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Issued Debt Instruments and Other Financial Liabilities

12 Months Ended

Dec. 31, 2021

Disclosure of debt instruments [text block] [Abstract]

ISSUED DEBT INSTRUMENTS AND OTHER FINANCIAL LIABILITIES

NOTE 19

ISSUED DEBT INSTRUMENTS AND OTHER FINANCIAL LIABILITIES

As of December 31, 2021 and 2020, composition of this item is as follows:

	As of December 31,
	2021		2020
	MCh$		MCh$

Other financial liabilities
Obligations to public sector		-		-
Other domestic obligations		182,737		175,344
Foreign obligations		170		8,974
Subtotals		182,907		184,318
Issued debt instruments
Mortgage finance bonds		7,479		12,314
Senior bonds		6,846,834		6,749,989
Mortgage bond		81,110		84,335
Subordinated bonds		1,461,637		1,357,539
Subtotals		8,397,060		8,204,177
Total		8,579,967		8,388,495

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, 2021
	Current MCh$		Non-current MCh$		Total MCh$

Mortgage finance bonds		3,946		3,533		7,479
Senior bonds		1,158,301		5,688,533		6,846,834
Mortgage bond		6,041		75,069		81,110
Subordinated bonds		-		1,461,637		1,461,637
Issued debt instruments		1,168,288		7,228,772		8,397,060

Other financial liabilities		182,646		261		182,907

Total		1,350,934		7,229,033		8,579,967

	As of December 31, 2020
	Current		Non-current		Total
	MCh$		MCh$		MCh$

Mortgage finance bonds		4,982		7,332		12,314
Senior bonds		1,124,558		5,625,431		6,749,989
Mortgage bond		5,465		78,870		84,335
Subordinated bonds		-		1,357,539		1,357,539
Issued debt instruments		1,135,005		7,069,172		8,204,177

Other financial liabilities		184,028		290		184,318

Total		1,319,033		7,069,462		8,388,495

a)	Mortgage finance bonds

These bonds are used to finance mortgage loans. Their principal amounts are amortized 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 5.21% as of December 31, 2021 (5.20% as of December 31, 2020).

	As of December 31,
	2021		2020
	MCh$		MCh$
Due within 1 year		3,946		4,982
Due after 1 year but within 2 years		2,395		3,816
Due after 2 year but within 3 years		980		2,375
Due after 3 year but within 4 years		158		979
Due after 4 year but within 5 years		-		162
Due after 5 years		-		-
Total mortgage bonds		7,479		12,314

b)	Senior bonds

The following table shows senior bonds by currency:

	As of December 31,
	2021		2020
	MCh$		MCh$
Santander bonds in UF		3,144,544		4,017,708
Santander bonds in USD		1,976,909		1,263,714
Santander bonds in CHF		850,924		466,738
Santander bonds in Ch$		311,060		639,489
Santander bonds in AUD		143,030		125,781
Current bonds in JPY		234,667		68,093
Santander bonds in EUR		185,700		168,466
Total senior bonds		6,846,834		6,749,989

i.	Placement of senior bonds:

In 2021, the Bank issued bonds for UF 4,000,000, USD 693,000,000, JPY 25,000,000,000 and CHF 340,000,000, detailed as follows:

Series	Currency	Amount		Term	Issuance rate	Series approval date	Series maximum amount		Maturity date
W1	UF		4,000,000	5 and 3 months	1.55% annual	02-04-2018		6,000,000	06-01-2025
Total	UF		4,000,000					6,000,000
US Bonds	USD		50,000,000	2 and 10 years	0.71% annual	02-25-2021		50,000,000	12-28-2023
US Bonds	USD		100,000,000	2 and 11 years	0.72% annual	02-25-2021		100,000,000	01-26-2024
US Bonds	USD		27,000,000	7 years	2.05% annual	06-09-2021		27,000,000	06-09-2028
US Bonds	USD		16,000,000	5 years	1.64% annual	07-15-2021		16,000,000	07-15-2026
US Bonds	USD		500,000,000	10 years	3.18% annual	10-21-2021		500,000,000	10-26-2031
Total			693,000,000					693,000,000
JPY Bonds	JPY		10,000,000,000	5 years	0.35% annual	05-13-2021		10,000,000,000	05-13-2026
JPY Bonds	JPY		2,000,000,000	4 years	0.40% annual	07-12-2021		2,000,000,000	07-12-2025
JPY Bonds	JPY		10,000,000,000	4 years	0.42% annual	07-13-2021		10,000,000,000	07-28-2025
JPY Bonds	JPY		3,000,000,000	4 and 5 months	0.48% annual	11-08-2021		3,000,000	05-18-2026
Total			25,000,000,000					25,000,000,000
CHF Bonds	CHF		150,000,000	6 years	0.33 annual	06-22-2021		150,000,000	06-22-2027
CHF Bonds	CHF		190,000,000	5 years	0.30 annual	10-12-2021		190,000,000	10-22-2026
Total			340,000,000					340,000,000

