NATIXIS - Universal registration document and financial report 2019
FINANCIAL DATA Consolidated financial statements and notes
Subordinated debt 8.15 Subordinated debt differs from advances and bonds issued in that it is repaid after all senior and unsecured creditors, but before the repayment of participating loans and securities and deeply subordinated notes. Subordinated debt is valued at amortized cost.
(in millions of euros)
31/12/2018
31/12/2019
Dated subordinated debt (b) Undated subordinated debt
3,654
3,646
297
297
Accrued interest
20
21
TOTAL (a)
3,971
3,964
The main features of the subordinated note issues are outlined in Chapter 14 of the Pillar III report. Including €640 million for the insurance entities at December 31, 2019, versus €640 million at December 31, 2018. (a) 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 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 Deeply subordinated notes
297
0
0
0
0
0
297
0
0
Subordinated notes Subordinated loans
46
46
5
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.
Changes in subordinated debt over the 2018 fiscal year
Translation adjustments
Changes in scope
(in millions of euros)
Issues (a) Redemptions
Other (b)
01/01/2018
31/12/2018
Other dated subordinated debt
3,393
300
(10) (10)
0 0
0 0
(37)
3,646
Subordinated notes Subordinated loans
678
0
(2)
667
2,715
300
0
(36)
2,980
Other undated subordinated debt
261
0
0
0
0
36
297
Deeply subordinated notes
0
0
Subordinated notes Subordinated loans
10
36
46
251
251
TOTAL
3,654
300
(10)
0
0
(2)
3,943
This table does not include accrued interest. Issues of debts and subordinated notes consist of a €300.5 million issue of a new subordinated note underwritten by BPCE. (a) 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 (b) of market making with respect to Natixis’ debt on the secondary market.
325
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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2019
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