EFTA Document EFTA01380743

2) We have also been looking Contingent Convertibles bonds, which have been issued post-crisis primarily by European banks as securities that absorb losses when capital of the issuing bank falls below a certain level (i.e. trigger). Two such examples that we've highlighted: SocGen 6.00 2049 (Offer N- 95.51, YTC - 7.26%1 • The bond is a non call Sy (NC5) structure with first call date on 01/27/2020, after which it floats to USSWS + 4.067%. Post first call date, it is callable every five ye