Issued bonds are disclosed at amortised cost. For the calculation of fair values, the last known price on the Ljubljana Stock Exchange is taken into account. The price for ZT01 as at 31 December 2011 was 102.0% (same as at the end of the last year) and the price for ZT02 was 101.0% (vs. 102.5% as at 31 December 2010).
The ZT01 bonds were issued in 2003 as subordinated registered bonds denominatd in EUR and in a dematerialised form. A total of 30,000 bonds were issued with the nominal value of EUR 1,000 each. All of the bonds were sold. In years 2009 and 2010 the Company bought 19,002 of the said bonds. As at 31 December 2011 the Company has an outstanding committment for 10,998 bonds. The bond has fixed interest rate of 5.125% p.a. The last coupon and the principal will fall due on 20 October 2013.
The ZT02 were issued in 2009 as subordinated registered bonds denominated in EUR and in a dematerialised form. A total of 30,000 bonds worth EUR 1,000 each were issued. All issued bonds were also sold. The fixed interest rate of this bond is 250 basis points above the 10-year mid-swap rate as at 15 December 2009 and equals 5.95% p.a. The last coupon and the principal will fall due on 21 March 2020.
In the event of winding-up or liquidation, liabilities arising from the above-mentioned bond issue are subordinated to net debt instruments and payable only after the satisfaction of all non-subordinated liabilities to ordinary creditors. These bonds may not be cashed before the maturity set by the amortisation schedule, and likewise Zavarovalnica Triglav has no right to redeem them before maturity. The bonds are not convertible into capital or any other for of debt. ZT01 bonds were listed on the Ljubljana Stock Exchange in 2004, whilst ZT02 bonds were listed in 2010