28 Debt issued
audited information

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in CHF thousands

31.12.2008

31.12.2007

+/– %

*

On 12 April 2006, Liechtensteinische Landesbank AG made a convertible bond issue amounting to CHF thousands 270'000. The coupon amounts to 1.65 percent, the bond is due in 2011 and the conversion price amounts to CHF 117.75. Bond holders are entitled to convert bonds having a par value of CHF 1'000.– each from 6 July 2006 to 7 April 2011 into 8.492569 bearer shares of Liechtensteinische Landesbank AG (adjustments are possible). The proceeds from the bond issue were recognised partly as a liability and partly as an equity component. The fair value of the liability component amounted to CHF thousands 258'118; it was calculated on the basis of the market interest rate for an equivalent non-convertible bond. The remaining amount of CHF thousands 11'882 was reported as an equity component in other reserves. Transaction costs amounting to CHF thousands 4'191 were deducted from the component reported as liabilities, while costs of CHF thousands 193 were deducted from other reserves. The effective interest rate amounted to 2.60 percent.

**

The average interest rate per 31 December 2008 was 2.54 percent and per 31 December 2007 was 2.30 percent.

Convertible bonds *

268'543

256'769

4.6

Medium-term notes **

1'483'764

1'369'623

8.3

Shares in bond issues of the Swiss Regional or Cantonal Banks' Central Bond Institutions

628'577

624'378

0.7

Total debt issued

2'380'884

2'250'770

5.8