(26) Notes payable and loans

As at the balance sheet date, the following were reported under this item:

N130 NOTES PAYABLE AND LOANS
  FIGURES IN EUR MILLION
    31.12.2013 31.12.2012
  Talanx AG bank liability 150 500
  Talanx AG notes payable 565 9
  Mortgage loan of Hannover Re Real Estate Holdings, Inc., Orlando 150 168
  Mortgage loan of HR GLL Central Europe GmbH & Co. KG, Munich 77
  Total 942 677
   

The bank liability is the result of utilising EUR 150 million under two syndicated, floating-rate credit lines (nominal value: EUR 500 million and EUR 700 million, respectively). In addition, on 13 February 2013, Talanx AG placed senior unsecured bonds with a volume of EUR 750 million, of which EUR 185 million is held by Group companies. The issue price amounted to 99.958%. In connection with the placement of these bonds, bearer bonds in the amount of EUR 9 million and scheduled to mature in July 2013 were redeemed by the issuer in advance. Interest expenses of EUR 18 (6) million resulting from these liabilities are recognised under the item “Financing costs”.

Net expenses from notes payable and loans total EUR 27 (16) million and consist of interest expenses and amortisation in the amount of –EUR 1 (3) million.

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N131 NOTES PAYABLE
  FIGURES IN EUR MILLION
   
    Nominal
amount
Coupon Maturity Rating 1) Issue 31.12.2013 31.12.2012
  Talanx AG 750 Fixed (3.125%) 2013/2023 (—; A–) These senior unsecured bonds have a fixed term and may be called only for extraordinary reasons 565
  Talanx AG 9 Fixed (5.43%) 2003/2013 (—; —) These bearer bonds have a fixed term and may be called only for extraordinary reasons 9
  Total           565 9
  1) (Debt Rating A.M. Best; Debt Rating S&P)
   

The book value of this item corresponds to Purchase cost cost.

N132 FAIR VALUE OF NOTES PAYABLE AND LOANS
  FIGURES IN EUR MILLION
    31.12.2013 31.12.2012
  Amortised cost 942 677
  Unrealised gains/losses 16
  Fair value 958 677
   
N133 NOTES PAYABLE AND LOANS: MATURITIES
  FIGURES IN EUR MILLION
    31.12.2013 31.12.2012
  One year or sooner 150 9
  Later than one year, up to five years 195 635
  Later than five years, up to ten years 597 33
  Later than ten years, up to 20 years
  Later than 20 years
  Total 942 677