Fixed Income

Credicorp Capital is the leader in the fixed income market industry, being number one in the amount of operations for corporate bonds structuring and placement, every single year for the past decade. The fixed income area has a specialized team in foreign fixed income, which amongst others executes orders for clients, operates clients equity invested in this type of assets –jointly with the Investments area – and along with the Research area, checks and follows up different issuers focused on Latin America. Amongst its main clients there are domestic and foreign institutional investors operating in Chile as well as high net worth individual investors.

  • We operate international bonds for private clients.
  • We operate investments area funds. Funds focused on private and institutional clients.
  • Check and follow up of different issuers focused on Latam along with the Research area.

Amongst the main issuances performed, we may highlight the following:

Corporate Bond Placement

Emisor Issuer Colocación Placement Date Amount (UF) Amount (USD MM)
Banco Consorcio 23-Mar-16 3.000.000 114
Banco Consorcio 23-Mar-16 1.500.000 57
Enaex 22-Oct-15 1.500.000 56
Enaex 22-Oct-15 1.000.000 37
Tanner Servicios Financieros 20-Ago-15 1.000.000 36
Tanner Servicios Financieros 20-Ago-15 1.000.000 36
Empresas Banmédica 27-Jul-15 2.200.000 83
Parque Arauco 17-Abr-15 6.000.000 242
Parque Arauco 12-Dic-14 1.025.500 41
Parque Arauco This was a swap operation. Not a new bond issuance. 11-Dic-14 1.974.500 79
Empresas Copec 04-Dic-14 2.500.000 100
Saesa 27-Nov-14 2.000.000 82
Frontel 27-Nov-14 1.000.000 41
Los Héroes 02-Oct-14 1.200.000 49
Entel 10-Jul-14 7.000.000 304
Frontel 04-Jun-14 1.500.000 65
Arauco 10-Abr-14 5.000.000 216
Arauco 10-Abr-14 2.000.000 86
Enlasa Generación 23-Ene-14 1.500.000 64
Sociedad de Rentas Comerciales 18-Dic-13 1.000.000 44
CFR Pharmaceuticals 07-Nov-13 1.000.000 45
Los Héroes 11-Oct-13 1.000.000 46
Mall Plaza 03-Oct-13 1.500.000 69
Mall Plaza 03-Oct-13 3.000.000 138
Grupo Security 05-Sep-13 3.000.000 136
Inv. Eléctricas 29-Ago-13 3.000.000 135
Copeval 21-Ago-13 1.000.000 45
Los Héroes 19-Jun-13 1.093.964 50
AD Retail 17-May-13 1.000.000 48
Banmédica 26-Abr-13 992.244 48
Banmédica 26-Abr-13 1.200.000 58
Los Héroes 25-Ene-13 1.497.312 73
Factoring Security 10-Ene-13 1.000.000 48

Banking Bonds Placement

Emisor Issuer Placement Date Amount(UF) Amount (USD MM)
Banco Consorcio 27-Mar-15 1.500.000 59
Corpbanca 06-May-15 1.613.918 65
Banco Consorcio 11-Dic-14 1.498.349 60
Banco Consorcio 11-Dic-14 1.500.000 60
Banco Ripley 09-Oct-14 1.000.000 41
Corpbanca 11-Jun-14 3.000.000 130
Banco Ripley 09-Oct-14 1.000.000 41
Banco Ripley 05-Jun-14 1.500.000 65
Banco Consorcio 15-May-14 1.500.000 65
Banco Consorcio 15-May-14 1.477.497 64
Banco Consorcio 15-May-14 1.000.000 43
Banco Falabella 04-Oct-11 1.500.000 63
Banco Falabella 04-Oct-11 1.000.000 42

Our main domestic investment instruments

  • Recognition bonds UF
  • Mortage notes UF-CLP
  • Corporate bonds UF-CLP-US$
  • Securitized bonds UF-CLP
  • CLP-UF Agreements
  • PDBC/PRBC
  • Bank deposits
  • Commercial Papers

Our main international investment instruments

  • Sovereign bonds
  • Corporate bonds
  • High Yield bonds
  • Deposit certificates
Risks and Description of Products
Main risks Price risk: It is defined as the value loss due to a negative fluctuation in the instrument market prices. Interest rate risk: It is defined as the variation in the value of an instrument caused by fluctuations in interest rates. If the interest rate increases the bond value decreases. Liquidity risk: It is defined as the contingency that the organization may not sell (purchase), or otherwise suffer excessive losses (expenses) due to the disposal of assets at unusual and significant discounts (premiums). We may also define it as the ability to operate any instrument has, i.e., how easily an asset may be sold or bought before its maturity date? Issuer risk: It is defined as the chance the borrower or issuer of paper or debt will default their financial engagements in the term stated at the beginning and especially at the maturity of the operation. FIXED INCOME Fixed income instruments are the following: Recognition Bonds UF Mortgage Notes UF-CLP Corporate Bonds UF-CLP-US$ Securitized Bonds UF-CLP Covenants CLP-UF · PDBC/PRBC Bank deposits Commercial Papers It is debt, or promissory notes issued by private as well as public companies or the government of Chile. Through fixed income market financing is pursued, thus the issuer promises to return the money, or capital, at a specific maturity date plus an interest rate. The return structure depends on each fixed income instrument. The most common return structure is a biannual interest payment and the return of 100% capital at maturity. Unlike shares, fixed income instruments do not grant a property percentage in the issuer company. The fixed income has Rate, Liquidity, and Issuer risks.

“The information regarding products does not at all entail the confirmation or guarantee concerning profitability, future performance, or loss or profit certainty they may experience in time”.