NATIXIS -2020 Universal Registration Document
5 FINANCIAL DATA
Consolidated financial statements and notes
Subordinated debt 7.15 Subordinateddebt differs fromadvancesand bonds issued in that it is repaid after all senior and unsecuredcreditors, but before the repayment of participating loans and securities and deeply subordinatesdecurities. Subordinated debt is valued at amortized cost.
(in millions of euros)
31/12/2019
31/12/2020
3,629
3,654
Dated subordinated debt (b) Undated subordinated debt
296
297
Accrued interest
9
20
Total (a)
3,934
3,971
The main features of the subordinated note issues are outlined in Chapter [14] of the Pillar III report. Including €251 million for the insurance entities at December 31, 2020, versus €640.3 million at December 31, 2019. Coface contributed €389.3 million to (a) “Subordinated debt” as of December 31, 2019. Subordinated debt issue agreements do not incorporate a clause providing for early redemption in the event that the covenants are not observed. (b)
Changes in subordinated debt over the 2020 fiscal year
Translation adjustments
Changes in scope (b)
(in millions of euros)
Other (a)
31/12/2019
Issues Redemptions
31/12/2020
3,654
350
0
0
(378)
3 3
3,629
Other dated subordinated debt
Subordinated notes Subordinated loans
674
2
679
2,980
350
(380)
2,950
Other undated subordinated debt Deeply subordinated notes
297
0
0
0
0
(0)
296
0
0
Subordinated notes Subordinated loans
46
46
251
(0)
250
TOTAL
3,951
350
0
0
(378)
3
3,925
This table does not include accrued interest. Other changes mainly pertained to the revaluation of debts subject to hedging and variations in intra-group securities held by Natixis Funding for the purposes (a) of market making with respect to Natixis’ debt on the secondary market. Concerns Coface, which is now treated using the equity method. (b)
Changes in subordinated debt over the 2019 fiscal year
Translation adjustments
Changes in scope
(in millions of euros)
Other (a)
01/01/2019
Issues Redemptions
31/12/2019
Other dated subordinated debt
3,646
0
0
0
0
8 8
3,654
Subordinated notes Subordinated loans
667
674
2,980
2,980
Other undated subordinated debt
297
0
0
0
0
0
297
Deeply subordinated notes
0
0
Subordinated notes Subordinated loans
46
46
251
251
TOTAL
3,943
0
0
0
0
8
3,951
This table does not include accrued interest Other changes mainly pertained to the revaluation of debts subject to hedging and variations in intra-group securities held by Natixis Funding for the purposes (a) of market making with respect to Natixis’ debt on the secondary market.
342
NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020
Made with FlippingBook Publishing Software