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.

430

Natixis Registration Document 2018