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Note 28: Unsecured Subordinated Bonds

GROUP

PARENT

2014

$000

2013

$000

2014

$000

2013

$000

Repayment terms and interest:

Maturing in March 2014, 8.5% p.a. fixed coupon rate

-

54,713

-

54,713

Maturing in December 2015, 8.4% p.a. fixed coupon rate

 

100,000

100,000

100,000

100,000

Maturing in September 2019, 6.75% p.a. fixed coupon rate

 

140,000

140,000

140,000

140,000

Bond issue costs

 

(1,789)

(2,338)

(1,789)

(2,338)

 

 

238,211

292,375

238,211

292,375

Current portion

-

54,713

-

54,713

Non-current portion

 

238,211

237,662

238,211

237,662

 

 

238,211

292,375

238,211

292,375

At maturity the bonds maturing in December 2015 and prior can be converted at the option of the Company to ordinary shares based on the market price of ordinary shares at the time. The bonds are fully subordinated behind all other creditors.

At 31 March 2014 the subordinated bonds had a fair value of $247,545,000 (31 March 2013: $312,930,000). They have been classified within the fair value hierarchy as level 1, see note 40 for a definition of the levels.