NOTE 18 DEBT ISSUED AND OTHER OBLIGATIONS
a) As of December 31, 2017 and 2016, the composition of these items was as follows:
| As of December 31, | |||||
| 2017 | 2016 | ||||
| MCh$ | MCh$ | ||||
| Debt issued | |||||
| Letters of credit | 67,938 | 86,210 | |||
| Bonds | 4,840,918 | 4,290,747 | |||
| Subordinated bonds | 1,041,182 | 1,083,296 | |||
| Subtotal | 5,950,038 | 5,460,253 | |||
| Other financial obligation | |||||
| Public Sector liabilities | — | — | |||
| Borrowings from domestic financial institutions | 16,255 | 23,298 | |||
| Foreign borrowings | 811 | 2,265 | |||
| Subtotal | 17,066 | 25,563 | |||
| Total | 5,967,104 | 5,485,816 | |||
b) Debt classified as “short term” includes demand obligations or obligations that will mature in less than one year. All other debt is classified as long term, and is detailed as follows:
| As of December 31, 2017 | |||||||
| Long term | Short term | Total | |||||
| MCh$ | MCh$ | MCh$ | |||||
| Letters of credit | 55,678 | 12,260 | 67,938 | ||||
| Bonds | 4,178,313 | 662,605 | 4,840,918 | ||||
| Subordinated bonds | 1,041,182 | — | 1,041,182 | ||||
| Debt issued | 5,275,173 | 674,865 | 5,950,038 | ||||
| Other financial obligation | 16,255 | 811 | 17,066 | ||||
| As of December 31, 2016 | |||||||
| Long term | Short term | Total | |||||
| MCh$ | MCh$ | MCh$ | |||||
| Letters of credit | 71,239 | 14,971 | 86,210 | ||||
| Bonds | 3,836,778 | 453,969 | 4,290,747 | ||||
| Subordinated bonds | 1,051,148 | 32,148 | 1,083,296 | ||||
| Debt issued | 4,959,165 | 501,088 | 5,460,253 | ||||
| Other financial obligation | 23,298 | 2,265 | 25,563 | ||||
c) The detail of letter of credit by maturity is as follows:
| As of December 31, | |||||
| 2017 | 2016 | ||||
| MCh$ | |||||
| Due within 1 year | 12,260 | 14,971 | |||
| Due after 1 year but within 2 years | 9,965 | 11,056 | |||
| Due after 2 years but within 3 years | 8,114 | 10,128 | |||
| Due after 3 years but within 4 years | 7,554 | 8,158 | |||
| Due after 4 years but within 5 years | 6,952 | 5,346 | |||
| Due after 5 years | 23,093 | 36,551 | |||
| Total | 67,938 | 86,210 | |||
d) The detail of bonds issued is as follows:
| As of December 31, | |||||||||||
| Expiration | Interest | 2017 | 2016 | ||||||||
| Date | rate | Currency | MCh$ | MCh$ | |||||||
| A | 01-07-2017 | 3.75% | UF | — | 67,084 | ||||||
| B | 01-10-2017 | 3.50% | UF | — | 66,466 | ||||||
| E | 01-06-2032 | 5.00% | UF | 42,493 | 41,871 | ||||||
| F | 01-01-2032 | 4.00% | UF | 27,399 | 26,961 | ||||||
| G | 01-03-2032 | 4.00% | UF | 42,529 | 41,894 | ||||||
| H | 01-09-2015 | 3.00% | UF | — | — | ||||||
| I | 01-10-2030 | 4.00% | UF | 27,961 | 27,533 | ||||||
| J | 01-01-2031 | 4.00% | UF | 27,625 | 27,203 | ||||||
| K | 01-06-2021 | 3.50% | UF | 26,906 | 26,406 | ||||||
| L-2 | 01-10-2022 | 3.50% | UF | 26,543 | 26,039 | ||||||
| M-2 | 01-10-2018 | 3.50% | UF | 26,829 | 26,332 | ||||||
| N | 01-05-2019 | 3.50% | UF | 26,839 | 26,364 | ||||||
| O | 01-03-2021 | 3.50% | UF | 26,630 | 26,118 | ||||||
| P | 01-03-2026 | 3.75% | UF | 26,725 | 26,262 | ||||||
| Q-1 | 01-03-2023 | 3.75% | UF | 26,912 | 26,451 | ||||||
| R-2 | 01-02-2028 | 3.75% | UF | 26,846 | 26,387 | ||||||
