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Over the first half of 2010, the General Treasury of the Republic will issue bonds in the local market in pesos and in Chile’s inflation-indexed currency (unidades de fomento, UF) for a total amount equivalent to approximately US$3 billion.

This will be done by issuing the following debt instruments:

• Ten-year Treasury Bonds in pesos (BTP-10) for a total of CLP$375 billion.
• Five-year Treasury Bonds in UF (BTU-5) for a total of 14 million UF.
• Ten-year Treasury Bonds in UF (BTU-10) for a total of 15.5 million UF.
• Twenty-year Treasury Bonds in UF (BTU-20) for a total of 12 million UF.
• Thirty-year Treasury Bonds in UF (BTU-30) for a total of 12 million UF.

These bonds will be issued through monthly auctions that will begin in January 2010, on a date that will be communicated as soon as the necessary administrative steps have been completed. The Central Bank of Chile, acting as Fiscal Agent, will be requested to represent the Treasury in the issuance and administration of these bonds.

It is important to note that both the issuance and the auction scheduling have been coordinated with the Central Bank of Chile’s debt program. 

In addition, these bonds will benefit from the capital gains tax exemption set forth in the new Article 104 of the Income Tax Law.

Another important consideration is that this issuance is subject to modifications if market conditions change significantly. If this were the case, any modifications will be communicated opportunely.