NATIXIS - 2018 Registration document and annual financial report
5 FINANCIAL DATA
Parent company financial statements and notes
SUBORDINATED DEBT
NOTE 18
2018
2017
(in millions of euros)
Dated subordinated debt
3,326
3,036
Subordinated notes Subordinated loans
726
736
2,600 2,181
2,300 2,433
Undated subordinated debt
Participating loans Subordinated notes Subordinated loans
36
2,181
2,397
Accrued interest
28
38
TOTAL
5,535
5,507
Debt representing 10% of the total amount of subordinated debt:
Rate and duration before first redemption date
Subordination condition (immediately senior ranking)
Liabilities convertible into equity
Amount of issuance
Frequency of coupon
Rate after first redemption date No redemption clause No redemption clause
Date of issuance Maturity date
Currency
2018
2017
Unsecured creditors Unsecured creditors
27/06/2014
27/06/2026
EUR 900,000,000
Quarterly Euribor 3M+2%
900,000,000.00 Non-convertible
Euribor 3M+230bp
29/07/2015
29/07/2027
EUR 1,000,000,000
Quarterly
1,000,000,000.00 Non-convertible
Perpetual deeply subordinated notes Natixis issued Perpetual deeply subordinated notes which offer unit-holders fixed rate or variable rate income and which may be redeemed at the end of a set period and then at each coupon anniversary date. In the event of non-redemption at the end of this period, for some of these issues, a variable coupon indexed to the EURIBOR or LIBOR will be paid. Interest normally due on deeply subordinated notes is mandatory once a dividend has been paid on Natixis shares. However, for any other period, the contractual conditions of deeply subordinated notes state that the issuer may suspend the payment of this interest as non-paid coupons are not deferred. Due to the existence of a loss-absorption clause, the nominal value of the securities may be reduced in the event of regulatory capital inadequacy to serve as a new basis for determining coupon amounts. The original nominal value may however be reconstituted under certain conditions. In the event of the liquidation of Natixis and regardless of any reduction to the securities’ original nominal value, unit-holders will bear their securities at their original nominal value.
Non-voting shares The non-voting shares issued by Natixis in November 1985 may only be redeemed if the Company is liquidated but may be eligible for buyback under the terms set out by the law dated January 3, 1983. Redeemable Subordinated Debt Redeemable subordinated debt issued by Natixis includes medium- or long-term loans or securities equivalent to ordinary subordinated debt. They are redeemable before the contractual maturity date in the event of liquidation of the issuer, and rank after other creditors but before holders of the super subordinated notes. Following approval by the banking supervisory authority and at the initiative of the issuing company, redeemable subordinated debt may be subject to early redemption through repurchasing on the stock market, or over the counter in the case of private debt, as of a date set in the issue notice or purchase agreement or in the event of changes to current tax and regulatory rules. In all cases, these redemptions are subject to the approval of the banking supervisory authorities.
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Natixis Registration Document 2018
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