Note 38 - Subordinated debt and hybrid capital issue

SpareBank1 SMN has in 2017 reclassified two additional Tier1 Capital Bonds from liabilities to equity. Comparable figures has been restated. For futher details, see note 3.

Parent bank   Group
31 Dec 2016 31 Dec 2017 (NOK million) 31 Dec 2017 31 Dec 2016
    Dated subordinated debt    
1,000 - 2022 3 month Nibor + 2.75 % (Call 2017) - 1,000
662 659 2036 fixed rate 2.94 %, JPY (Call 2018) *) 659 662
- - 2026 SpareBank 1 Finans Midt-Norge 16/26 43 43
- 150 2027 floating rate NOK (Call 2022) 150 -
- 600 2027 floating rate NOK (Call 2022) 600 -
- 250 2029 floating rate NOK (Call 2024) 250 -
22 11 Premium/discount/market value 11 22
9 4 Currency agio debt 4 9
2 1 Accrued interest 1 2
1,695 1,676 Total dated subordinated debt 1,718 1,737
         
    Hybrid Capital    
350 350 Hybrid capital10/99, fixed rate 8.25 % NOK (Call 2020) *) 350 350
100 100 Hybrid captial 10/99, floating rate NOK (Call 2020) 100 100
33 25 Discount perpetual hybrid equity 25 33
8 8 Accrued interest 8 8
491 483 Total hybrid capital 483 491
         
2,186 2,159 Total subordinated loan capital and hybrid capital 2,201 2,228
         
5.0 % 4.5 % Average rate NOK 4.5 % 5.0 %
4.2 % 4.2 % Average rate JPY 4.2 % 4.2 %

*) Fixed rate funding changed to floating rate by means of interest rate swaps

 

Group        
Changes in subordinated debt and hybrid capital issue 31 Dec 2017 Issued Fallen due/ redeemed Other changes 31 Dec 2016
Ordinary subordinated debt, NOK 1,000 1,000 1,000 - 1,000
Ordinary subordinated debt, Currency 701 - - -3 704
Hybrid capital loan, NOK 450 - - - 450
Adjustments 40 - - -24 64
Accrued interest 10 - - -1 10
Total subordinated debt and hybrid capital issue 2,201 1,000 1,000 -27 2,228
           
Changes in subordinated debt and hybrid capital issue 31 Dec 2016 Issued Fallen due/ redeemed Other changes 31 Dec 2015
Ordinary subordinated debt, NOK 1,000 - - - 1,000
Ordinary subordinated debt, Currency 704 43 - 2 660
Perpetual subordinated debt, NOK - - 300 - 300
Hybrid capital loan, NOK 450 - - - 450
Adjustments 64 - - -26 89
Accrued interest 10 - - 0 10
Total subordinated debt and hybrid capital issue 2,228 43 300 -24 2,509

Annual report and notes

© SpareBank 1 SMN