6 Debentures and notes
Debentures and notes include senior unsecured and subordinated debt instruments in various currencies issued under FMO's debt issuance programs. FMO issued €300 million of subordinated notes (11NC6) on June 12, 2025, with a maturity date of June 19, 2036, bearing a fixed coupon rate of 3 percent. The notes are non-convertible and can be called on the first call date, June 19, 2031.
|
June 30, 2026 |
December 31, 2025 |
|
|
Balance at January 1 |
6,498,892 |
6,335,981 |
|
Amortization of premiums/discounts |
11,672 |
58,577 |
|
Proceeds from issuance |
2,052,783 |
2,096,441 |
|
Redemptions |
-1,346,584 |
-1,588,577 |
|
Changes in fair value |
-49,206 |
84,898 |
|
Changes in accrued expense |
10,686 |
15,119 |
|
Exchange rate differences |
122,596 |
-503,547 |
|
Carrying value of debentures and notes |
7,300,839 |
6,498,892 |
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.
The following table summarizes the carrying value of the debentures and notes.
|
Carrying value of the debentures and notes |
||
|
June 30, 2026 |
December 31, 2025 |
|
|
Debentures and notes under hedge accounting |
5,652,662 |
5,427,499 |
|
Debentures and notes valued at AC |
1,648,177 |
1,071,393 |
|
Total debentures and notes |
7,300,839 |
6,498,892 |
The nominal amounts of the debentures and notes are as follows:
|
Nominal amounts of the debentures and notes |
||
|
June 30, 2026 |
December 31, 2025 |
|
|
Debentures and notes under hedge accounting |
5,655,102 |
5,386,091 |
|
Debentures and notes valued at AC |
1,608,420 |
1,035,471 |
|
Total debentures and notes |
7,263,522 |
6,421,562 |