000					66,000,000
AUD	AUD		20,000,000	5	3,56%	11-13-2018		20,000,000	11-13-2023
Total	AUD		20,000,000					20,000,000
CHF	CHF		115,000,000	5 y 3	0,44%	09-21-2018		115,000,000	12-21-2023
Total	CHF		115,000,000					115,000,000
JPY	JPY		4,000,000,000	10 y 6	0,65%	07-13-2018		4,000,000,000	01-13-2029
JPY	JPY		3,000,000,000	5	0.56%	10-30-2018		3,000,000,000	10-30-2023
Total	JPY		7,000,000,000					7,000,000,000

During 2018, the Bank performed a partial repurchase of the following bond:

Date	Type	Currency	Amount
01-04-2018	Senior	CLP		12,890,000,000
01-04-2018	Senior	CLP		4,600,000,000
01-22-2018	Senior	UF		24,000
04-05-2018	Senior	UF		484,000
04-06-2018	Senior	UF		184,000
04-23-2018	Senior	UF		216,000
04-24-2018	Senior	UF		4,000
04-25-2018	Senior	UF		262,000
05-10-2018	Senior	UF		800,000
06-07-2018	Senior	USD		3,090,000
12-11-2018	Senior	USD		250,000,000

ii.

The maturities of senior bonds are as follows:

	As of December 31,
	2019		2018
	MCh$		MCh$

Due within 1 year		2,078,202		844,898
Due after 1 year but within 2 years		1,147,825		1,331,255
Due after 2 year but within 3 years		1,221,393		1,073,847
Due after 3 year but within 4 years		742,238		1,104,547
Due after 4 year but within 5 years		1,278,746		421,918
Due after 5 years		2,105,809		2,422,400
Total senior bonds		8,574,213		7,198,865

Mortgage bonds

Detail of mortgage bonds per currency is as follows:

	As of December 31,
	2019		2018
	MCh$		MCh$

Mortgage bonds in UF		89,924		94,921
Total mortgage bonds		89,924		94,921

Allocation of mortgage bonds

During 2019 and 2018, the Bank has not placed any mortgage bonds.

ii.

The maturities of Mortgage bonds are as follows:

	As of December 31,
	2019		2018
	MCh$		MCh$

Due within 1 year		5,137		4,833
Due after 1 year but within 2 years		8,248		7,758
Due after 2 year but within 3 years		8,514		8,008
Due after 3 year but within 4 years		8,788		8,267
Due after 4 year but within 5 years		9,072		8,534
Due after 5 years		50,165		57,521
Total Mortgage bonds		89,924		94,921

Subordinated bonds

Detail of the subordinated bonds per currency is as follows:

	As of December 31,
	2019		2018
	MCh$		MCh$

Subordinated bonds denominated in CLP		-		1
Subordinated bonds denominated in UF		818,084		795,956
Total subordinated bonds		818,084		795,957

Allocation of subordinated bonds

During 2019 and 2018, the Bank has not placed any subordinated bonds. The maturities of subordinated bonds, are as follows:

	As of December 31,
	2019		2018
	MCh$		MCh$

Due within 1 year		-		1
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		818,084		795,956
Total subordinated bonds		818,084		795,957

e)	Other financial liabilities

The composition of other financial obligations, by maturity, is detailed below:

	As of December 31,
	2019		2018
	MCh$		MCh$

Non-current portion:
Due after 1 year but within 2 years		41		9,221
Due after 2 year but within 3 years		44		40
Due after 3 year but within 4 years		48		44
Due after 4 year but within 5 years		53		48
Due after 5 years		132		176
Non-current portion subtotal		318		9,529

Current portion:
Amounts due to credit card operators		151,984		172,425
Acceptance of letters of credit		5,709		2,894
Other long-term financial obligations, short-term portion		68,347		30,552
Current portion subtotal		226,040		205,871

Total other financial liabilities		226,358		215,400