In 2020, the Bank issued bonds for UF 1,996,000 and USD 742,500,000 detailed as follows:

Series

Currency

Amount

Term

Issuance rate

Series
approval
date

Series
maximum
amount

Maturity date

1,996,000

5 and 3 months

1.55% annual

02-04-2018

2,000,000

06-01-2025

Total

1,996,000

2,000,000

US Bonds

USD

742,500,000

5 years

2.70% annual

01-07-2020

750,000,000

01-07-2025

Total

USD

742,500,000

750,000,000

During 2021, the Bank repurchased the following bonds:

Date	Type	Currency	Amount
02-18-2021	Senior	UF		8,000
02-18-2021	Senior	CLP		14,720,000,000
02-22-2021	Senior	CLP		500,000,000
02-22-2021	Senior	CLP		150,000,000
02-24-2021	Senior	UF		300,000
03-04-2021	Senior	UF		519,000
03-05-2021	Senior	CLP		300,000,00
03-05-2021	Senior	CLP		1,900,000,000
03-22-2021	Senior	UF		50,000
03-24-2021	Senior	UF		150,000
03-24-2021	Senior	UF		7,000
06-01-2021	Senior	UF		107,000
06-15-2021	Senior	UF		1,000
06-17-2021	Senior	CLP		970,000,000
06-23-2021	Senior	UF		105,000
06-23-2021	Senior	UF		50,000
06-24-2021	Senior	UF		21,000
06-24-2021	Senior	UF		278,000
06-24-2021	Senior	UF		20,000
06-24-2021	Senior	UF		100,000
07-06-2021	Senior	UF		1,000,000
07-07-2021	Senior	UF		340,000
07-09-2021	Senior	UF		312,000
07-20-2021	Senior	UF		194,000
07-21-2021	Senior	UF		150,000
07-21-2021	Senior	UF		100,000
07-22-2021	Senior	UF		100,000
07-22-2021	Senior	UF		25,000
07-22-2021	Senior	UF		57,000
08-09-2021	Senior	UF		4,500,000
08-10-2021	Senior	UF		710,000
08-13-2021	Senior	CLP		61,000,000,000
10-01-2021	Senior	CLP		5,950,000,000
10-05-2021	Senior	UF		704,000
10-05-2021	Senior	CLP		3,720,000,000
10-05-2021	Senior	UF		4,200,000,000
10-05-2021	Senior	UF		89,000
10-05-2021	Senior	UF		150,000
10-06-2021	Senior	UF		18,000
10-06-2021	Senior	UF		138,000
10-06-2021	Senior	UF		420,000
10-07-2021	Senior	UF		1,000,000
10-26-2021	Senior	UF		318,000
10-26-2021	Senior	UF		1,500,000
10-26-2021	Senior	UF		167,000
10-26-2021	Senior	UF		489,000
10-26-2021	Senior	UF		100,000
10-26-2021	Senior	CLP		50,600,000,000
10-27-2021	Senior	CLP		3,760,000,000
10-27-2021	Senior	UF		1,874,000
10-28-2021	Senior	CLP		12,340,000,000
10-29-2021	Senior	CLP		3,500,000,000
11-15-2021	Senior	UF		205,000
11-16-2021	Senior	CLP		30,000,000,000
12-06-2021	Senior	UF		119,000
12-06-2021	Senior	UF		20,000
12-07-2021	Senior	UF		31,000
12-09-2021	Senior	UF		10,000
12-15-2021	Senior	UF		340,000

During 2020, the Bank performed a partial repurchase of the following bonds:

