Natixis Structured Products has reported investment in its outstanding notes, warrants and certificates stood at €76.9m at June 30, 2016, down from €178.4m at the end of December last year.
The fully owned subsidiary of Natixis was, until 2014 when its issuance programme was terminated due to a change in jurisdictional preference, the main issuing vehicle for its parent company, in th form of Euro medium-term notes (EMTNs), German certificates and warrants. The company's current activity is in relation to the gradual maturity of previously-issued EMTNs, certificates and warrants.
The investments include €75.4m of EMTNs, down from €178m on December 31, 2015; €275,088 of warrants (2015: €284,949); and €1.2m of certificates (2015: €0), according to the company's interim results which were approved by the board of directors on August 22, 2016. Non-current investments included €166.8m of structured notes (2015: €211m), €8.5m of warrants (2015: €7.7m) and €18.9m of certificates (2015: €22.4m), stated the company.
The company reported a change in fair value for notes of minus €2.5m (€1.6m for warrants and minus €836,102 for certificates). Since the financial instruments of Natixis Structured Products are not traded in an active market, fair value (the price that would be received from the sale or transfer of an asset or paid to transfer a liability in a standard arm's length transaction between market participants at the measurement date, and therefore is based on the exit price) was established using standard valuation models, according to the company.
At June 30, 2016, the outstanding amount for non-current certificates was €19.7m, split between certificates with a maturity date of between one and two years (€9.1m) and a maturity date of between two and five years (€10.6m), while the outstanding for current certificates with a maturity date within one year was €1.2m.
Natixis Structured Products was incorporated on July 1, 2004 in Jersey, Channel Islands. The SRP database lists a number of structured products issued via the vehicle, including offerings distributed by AlterneA, Arlis Investments, AIK Group and Puilaetco Dewaaij in Belgium, KBL European Private Bankers in Luxembourg and Inversis Banco in Spain.
Click the link to view the full interim financial statements for Natixis Structured Products.
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