Dexia to skip November interest payment on fixed/floating perpetuals

By Angela McDaniels

Tacoma, Wash., Sept. 27 – Dexia SA will not make an interest payment on its €39.79 million fixed-rate/floating-rate perpetual noncumulative guaranteed securities on Nov. 2, according to an announcement.

Dexia’s revised orderly resolution plan includes some restrictions on the payment of coupons and the exercise of calls on subordinated debt and hybrid capital from the group’s issuers.

The company issued €500 million of the securities in November 2006.

Dexia is a 94.4% state-owned Belgian-French banking institution under the direct supervision of the European Central Bank.

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