Obligation Chili 1.44% ( XS1760409042 ) en EUR

Chili

100 % ▲

Chili

XS1760409042 ( en EUR )

1.44% par an ( paiement annuel )

31/01/2029

Prospectus brochure de l'obligation Chile XS1760409042 en EUR 1.44%, échéance 31/01/2029

100 000 EUR

830 000 000 EUR

01/02/2026 ( Dans 215 jours )

Le Chili est un pays d'Amérique du Sud s'étendant sur une étroite bande de terre le long de la côte ouest du continent, connu pour ses paysages variés, allant du désert d'Atacama à la Patagonie glaciaire, et sa riche histoire et culture.

L'Obligation émise par Chili ( Chili ) , en EUR, avec le code ISIN XS1760409042, paye un coupon de 1.44% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 31/01/2029

Prospectus Supplement
To Prospectus Dated January 25, 2018
Republic of Chile
830,000,000 1.440% Notes due 2029
The 1.440% notes due 2029 (which we refer to as the "notes") will mature on February 1, 2029 and will bear interest
at a rate of 1.440% per year. Interest on the notes is payable on February 1 of each year, commencing February 1, 2019. Chile
may redeem the notes, in whole or in part, on or after November 1, 2028, at par plus accrued interest as described in the
section entitled "Description of the Notes--Optional Redemption" in this prospectus supplement.
The notes will be issued under an indenture and constitute a separate series of debt securities under the indenture.
The indenture contains provisions regarding future modifications to the terms of the notes that differ from those applicable to
Chile's outstanding public external indebtedness issued prior to December 2, 2014. Under these provisions, which are
described beginning on page 7 of the accompanying prospectus dated January 25, 2018, Chile may amend the payment
provisions of any series of debt securities (including the notes) and other reserve matters listed in the indenture with the
consent of the holders of: (1) with respect to a single series of debt securities, more than 75% of the aggregate principal
amount of the outstanding debt securities of such series; (2) with respect to two or more series of debt securities, if certain
"uniformly applicable" requirements are met, more than 75% of the aggregate principal amount of the outstanding debt
securities of all series affected by the proposed modification, taken in the aggregate; or (3) with respect to two or more series
of debt securities, more than 662/3% of the aggregate principal amount of the outstanding notes of all series affected by the
proposed modification, taken in the aggregate, and more than 50% of the aggregate principal amount of the outstanding debt
securities of each series affected by the proposed modification, taken individually.
The notes will constitute direct, general, unconditional and unsubordinated external indebtedness of Chile for which
the full faith and credit of Chile is pledged. The notes rank and will rank without any preference among themselves and
equally with all other unsubordinated external indebtedness of Chile. It is understood that this provision will not be construed
so as to require Chile to make payments under the notes ratably with payments being made under any other external
indebtedness.
Application was made to list the notes on the official list of the Luxembourg Stock Exchange and to admit the notes
for trading on the Euro MTF market.
The underwriters expect to deliver the notes to purchasers on or about February 1, 2018.
Neither the Securities and Exchange Commission nor any state securities commission or regulatory body has
approved or disapproved of these securities or determined that this prospectus supplement or the accompanying
prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
This prospectus supplement, together with the accompanying prospectus dated January 25, 2018, shall constitute a
prospectus for the purpose of the Luxembourg law dated July 10, 2005 (as amended) on prospectuses for securities.
ANY OFFER OR SALE OF NOTES IN ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA
WHICH HAS IMPLEMENTED DIRECTIVE 2003/71/EC AND AMENDMENTS THERETO INCLUDING
DIRECTIVE 2010/73/EU (THE "PROSPECTUS DIRECTIVE") MUST BE ADDRESSED TO QUALIFIED INVESTORS
(AS DEFINED IN THE PROSPECTUS DIRECTIVE).
Public Offering
Underwriting
Proceeds to Chile
Price(1)
Discount
(before expenses)
Per note..............................................................................................................
99.909%
0.078%
99.831%(1)
Total for the notes..............................................................................................
829,244,700
647,400
828,597,300
(1)
Plus accrued interest, if any, from February 1, 2018.
Joint lead managers and bookrunners
BNP PARIBAS
HSBC
Santander
January 25, 2018

