Subordinated guaranteed SKK and DKK bonds
The subordinated guaranteed SEK 2,500 million and DKK650 million bonds were redeemed on 28 March 2022.
Subordinated guaranteed US$ bonds
The subordinated guaranteed US$9 million bonds have a redemption date of 15 October 2029. The rate of interest payable on the bonds is 8.95%.
Guaranteed subordinated notes due 2045 (GBP)
Subordinated guaranteed notes with a notional value of £400 million were issued on 10 October 2014. The bonds bear a fixed rate of 5.125% until redemption on 10 October 2045.
In September 2021, the Group invited holders of the notes to participate in a cash purchase offer for the outstanding notes. The offer period expired on 28 September 2021 and the Group announced it had accepted £240 million nominal value of the bonds.
A further cash purchase offer was made for the remaining outstanding notes in May 2023. On 1 June 2023 the Group announced that it had accepted £40 million nominal value of the bonds. Accordingly, the remaining nominal value of the notes outstanding is £120 million.
The bonds and notes are contractually subordinated to all other creditors of the Parent Company. In the event of a winding-up or bankruptcy, they are to be repaid only after the claims of all other creditors have been met.