6 Debentures and notes

Debentures and notes includes issued debt instruments in various currencies under FMO's Debt Issuance Programs. In addition, two subordinated notes, totaling €550 million are also included in the Debenture and Notes line item. Under IFRS these notes are classified as financial liability, but for regulatory purposes it is considered as Tier 2 capital. The first note was issued on July 15, 2020 with a maturity date of January 15, 2031. The note is issued at 99.764% of the aggregated nominal amount at a fixed coupon rate of 0.625%. The note is non-convertible and can be called on first call date after five years till July 15, 2026. The second note was issued on June 19, 2025 with a maturity date of June 19, 2036. The note is issued at 99.859% of the aggregated nominal amount at a fixed coupon rate of 3%. The note is non-convertible and can be called on first call date after six years till June 19, 2031.

The following table summarizes the carrying value of the debentures and notes.

The nominal amounts of the debentures and notes are as follows:

The movements can be summarized as follows:

Line item 'changes in fair value' represents the fair value changes attributable to the hedge risk in connection with the debentures and notes used for hedge accounting purposes.