We are responsible for the information contained in this prospectus supplement and the accompanying
prospectus and in any related free-writing prospectus we prepare or authorize. We have not authorized anyone to
give you any other information, and we take no responsibility for any other information that others may give you.
TABLE OF CONTENTS
Prospectus Supplement
Page
About This Prospectus Supplement......................................................................................................................................... S-1
Certain Defined Terms And Conventions................................................................................................................................ S-3
Summary of The Offering........................................................................................................................................................ S-4
Use Of Proceeds ...................................................................................................................................................................... S-6
Recent Developments .............................................................................................................................................................. S-7
Description of the Notes ........................................................................................................................................................ S-49
Taxation................................................................................................................................................................................. S-52
Underwriting.......................................................................................................................................................................... S-56
Validity of the Notes.............................................................................................................................................................. S-60
General Information............................................................................................................................................................... S-61
Prospectus
Page
About This Prospectus................................................................................................................Error! Bookmark not defined.
Forward-Looking Statements .....................................................................................................Error! Bookmark not defined.
Data Dissemination.....................................................................................................................Error! Bookmark not defined.
Use of Proceeds ..........................................................................................................................Error! Bookmark not defined.
Description of the Securities.......................................................................................................Error! Bookmark not defined.
Taxation......................................................................................................................................Error! Bookmark not defined.
Plan of Distribution.....................................................................................................................Error! Bookmark not defined.
Official Statements .....................................................................................................................Error! Bookmark not defined.
Validity of the Securities ............................................................................................................Error! Bookmark not defined.
Authorized Representative..........................................................................................................Error! Bookmark not defined.
General Information....................................................................................................................Error! Bookmark not defined.

ABOUT THIS PROSPECTUS SUPPLEMENT
This prospectus supplement supplements the accompanying prospectus dated January 25, 2018, relating to Chile's
debt securities and warrants. If the information in this prospectus supplement differs from the information contained in the
accompanying prospectus, you should rely on the updated information in this prospectus supplement.
You should read this prospectus supplement along with the accompanying prospectus. Both documents contain
information you should consider when making your investment decision. You should rely only on the information provided
in this prospectus supplement and the accompanying prospectus. Chile has not authorized anyone else to provide you with
different information. Chile and the underwriters are offering to sell the notes and seeking offers to buy the notes only in
jurisdictions where it is lawful to do so. The information contained in this prospectus supplement and the accompanying
prospectus is current only as of their respective dates.
Chile is furnishing this prospectus supplement and the accompanying prospectus solely for use by prospective
investors in connection with their consideration of a purchase of the notes. Chile confirms that:

the information contained in this prospectus supplement and the accompanying prospectus is true and correct in
all material respects and is not misleading as of its date;

it has not omitted facts, the omission of which makes this prospectus supplement and the accompanying
prospectus as a whole misleading; and

