SAS issued a subordinated loan of MCHF 200 during the 1985/86 fiscal year. There is no set maturity date for this loan. The interest rate is fixed for 10-year periods.
SAS has an exclusive right to cancel this loan every fifth year. When the loan is canceled in connection with an interest-rate reset, SAS is entitled to repay the loan at 100% of its nominal value. If it is canceled five years after an interest-rate reset, the loan must be repaid at 102.5% of nominal value.