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Issued Debt Instruments and Other Financial Liabilities
 12 Months Ended
Dec. 31, 2020
Issued Debt Instruments and Other Financial Liabilities [Abstract]  
Schedule of maturities of subordinated bonds

NOTE 18


ISSUED DEBT INSTRUMENTS AND OTHER FINANCIAL LIABILITIES


As of December 31, 2020 and 2019, composition of this item is as follows:


  As of December 31,
  2020   2019
  MCh$   MCh$
       
Other financial liabilities      
Obligations to public sector -   9,198
Other domestic obligations 175,344   204,705
Foreign obligations 8,974   12,455
Subtotals 184,318   226,358
Issued debt instruments      
Mortgage finance bonds 12,314   18,502
Senior bonds 6,749,989   8,574,213
Mortgage bond 84,335   89,924
Subordinated bonds 1,357,539   818,084
Subtotals 8,204,177   9,500,723
       
Total 8,388,495   9,727,081

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, 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

  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

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 5.20% as of December 31, 2020 (5.39% as of December 31, 2019).


  As of December 31,
  2020   2019
  MCh$   MCh$
Due within 1 year 4,982   6,013
Due after 1 year but within 2 years 3,816   4,944
Due after 2 year but within 3 years 2,375   3,928
Due after 3 year but within 4 years 979   2,442
Due after 4 year but within 5 years 162   1,005
Due after 5 years -   170
Total mortgage bonds 12,314   18,502

b)Senior bonds

The following table shows senior bonds by currency:


  As of December 31,
  2020   2019
  MCh$   MCh$
Santander bonds in UF 4,017,708   4,814,604
Santander bonds in USD 1,263,714   1,649,238
Santander bonds in CHF 466,738   499,485
Santander bonds in Ch$ 639,489   1,242,633
Santander bonds in AUD 125,781   124,748
Current bonds in  JPY 68,093   77,797
Santander bonds in EUR 168,466   165,708
Total senior bonds 6,749,989   8,574,213

i.Placement of senior bonds:

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
W1 UF 1,996,000 5 and 3 months 1.55% annual 02-04-2018 2,000,000 06-01-2025
Total UF 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 2020, the Bank performed a partial repurchase of the following bonds:


Fecha Tipo Moneda Monto
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

Fecha Tipo Moneda Monto
03-19-2020 Senior USD 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
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
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

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

ii.The maturities of senior bonds are as follows:

  As of December 31,
  2020   2019
  MCh$   MCh$
Due within 1 year 1,124,558   2,078,202
Due after 1 year but within 2 years 1,047,241   1,147,825
Due after 2 year but within 3 years 742,081   1,221,393
Due after 3 year but within 4 years 1,228,524   742,238
Due after 4 year but within 5 years 1,250,897   1,278,746
Due after 5 years 1,356,688   2,105,809
Total senior bonds 6,749,989   8,574,213

c)Mortgage bonds

Detail of mortgage bonds per currency is as follows:


  As of December 31,
  2020   2019
  MCh$   MCh$
Mortgage bonds in UF 84,335   89,924
Total mortgage bonds 84,335   89,924

i.Allocation of mortgage bonds

During 2020 and 2019, the Bank has not placed any mortgage bonds.


ii.The maturities of Mortgage bonds are as follows:

  As of December 31,
  2020   2019
  MCh$   MCh$
Due within 1 year 5,465   5,137
Due after 1 year but within 2 years 8,773   8,248
Due after 2 year but within 3 years 9,056   8,514
Due after 3 year but within 4 years 9,348   8,788
Due after 4 year but within 5 years 9,649   9,072
Due after 5 years 42,044   50,165
Total Mortgage bonds 84,335   89,924

d)Subordinated bonds

Detail of the subordinated bonds per currency is as follows:


  As of December 31,
  2020   2019
  MCh$   MCh$
Subordinated bonds denominated in USD 202,634   -
Subordinated bonds denominated in UF 1,154,905   818,084
Total subordinated bonds 1,357,539   818,084

i.Placement of 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
Bono USD 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 Mortgage bonds are as follows:

  As of December 31,
  2020   2019
  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 -   -
Due after 5 years 1,357,539   818,084
Total subordinated bonds 1,357,539   818,084

e)Other financial liabilities

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


  As of December 31,
  2020   2019

 MCh$   MCh$
Non-current portion:      
Due after 1 year but within 2 years 42   41
Due after 2 year but within 3 years 47   44
Due after 3 year but within 4 years 50   48
Due after 4 year but within 5 years 55   53
Due after 5 years 96   132
Non-current portion subtotal 290   318
Current portion:      
Amounts due to credit card operators 134,790   151,984
Acceptance of letters of credit 1,460   5,709
Other long-term financial obligations, short-term portion 47,778   68,347
Current portion subtotal 184,028   226,040
       
Total other financial liabilities 184,318   226,358