| S | 01-09-2020 | 3.50% | UF | 26,814 | 26,321 | ||||||
| T | 10-09-2022 | 3.50% | UF | 26,797 | 26,320 | ||||||
| U | 01-09-2024 | 3.75% | UF | 26,621 | 26,144 | ||||||
| V | 01-09-2027 | 3.75% | UF | 26,425 | 25,945 | ||||||
| W | 01-09-2029 | 3.75% | UF | 26,388 | 25,914 | ||||||
| X | 01-03-2024 | 3.80% | UF | 53,993 | 53,118 | ||||||
| Y | 01-03-2028 | 3.80% | UF | 53,840 | 52,943 | ||||||
| Z | 01-02-2033 | 3.80% | UF | 27,181 | 26,739 | ||||||
| AA | 01-06-2018 | 6.70% | CLP | 27,868 | 30,765 | ||||||
| AB | 01-10-2029 | 3.80% | UF | 42,360 | 41,770 | ||||||
| AC | 01-10-2033 | 3.80% | UF | 55,727 | 54,867 | ||||||
| AF | 01-06-2022 | 3.50% | UF | 54,437 | 53,663 | ||||||
| AG | 01-06-2024 | 3.50% | UF | 164,469 | 162,150 | ||||||
| AH | 01-06-2029 | 3.60% | UF | 55,595 | 54,792 | ||||||
| AI | 01-04-2020 | 3.50% | UF | 138,739 | 137,924 | ||||||
| AJ | 01-06-2025 | 3.60% | UF | 55,554 | 58,620 | ||||||
| AL-2 | 01-07-2025 | 3.50% | UF | 55,321 | 54,483 | ||||||
| BCORAF0710 | 01-07-2017 | 3.00% | UF | — | 166,897 | ||||||
| BCORAG0710 | 10-09-2018 | 3.00% | UF | 77,592 | 81,084 | ||||||
| BCORAI0710 | 01-07-2020 | 3.00% | UF | 197,220 | 195,199 | ||||||
| BCOR-L0707 | 01-07-2017 | 3.40% | UF | — | 107,869 | ||||||
| BCORAJ0710 | 03-08-2021 | 3.00% | UF | 104,654 | 75,080 | ||||||
| BCOR-P0110 | 09-07-2020 | 7.30% | CLP | 23,838 | 24,982 | ||||||
| BCORBW0914 | 30-08-2020 | 5.00% | CLP | 45,379 | 46,669 | ||||||
| BCOR-R0110 | 09-07-2020 | 4.00% | UF | 140,265 | 140,226 | ||||||
| BCORUSD0118 | 15-01-2018 | 3.13% | USD | 452,172 | 495,871 | ||||||
| BCORUSD0919 | 22-09-2019 | 3.88% | USD | 471,546 | 517,724 | ||||||
| BCORAL0710 | 03-08-2023 | 3.00% | UF | 112,173 | 110,845 | ||||||
| BCORAN0710 | 01-07-2025 | 3.00% | UF | 181,908 | 179,460 | ||||||
| BCORAO0710 | 01-07-2026 | 3.00% | UF | 324,089 | 234,079 | ||||||
| BCORBX0914 | 30-08-2021 | 5.00% | CLP | 41,718 | 43,336 | ||||||
| BCORCA0914 | 01-09-2024 | 5.00% | CLP | 100,105 | 99,917 | ||||||
| BCORBZ0914 | 01-09-2023 | 5.00% | CLP | 102,921 | — | ||||||
| BCORBY0914 | 01-09-2022 | 5.00% | CLP | 31,306 | — | ||||||
| BCORAP0710 | 01-07-2027 | 3.00% | CLF | 380,404 | — | ||||||
| BCORAQ0710 | 01-07-2028 | 3.00% | CLF | 293,884 | — | ||||||
| BCORAK0710 | 01-07-2022 | 3.00% | CLF | 173,514 | — | ||||||
| BBSA168B18 | 02-03-2018 | 8.99% | COP | 45,255 | 48,144 | ||||||
| BBSA26SA48 | 10-08-2020 | 8.74% | COP | 43,406 | 46,181 | ||||||
| BBSA316SA060 | 23-11-2020 | 8.03% | COP | 37,940 | 40,364 | ||||||
| BBCR1109B84 | 28-10-2017 | 10.33% | COP | — | 26,606 | ||||||
| BBCR3119B84 | 03-08-2018 | 10.57% | COP | 19,686 | 21,005 | ||||||
| BBCR1099B120 | 10-12-2019 | 11.30% | COP | 17,676 | 18,826 | ||||||
| BBSA69C120 | 10-08-2026 | 10.68% | COP | 21,732 | 23,198 | ||||||
| BBSA69C180 | 10-08-2031 | 10.95% | COP | 40,578 | 43,316 | ||||||
| BBSA3169C180 | 23-11-2031 | 10.80% | COP | 46,388 | 49,479 | ||||||
| BBSA168B18 | 02-09-2017 | 9.74% | COP | — | 19,047 | ||||||
| BBCR3117C84 | 03-08-2018 | 4.58% | COP | 13,203 | 13,494 | ||||||
| Total | 4,840,918 | 4,290,747 | |||||||||
e) The detail of bonds issued by maturity is as follows:
| As of December 31, | |||||
| 2017 | 2016 | ||||