it accepts responsibility for the information it has provided in this prospectus supplement and the accompanying
prospectus.
In connection with the offering of the notes, BNP Paribas, or any person acting for it, may over-allot the notes or
effect transactions with a view to supporting the market price of the notes at a level higher than that which might otherwise
prevail. However, there is no assurance that BNP Paribas, or any person acting for it, will undertake any stabilization action.
Any stabilization action may begin at any time after the adequate public disclosure of the final terms of the offer of the notes
and, if begun, may be ended at any time, but it must end no later than the earlier of 30 days after the closing date and 60 days
after the date of the allotment of the notes. Any stabilization action or over-allotment must be conducted by BNP Paribas, or
any person acting for it, in accordance with all applicable laws and regulations.
NOTICE TO PROSPECTIVE INVESTORS IN THE EUROPEAN ECONOMIC AREA
This prospectus supplement has been prepared on the basis that any offer of notes in any Member State of the
European Economic Area ("EEA") will be made pursuant to an exemption under the Directive 2003/71/EC, as amended
("Prospectus Directive") from the requirement to publish a prospectus for offers of notes. Accordingly any person making or
intending to make an offer in that Member State of notes which are the subject of the offering contemplated in this prospectus
supplement may only do so in circumstances in which no obligation arises for Chile or any of the underwriters to publish a
prospectus pursuant to Article 3 of the Prospectus Directive in relation to such offer. Neither Chile nor the underwriters have
authorized, nor do they authorize, the making of any offer of notes in circumstances in which an obligation arises for Chile or
the underwriters to publish a prospectus for such offer. The Notes are not intended to be offered, sold or otherwise made
available to and should not be offered, sold or otherwise made available to any retail investor in the EEA.
Solely for the purposes of each manufacturer's product approval process, the target market assessment in respect of
the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties and professional clients
only, each as defined in Directive 2014/65/EU (as amended, "MiFID II"); and (ii) all channels for distribution of the Notes to
eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending
the Notes (a "distributor") should take into consideration the manufacturers' target market assessment; however, a distributor
subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either
adopting or refining the manufacturers' target market assessment) and determining appropriate distribution channels.
This EEA selling restriction is in addition to any other selling restrictions set out in this prospectus supplement.
NOTICE TO PROSPECTIVE INVESTORS IN THE UNITED KINGDOM
This prospectus supplement is for distribution only to persons who (i) have professional experience in matters
relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion)
Order 2005 (as amended, the "Financial Promotion Order"), (ii) are persons falling within Article 49(2)(a) to (d) ("high net
worth companies, unincorporated associations, etc.") of the Financial Promotion Order, (iii) are outside the United Kingdom,
S-1

or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of
the Financial Services and Markets Act 2000 (the "FSMA")) in connection with the issue or sale of any notes may otherwise
lawfully be communicated or caused to be communicated (all such persons together being referred to as "relevant persons").
This prospectus supplement is directed only at relevant persons and must not be acted on or relied on by persons who are not
relevant persons. Any investment or investment activity to which this prospectus supplement relates is available only to
relevant persons and will be engaged in only with relevant persons.
Each underwriter has represented, warranted and agreed that:
A. it has only communicated or caused to be communicated and will only communicate or cause to be
communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21
of the FSMA) received by it in connection with the issue or sale of the Securities in circumstances in which
Section 21(1) of the FSMA does not apply to Chile; and
B. it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it
in relation to the Securities in, from or otherwise involving the United Kingdom.
S-2

CERTAIN DEFINED TERMS AND CONVENTIONS
Defined Terms
Terms used but not defined in this prospectus supplement have the meanings ascribed to them in the accompanying
prospectus dated January 25, 2018.
Currency of Presentation
Unless otherwise stated, Chile has converted amounts relating to a period into U.S. dollars ("U.S. dollars," "dollars"
or "US$") or Chilean pesos ("pesos," "Chilean pesos" or "Ps.") using the average exchange rate for that period. For
amounts at period end, Chilean pesos are translated into U.S. dollar amounts using the exchange rate at the period end.
Translations of pesos to dollars have been made for the convenience of the reader only and should not be construed as a
representation that the amounts in question have been, could have been or could be converted into dollars at any particular
rate or at all.
S-3

