13 Borrowings


In CHF million  
  30.06.2014 31.12.2013
Hybrid debt
  2 624 2 634
Convertible debt
  448 445
Senior bonds
  422 422
Bank loans
  311 174
Other
  3 3
Total borrowings
  3 808 3 677


Hybrid debt

In March 1999, Swiss Life Ltd privately placed a subordinated perpetual step-up loan comprising three simultaneous advances of EUR 443 million (at a rate of interest of Euribor plus a margin of 1.05%, increased by 100 basis points as from April 2009), CHF 290 million (at a rate of interest of Libor plus a margin of 1.05%, increased by 100 basis points as from April 2009) and EUR 215 million (at a rate of interest of Euribor plus a margin of 1.05%, increased by 100 basis points as from October 2009). In 2009, Swiss Life Ltd renounced the right to call the loan on its first call date. Following the purchase offer by Swiss Life Insurance Finance Ltd. in 2012, EUR 192 million remain outstanding and were not called on the second optional call date in April 2014. Swiss Life Ltd can next call the outstanding loan in 2019 or at five-year intervals thereafter, at its discretion, upon notice and subject to the consent of the Swiss Financial Market Supervisory Authority.

Bank loans

The increase in bank loans in the first half of 2014 primarily relates to mortgage loans of newly acquired investment property.

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