Date	Type	Currency	Amount
01-02-2020	Senior	UF		357,000
01-03-2020	Senior	UF		300,000
01-09-2020	Senior	UF		60,000
01-09-2020	Senior	UF		27,000
01-13-2020	Senior	CLP		50,000,000
01-14-2020	Senior	UF		109,000
01-14-2020	Senior	CLP		9,820,000,000
01-14-2020	Senior	UF		131,000
01-14-2020	Senior	UF		322,000
01-15-2020	Senior	USD		2,490,000
01-15-2020	Senior	UF		47,000
01-16-2020	Senior	CLP		400,000,000
01-16-2020	Senior	UF		1,000
01-17-2020	Senior	UF		28,000
01-20-2020	Senior	UF		74,000
01-21-2020	Senior	UF		171,000
01-21-2020	Senior	UF		181,000
01-21-2020	Senior	CLP		330,000,000
01-22-2020	Senior	CLP		11,430,000,000
01-24-2020	Senior	UF		2,000
01-29-2020	Senior	UF		1,000
01-29-2020	Senior	CLP		120,000,000
01-30-2020	Senior	CLP		10,000,000
01-31-2020	Senior	UF		40,000
02-06-2020	Senior	CLP		6,000,000,000
02-07-2020	Senior	CLP		1,180,000,000
02-11-2020	Senior	CLP		7,430,000,000
02-12-2020	Senior	CLP		2,520,000,000
02-13-2020	Senior	CLP		10,000,000,000
02-17-2020	Senior	UF		2,000
02-17-2020	Senior	UF		15,000
02-18-2020	Senior	UF		50,000
02-18-2020	Senior	UF		4,000
02-20-2020	Senior	UF		350,000
02-20-2020	Senior	UF		115,000
02-21-2020	Senior	UF		57,000
02-21-2020	Senior	UF		24,000
02-24-2020	Senior	UF		250,000
02-24-2020	Senior	UF		10,000
02-26-2020	Senior	UF		169,000
02-26-2020	Senior	UF		1,000
02-27-2020	Senior	UF		180,000
02-27-2020	Senior	UF		11,000
02-27-2020	Senior	CLP		6,750,000,000
03-02-2020	Senior	UF		1,000
03-05-2020	Senior	UF		2,000
03-09-2020	Senior	UF		261,000
03-09-2020	Senior	UF		150,000
03-11-2020	Senior	UF		2,000
03-17-2020	Senior	UF		850,000
03-18-2020	Senior	UF		150,000
03-19-2020	Senior	US$		5,000,000
03-23-2020	Senior	UF		95.000
03-23-2020	Senior	USD		5.000.000
03-24-2020	Senior	CLP		1.250.000.000
03-30-2020	Senior	UF		62.000
03-31-2020	Senior	UF		360.000