SUMMARY OF THE OFFERING
This summary highlights information contained elsewhere in this prospectus supplement and the accompanying
prospectus. It is not complete and may not contain all the information that you should consider before investing in the notes.
You should read this prospectus supplement and prospectus carefully.
Issuer................................................. The Republic of Chile.
Aggregate Principal Amount .......... 830,000,000.
Issue Price......................................... 99.909% plus accrued interest, if any, from February 1, 2018.
Maturity Date................................... February 1, 2029.
Form of Securities............................ Chile will issue the notes in the form of one or more registered global securities
without coupons.
Denominations.................................. Chile will issue the notes in denominations of 100,000 and integral multiples of
1,000 in excess thereof.
Interest.............................................. Chile will pay interest annually, on February 1 of each year, commencing on
February 1, 2019. The notes will bear interest from February 1, 2018 at the rate of
1.440% per year.
Optional Redemption ...................... The notes will be subject to redemption at the option of Chile, on terms described
under "Description of the Notes--Optional Redemption" in this prospectus
supplement.
Status................................................. The notes will constitute direct, general, unconditional and unsubordinated external
indebtedness of Chile for which the full faith and credit of Chile is pledged. The notes
rank and will rank without any preference among themselves and equally with all
other unsubordinated external indebtedness of Chile. It is understood that this
provision will not be construed so as to require Chile to make payments under the
notes ratably with payments being made under any other external indebtedness.
Withholding Tax and Additional
Amounts........................................ Chile will make all payments on the notes without withholding or deducting any taxes
imposed by Chile or any political subdivision thereof or taxing authority therein,
subject to certain specified exceptions. For more information, see "Description of the
Securities--Debt Securities--Additional Amounts" in the accompanying prospectus.
Taxation............................................ For a general summary of United States federal income tax consequences resulting
from the purchase, ownership and disposition of a note, holders should refer to the
discussion set forth under the heading "Taxation--United States Federal Taxation" in
this prospectus supplement.
S-4

Further Issues................................... Chile may from time to time, without the consent of the holders, increase the size of
the issue of the notes, or issue additional debt securities having the same terms and
conditions as the notes in all respects, except for the issue date, issue price and first
payment on those additional notes or debt securities; provided, however, that any
additional debt securities subsequently issued that are not fungible with the previously
outstanding notes for U.S. federal income tax purposes shall have a separate CUSIP,
ISIN or other identifying number from the previously outstanding notes. Additional
debt securities issued in this manner will be consolidated with and will form a single
series with the previously outstanding notes.
Use of Proceeds ................................ Chile intends to use the net proceeds from the sale of notes offered by this prospectus
supplement for general purposes of the government. Chile estimates that the net
proceeds (after deduction of estimated expenses of US$175,000, a portion of which
will be reimbursed by affiliates of the underwriters) from the sale of the notes will be
828,577,300.
Listing ............................................... Application was made to list the notes on the official list of the Luxembourg Stock
Exchange and to admit the notes for trading on the Euro MTF market.
Listing Agent .................................... The Bank of New York Mellon SA/NV, Luxembourg Branch.
Governing Law................................. State of New York.
Trustee .............................................. The Bank of New York Mellon.
Paying Agent and Transfer Agent
in Luxembourg............................. The Bank of New York Mellon SA/NV, Luxembourg Branch.
S-5

USE OF PROCEEDS
Chile intends to use the net proceeds from the sale of notes offered by this prospectus supplement for
general purposes of the government. Chile estimates that the net proceeds (after deduction of estimated expenses
of US$175,000, a portion of which will be reimbursed by affiliates of the underwriters) from the sale of the
notes will be 828,577,300.
S-6

RECENT DEVELOPMENTS
The information contained in this section supplements the information about Chile corresponding to
the headings below that is contained in Exhibit 99.D to Chile's annual report on Form 18-K for the fiscal year
ended December 31, 2016, as amended. To the extent the information in this section differs from the
information contained in such annual report, you should rely on the information in this section. Capitalized
terms not defined in this section have the meanings ascribed to them in the annual report.
CERTAIN DEFINED TERMS AND CONVENTIONS
Exchange Rates
For your convenience, Chile has provided translations of certain amounts into U.S. dollars at the
exchange rates set forth in the following table, unless otherwise indicated.
Exchange Rate(1)
At January 31, 2017.................................................................
Ps.648.87 per US$1.00
At February 28, 2017...............................................................
Ps.645.19 per US$1.00
At March 31, 2017...................................................................
Ps.662.66 per US$1.00
At April 28, 2017.....................................................................
Ps.664.28 per US$1.00
At May 30, 2017......................................................................
Ps.675.31 per US$1.00
At June 30, 2017......................................................................
Ps.663.21 per US$1.00
At July 31, 2017.......................................................................
Ps.651.58 per US$1.00
At August 31, 2017..................................................................
Ps.628.36 per US$1.00
At September 29, 2017 ............................................................
Ps.636.85 per US$1.00
At October 31, 2017 ................................................................
Ps.636.49 per US$1.00
At November 30, 2017 ............................................................
Ps.642.41 per US$1.00
At December 29, 2017.............................................................
Ps.615.22 per US$1.00
Average for the year ended December 31, 2017......................
Ps.649.33 per US$1.00
(1)
As reported by the Chilean Central Bank in accordance with paragraph 2 of article 44 of its Constitutional Organic Act.
The Chilean Central Bank reported the exchange rate for Chile's formal exchange market at Ps.607.25
per US$1.00 as of January 10, 2018. The Federal Reserve Bank of New York does not report a noon buying
rate for Chilean pesos.
S-7

