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On 12 June 2024, the Group’s Preferred Shareholders were invited to tender their preference shares and, following the shareholders’ approval on 16 July 2024 at a General Meeting, all 125 million preferred shares were cancelled.
The subordinated guaranteed SEK 2,500 million and DKK650 million bonds were redeemed on 28 March 2022.
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%.
Subordinated guaranteed notes with a notional value of £400 million were issued on 10 October 2014, bearing a fixed rate of 5.125%.
In September 2021, the Group redeemed £240 million nominal value of the bonds.
In June 2023, the Group redeemed a further £40 million nominal value of the bonds.
In October 2025, the Group redeemed in full the remaining £120 million nominal value of the bonds.
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.
View our recent and previous regulatory and annual reports.