Date Type Currency Amount

03-31-2020 Senior UF 5.000

04-01-2020 Senior CLP 1.000.000.000

04-02-2020 Senior UF 5.184.000

04-02-2020 Senior CLP 16.710.000.000

04-03-2020 Senior CLP 32.800.000.000

04-03-2020 Senior UF 27.000

04-06-2020 Senior CLP 101.400.000.000

04-06-2020 Senior UF 157.000

04-06-2020 Senior USD                     10.000.000

04-07-2020 Senior CLP 3.990.000.000

04-07-2020 Senior UF                       6.659.000

04-07-2020 Senior USD                     10.000.000

04-08-2020 Senior CLP                  210.000.000

04-13-2020 Senior CLP                  970.000.000

04-14-2020 Senior CLP 2.000.000.000

04-17-2020 Senior CLP 11.900.000.000

05-05-2020 Senior USD                     49.000.000

05-14-2020 Senior USD                     47.000.000

06-02-2020 Senior CLP 6.020.000.000

06-03-2020 Senior UF 100.000

06-03-2020 Senior CLP 10.750.000.000

06-05-2020 Senior USD                       5.000.000

06-08-2020 Senior CLP 23.000.000.000

06-12-2020 Senior CLP                  150.000.000

06-16-2020 Senior CHF                     12.160.000

06-17-2020 Senior CHF 36.785.000

06-19-2020 Senior CLP 112.490.000.000

06-22-2020 Senior CLP 1.500.000.000

06-26-2020 Senior CLP 3.500.000.000

07-02-2020 Senior CLP 4.620.000.000

07-10-2020 Senior CHF 2.000.000

07-10-2020 Senior CLP 500.000.000

07-15-2020 Senior CLP 490.000.000

07-17-2020 Senior UF 1.000

07-17-2020 Senior CLP 29.780.000.000

08-13-2020 Senior UF 345.000

08-14-2020 Senior USD 3.350.000

08-21-2020 Senior UF 100.000

08-21-2020 Senior UF 77.000

08-24-2020 Senior UF 11.000

08-25-2020 Senior UF 14.000

09-09-2020 Senior UF 24.000

09-09-2020 Senior UF 70.000

09-09-2020 Senior UF 45.000

09-10-2020 Senior UF 210.000

09-23-2020 Senior USD 5.000.000

09-28-2020 Senior UF 50.000

09-29-2020 Senior UF 1.000

09-30-2020 Senior UF 43.000

10-01-2020 Senior UF 4,000

10-06-2020 Senior UF 1,000

10-06-2020 Senior UF 1,000

10-06-2020 Senior CLP 50,000,000

10-06-2020 Senior UF 1,000

10-06-2020 Senior UF 1,000

10-15-2020 Senior UF 2,000

10-20-2020 Senior CHF 2,000,000

10-01-2020 Senior USD 5,153,000

Date	Type	Currency	Amount
10-19-2020	Senior	USD		20,000,000
11-16-2020	Senior	USD		1,000,000
11-18-2020	Senior	USD		10,000,000
11-15-2020	Senior	USD		477,510,000

ii.

The maturities of senior bonds are as follows:

	As of December 31,
	2021		2020
	MCh$		MCh$
Due within 1 year		1,158,301		1,124,558
Due after 1 year but within 2 years		511,144		1,047,241
Due after 2 year but within 3 years		1,285,409		742,081
Due after 3 year but within 4 years		1,549,769		1,228,524
Due after 4 year but within 5 years		616,750		1,250,897
Due after 5 years		1,725,461		1,356,688
Total senior bonds		6,846,834		6,749,989

c)	Mortgage bonds

Detail of mortgage bonds per currency is as follows:

	As of December 31,
	2021 MCh$		2020 MCh$
Mortgage bonds in UF		81,110		84,335
Total mortgage bonds		81,110		84,335

i.	Allocation of mortgage bonds

During 2021 and 2020, the Bank has not placed any mortgage bonds.

ii.

The maturities of Mortgage bonds are as follows:

	As of December 31,
	2021		2020
	MCh$		MCh$
Due within 1 year		6,041		5,465
Due after 1 year but within 2 years		9,698		8,773
Due after 2 year but within 3 years		10,011		9,056
Due after 3 year but within 4 years		10,334		9,348
Due after 4 year but within 5 years		10,667		9,649
Due after 5 years		34,359		42,044
Total Mortgage bonds		81,110		84,335

d)	Subordinated bonds

Detail of the subordinated bonds per currency is as follows:

	As of December 31,
	2021		2020
	MCh$		MCh$
Subordinated bonds denominated in USD		230,118		202,634
Subordinated bonds denominated in UF		1,231,519		1,154,905
Total subordinated bonds		1,461,637		1,357,539

i.	Placement of subordinated bonds

During 2021, the Bank did not issue any subordinated bonds.

As of December 31, 2020, the Bank issued bonds for USD200,000,000 and UF11,000,000 detailed as follows:

Series	Currency	Amount		Term	Issuance rate			Series approval date	Series maximum amount		Maturity date
USD Bond	USD		200,000,000	10 years		3.79	%	01-21-2020		200,000,000	01-21-2030
Total USD			200,000,000							200,000,000
USTDH20914	UF		3,000,000	14 years y 5 months		3.00	%	04-07-2020		3,000,000	09-01-2034
USTDH30914	UF		3,000,000	19 years y 5 months		3.15	%	04-07-2020		3,000,000	09-01-2039
USTDW20320	UF		5,000,000	15 years y 3 months		3.50	%	06-19-2020		5,000,000	09-01-2035
Total UF			11,000,000							11,000,000

ii.

The maturities of Subordinated bonds are as follows:

	As of December 31,
	2021		2020
	MCh$		MCh$
Due within 1 year		-		-
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		180,439		-
Due after 5 years		1,281,198		1,357,539
Total subordinated bonds		1,461,637		1,357,539

e)	Other financial liabilities

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

	As of December 31,
	2021		2020
	MCh$		MCh$
Non-current portion:
Due after 1 year but within 2 years		48		42
Due after 2 year but within 3 years		53		47
Due after 3 year but within 4 years		58		50
Due after 4 year but within 5 years		57		55
Due after 5 years		45		96
Non-current portion subtotal		261		290
Current portion:
Amounts due to credit card operators		149,894		134,790
Acceptance of letters of credit		159		1,460
Other long-term financial obligations, short-term portion		32,593		47,778
Current portion subtotal		182,646		184,028

Total other financial liabilities		182,907		184,318