NATIXIS -2020 Universal Registration Document
5 FINANCIAL DATA
Parent company financial statements and notes
Subordinated debt Note 19
(in millions of euros)
2019
2020
Dated subordinated debt
3,676
3,326
726
726
Subordinated notes Subordinated loans
2,950 2,108
2,600 2,201
Undated subordinated debt
Participating loans Subordinated notes Subordinated loans Accrued interest
2,108
2,201
26
27
5,810
5,554
Debt representing 10% of the total amount of subordinated debt
Rate and duration
Rate after first redemption date No redemption
Condition of subordination (next higher rank)
before first redemption date
Liabilities convertible into equity
Amount of issuance
Frequency of coupon
Date of issuance
Maturity date
Cur- rency
2019
2020
Euribor 3M+2%
Non- convertible
Unsecured creditors
27/06/2014 27/06/2026 EUR 900,000,000 Quarterly
clause 900,000,000.00 900,000,000.00
No redemption
Euribor 3M +230 bp
Non- convertible
Unsecured creditors
29/07/2015 29/07/2027 EUR 1,000,000,000 Quarterly
clause 1,000,000,000.00 1,000,000,000.00
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, redeemablesubordinateddebt 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.
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. The contractual conditions of deeply subordinated notes state that the issuer may suspend (in whole or in part) the payment of 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.
438
NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020
Made with FlippingBook Publishing Software