REPUBLIC OF CHILE
Political Parties
Presidential and Congressional Elections
On November 19, 2017, Presidential elections were held in Chile. Among the several candidates,
Sebastián Piñera, a center-right candidate and former President obtained approximately 36.6% of the votes and
Alejandro Guillier, the candidate from the incumbent government coalition and current Senator, obtained
approximately 22.7% of the votes. As no candidate obtained the absolute majority required to secure the
presidency, a runoff election took place on December 17, 2017 between Mr. Piñera and Mr. Guillier, in which
Mr. Piñera obtained approximately 54.6% of the votes. Mr. Piñera will take office on March 11, 2018,
succeeding current president Michelle Bachelet.
The following tables detail the results of the presidential and congressional elections held in 2017:
2017 Presidential Election Vote
(%)
1st round
Runoff
Center-Left(1)......................................
22.7
45.4
Center-Right(2)....................................
36.6
54.6
Left(3)..................................................
20.3
--
Right(4)................................................
7.9
--
Others.................................................
12.5
--
(1)
"Center-Left" is an alliance of parties that changed its name from "Concertación" to "Nueva Mayoría" in 2013. For the 2017
presidential election, it included the following political parties: Partido Radical Socialdemócrata, Partido por la Democracia,
Partido Socialista, Partido Comunista, Izquierda Ciudadana and Movimiento Amplio Social. The candidate representing the
Center-Left alliance in the 2017 elections was Mr. Alejandro Guillier.
(2)
"Center-Right" parties created a coalition called "Chile Vamos" in 2015. For the 2017 presidential election, Chile Vamos
included the following political parties: Unión Demócrata Independiente, Renovación Nacional, Evolución Política and Partido
Regionalista Independiente. The candidate representing the Center-Right alliance in the 2017 elections was Mr. Sebastián Piñera.
(3)
Ms. Sánchez's candidacy was supported by Partido Humanista, Partido Igualdad, Partido Liberal de Chile, Poder and
Revolución Democrática.
(4)
Mr José Antonio Kast ran as an independent presidential candidate, formerly a member of Unión Demócrata Independiente.
(5)
"Others" corresponds to candidates Ms. Carolina Goic, Mr. Marco Enríquez-Ominami, Mr. Eduardo Artés and Mr. Alejandro
Navarro.
Congressional Elections (Senate)
(number of senators)
2017
Revolución Democrática (Left) .................................
1
Partido por la Democracia (Left)..............................
4
Partido Demócrata Cristiano (Center) ....................
3
Evolución Política (Center-Right) .............................
2
Renovación Nacional (Center-Right).........................
6
Unión Demócrata Independiente (Right)...................
4
Partido Socialista (Left) ............................................
3
Congressional Elections (Chamber of Deputies)
(number of deputies)
2017
Partido Demócrata Cristiano (Center)....................
14
Partido Progresista (Center) ...................................
1
Partido por la Democracia (Left) ...........................
8
Partido Radical (Center-Left) .................................
8
Partido Humanista (Left) ........................................
5
Revolución Democrática (Left) ...............................
10
Partido Ecologista Verde (Left) ..............................
1
S-8

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