Note 37 - Subordinated debt and hybrid equity issue
For a description of subordinated debt and hybrid capital and how they affect capital adequacy, see note 2 Accounting principles IFRS.
| Parent bank | Group | |||
| 2011 | 2012 | (NOK million) | 2012 | 2011 |
| Dated | ||||
| 112 | 97 | 2018 fixed rate 6.65 % (Call 2013) 1) 2) | 97 | 112 |
| 538 | 72 | 2018 3 month NIBOR + 1.25 % (Call 2013) 2) | 72 | 538 |
| - | 1,000 | 2022 3 month NIBOR + 2.75 % (Call 2017) | 1,000 | - |
| 470 | 470 | 2036 fixed rate 2.94 %, JPY (Call 2018) 1) | 470 | 470 |
| 59 | 57 | Premium/discount/market value | 57 | 59 |
| 257 | 128 | Currency agio debt | 128 | 257 |
| 1,436 | 1,824 | Total dated | 1,824 | 1,436 |
| Perpetual non-call | ||||
| 300 | 300 | Perpetual non call 3 month NIBOR + 0.85 % (Call 2016) | 300 | 300 |
| -2 | -2 | Discount perpetual subordinated debt | -2 | -2 |
| - | - | Perpetual non-call currency agio | - | - |
| 298 | 298 | Total perpetual non-call | 298 | 298 |
| Hybrid equity | ||||
| 522 | 522 | Hybrid capital 30 years, fixed rate 6.5 %, USD 75 mill. (Call 2013) 1) | 522 | 522 |
| 350 | 350 | Hybrid capital10/99, fixed rate 8.25 % NOK (Call 2020) 1) | 350 | 350 |
| 100 | 100 | Hybrid captial 10/99, floating rate NOK (Call 2020) | 100 | 100 |
| 58 | 56 | Discount perpetual hybrid equity | 56 | 58 |
| -74 | -110 | Hybrid equity currency agio | -110 | -74 |
| 956 | 918 | Total hybrid equity | 918 | 956 |
| 2,690 | 3,040 | Total subordinated loan capital and hybrid equity | 3,040 | 2,690 |
| 5.5 % | 4.9 % | Average rate NOK | 4.9 % | 5.5 % |
| 5.3 % | 5.2 % | Average rate USD | 5.2 % | 5.3 % |
|
1) Fixed rate funding changed to floating rate by means of interest rate swaps 2) The decision on early redemption of first quarter 2013 is approved by Finanstilsynet |
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| Parent Bank and Group | |||||||
| Changes in subordinated debt and hybrid equity issue | 31.12.2012 | Issued | Fallen due/ redeemed | Other changes | 31.12.2011 | ||
| Ordinary subordinated debt, NOK | 1,169 | 1,000 | 481 | - | 650 | ||
| Ordinary subordinated debt, Currency | 584 | - | - | -115 | 699 | ||
| Perpetual, subordinated debt, NOK | 300 | - | - | - | 300 | ||
| Hybrid capital loan, NOK | 450 | - | - | - | 450 | ||
| Hybrid capital loan, Currency | 419 | - | - | -33 | 452 | ||
| Adjustments | 118 | - | - | -21 | 139 | ||
| Total subordinated debt and hybrid equity issue | 3,040 | 1,000 | 481 | -169 | 2,690 | ||
| Changes in subordinated debt and hybrid equity issue | 31.12.2011 | Issued | Fallen due/ redeemed | Other changes | 31.12.2010 | ||
| Ordinary subordinated debt, NOK | 650 | - | - | - | 650 | ||
| Ordinary subordinated debt, Currency | 699 | - | - | 51 | 649 | ||
| Perpetual, subordinated debt, NOK | 300 | - | - | - | 300 | ||
| Perpetual, subordinated debt, Currency | - | - | 144 | -3 | 147 | ||
| Hybrid capital loan, NOK | 450 | - | - | - | 450 | ||
| Hybrid capital loan, Currency | 452 | - | - | 12 | 440 | ||
| Adjustments | 139 | - | - | 16 | 123 | ||
| Total subordinated debt and hybrid equity issue | 2,690 | - | 144 | 76 | 2,758 | ||
Financial results
Annual report and notes