| MCh$ | MCh$ | ||||
| Due within 1 year | 662,605 | 453,969 | |||
| Due after 1 year but within 2 years | 516,061 | 716,695 | |||
| Due after 2 years but within 3 years | 653,601 | 562,914 | |||
| Due after 3 years but within 4 years | 199,908 | 657,866 | |||
| Due after 4 years but within 5 years | 312,597 | 695,324 | |||
| Due after 5 years | 2,496,146 | 1,203,979 | |||
| Total | 4,840,918 | 4,290,747 | |||
f) The detail of subordinated bonds was as follows:
| As of December 31, | |||||||||||
| Expiration | Interest | 2017 | 2016 | ||||||||
| Date | rate | Currency | MCh$ | MCh$ | |||||||
| AE1 | 01-01-2034 | 3.80% | UF | 54,585 | 53,669 | ||||||
| C1 | 01-04-2033 | 3.50% | UF | 6,285 | 6,572 | ||||||
| C2 | 01-04-2033 | 3.50% | UF | 13,681 | 14,273 | ||||||
| D | 01-10-2033 | 4.50% | UF | 20,934 | 21,833 | ||||||
| UCOR-V0808 | 01-08-2033 | 4.60% | UF | 159,479 | 157,444 | ||||||
| UCOR-Y1197 | 01-11-2022 | 6.50% | UF | 6,689 | 7,786 | ||||||
| UCOR-Z1197 | 01-11-2022 | 6.50% | UF | 15,614 | 18,176 | ||||||
| UCORAA0809 | 09-08-2035 | 4.90% | UF | 145,174 | 143,413 | ||||||
| UCORBF0710 | 01-07-2032 | 4.00% | UF | 14,013 | 13,795 | ||||||
| UCORBI0710 | 01-07-2035 | 4.00% | UF | 32,230 | 31,723 | ||||||
| UCORBJ0710 | 01-07-2036 | 4.00% | UF | 153,334 | 150,861 | ||||||
| UCORBL0710 | 01-07-2038 | 4.00% | UF | 111,668 | 109,868 | ||||||
| UCORBN0710 | 01-07-2040 | 4.00% | UF | 85,968 | 84,573 | ||||||
| UCORBP0710 | 01-07-2042 | 4.00% | UF | 41,917 | 41,237 | ||||||
| US05968TAB17 | 08-03-2024 | LIBOR +SPREAD 4 | USD | 106,041 | 115,706 | ||||||
| BBSA1099B1 | 30-03-2019 | 10.79% | COP | 445 | 483 | ||||||
| BBSA110BAVA | 23-09-2017 | 10.68% | COP | — | 32,148 | ||||||
| BBSA1099B4 | 30-03-2019 | 12.85% | COP | 21,055 | 23,139 | ||||||
| BBSA1139AS10 | 07-02-2023 | 10.08% | COP | 21,659 | 23,542 | ||||||
| BBSA1139AS15 | 07-02-2028 | 10.20% | COP | 30,411 | 33,055 | ||||||
| Total | 1,041,182 | 1,083,296 | |||||||||
g) The detail of subordinated bonds by maturity is as follows:
| As of December 31, | |||||
| 2017 | 2016 | ||||
| MCh$ | MCh$ | ||||
| Due within 1 year | — | 32,148 | |||
| Due after 1 year but within 2 years | 21,500 | — | |||
| Due after 2 years but within 3 years | — | 23,622 | |||
| Due after 3 years but within 4 years | — | — | |||
| Due after 4 years but within 5 years | 22,303 | — | |||
| Due after 5 years | 997,379 | 1,027,526 | |||
| Total | 1,041,182 | 1,083,296 | |||
h) The detail of other financial obligations by maturity is as follows:
| As of December 31, | |||||
| 2017 | 2016 | ||||
| MCh$ | MCh$ | ||||
| Due within 1 year | 811 | 2,265 | |||
| Due after 1 year but within 2 years | — | — | |||
| Due after 2 years but within 3 years | — | — | |||
| Due after 3 years but within 4 years | — | — | |||
| Due after 4 years but within 5 years | — | — | |||
| Due after 5 years | — | — | |||
| Total short term obligation | 811 | 2,265 | |||
| The detail of other long term financial obligations is as follows: | |||||
| Amounts due to credit card operations | 16,255 | 23,298 | |||
| Others | — | — | |||
| Total long term financial obligations | 16,255 | 23,298 | |||
| Total other financial obligations | 17,066 | 25,563 | |||