Aviva 2005 Annual Report Download - page 171
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43 – Borrowings continued
2004
Contractual repricing or maturity dates
Within Over Effective
Denominated 1 year 1-2 years 2-3 years 3-4 years 4-5 years 5 years Total interest rate
currency £m £m £m £m £m £m £m %
Subordinated debt
6.125% £700 million
subordinated notes 2036 £ –––––6896896.3
5.750% a800 million
subordinated notes 2021 a–––––5645645.8
5.250% a650 million
subordinated notes 2023 a–––––4554555.6
5.700% a500 million undated
subordinated notes a–––––3503506.1
6.125% £800 million undated
subordinated notes £ –––––7897896.3
–––––2,847 2,847
Debenture loans
9.5% guaranteed bonds 2016 £ –––––1981989.5
8.625% guaranteed bonds 2005 £ 200–––––2008.6
2.5% subordinated perpetual
loan notes a–––––1221227.3
Other loans Various 4 ––––40444.2
204––––360564
Amounts owed to
credit institutions
Bank loans various 127 – 4 92 12 370 605
Commercial paper
Commercial paper various 881–––––8813.9
Securitised mortgage
loan notes
UK lifetime mortgage business £ –––––1,461 1,461 5.6
Dutch domestic
mortgage business a–––––3,732 3,732 3.1
–––––5,193 5,193
Total 1,212 – 4 92 12 8,770 10,090
(b) Description and features
(i) Subordinated debt
A description of each of the subordinated notes is set out in the table below:
Callable at par In the event the Company does not
at option of the call the notes, the coupon will reset
Notional amount Issue date Redemption date Company from at each applicable reset date to
£700 million 14 Nov 2001 14 Nov 2036 16 Nov 2026 5 year Benchmark Gilt + 2.85%
a800 million 14 Nov 2001 14 Nov 2021 14 Nov 2011 3 month Euribor + 2.12%
a650 million 29 Sep 2003 2 Oct 2023 2 Oct 2013 3 month Euribor + 2.08%
a500 million 29 Sep 2003 Undated 29 Sep 2015 3 month Euribor + 2.35%
£800 million 29 Sep 2003 Undated 29 Sep 2022 5 year Benchmark Gilt + 2.40%
The subordinated notes were issued by the Company. They rank below its senior obligations and ahead of its preference shares and
ordinary share capital. The dated subordinated notes rank ahead of the undated subordinated notes. The fair value of these notes at
31 December 2005 was £4,172 million (2004: £3,107 million).
Financial statements
Aviva plc 2005
169