Notes to the consolidated financial statements of Aegon N.V.  Note 35 248 1  The coupon of the EUR 114 million bonds was originally set at 8% until June 8, 2005. Subsequently, the coupon has been reset at 4.156% until 2015. 2  The coupon of the EUR 136 million bonds was originally set at 7.25% until October 14, 2008. Subsequently, the coupon has been reset at 5.185% until  October 14, 2018.  3  The coupon of the EUR 203 million bonds was originally set at 7.125% until March 4, 2011. Subsequently, the coupon has been reset at 4.26% until  March 4, 2021. 4  If the bonds are not called on the respective call dates and after consecutive period of ten years, the coupons will be reset at the then prevailing effective yield of  ten-year Dutch government securities plus a spread of 85 basis points. The bonds have the same subordination provisions as dated subordinated debt. In addition, the conditions of the bonds contain  provisions for interest deferral and for the availability of principal amounts to meet losses.  Although the bonds have no stated maturity, Aegon has the right to call the bonds for redemption at par for the first time on  the coupon date in the year of next call.  On February 7, 2012, Aegon issued USD 525 million in aggregate principal amount of 8.00% non-cumulative subordinated notes,  due 2042, in an underwritten public offering in the United States registered with the U.S. Securities and Exchange Commission.  The subordinated notes bear interest at a fixed rate of 8.00% and have been priced at 100% of their principal amount. Any cancelled  interest payments will not be cumulative. The securities are subordinated and rank senior to the junior perpetual capital securities, equally with the perpetual cumulative  subordinated bonds and junior to all other liabilities. The conditions of the securities contain certain provisions for optional and required  cancellation of interest payments. The securities have a stated maturity of 30 years, however Aegon has the right to call the securities  for redemption at par for the first time on the first coupon date in 2017, or on any coupon payment date thereafter. These notes are recognized as a compound instrument due to the nature of this financial instrument. Compound instruments  are separated into an equity component and a liability component. At December 31, 2013 the equity component amount to  EUR 271 million, subordinated borrowings amounts to EUR 44 million and a deferred tax liability amounting to EUR 84 million. Refer to note 36 for details of the component classified as subordinated borrowings. 1  Issued by a subsidiary of Aegon N.V. 2  Issued by a subsidiary of, and guaranteed by Aegon N.V. Trust pass-through securities are securities through which the holder participates in a trust. The assets of these trusts consist of junior  subordinated deferrable interest debentures issued by Transamerica Corporation and Clark Consulting Inc. The trust pass-through  securities carry provisions with regard to deferral of distributions for extension periods up to a maximum of ten consecutive semi- annual periods. The trust pass-through securities are subordinated to all other unsubordinated borrowings and liabilities. There were no  defaults or breaches of conditions during the period. The fair value of these loans amount to EUR 122 million (2012: EUR 129 million). Annual Report 2013 35 Trust pass­through securities Coupon rate Coupon rate Year of issue Year of maturity Year of next call 2013 2012 USD 18 million  1) Floating Quarterly, July 23 2004 2034 2014 14 15 USD 225 million  2) 7.65% Semi-annually, December 1 1996 2026 n.a. 85 102 USD 190 million  2) 7.625% Semi-annually, November 15 1997 2037 n.a. 36 38 At December 31 135 155 Perpetual cumulative subordinated bonds Coupon rate Coupon date Year of next call 2013 2012 2011 EUR 114 million 4.156%  1) ,  4) Annual, June 8 2015 114 114 114 EUR 136 million 5.185%  2) ,  4) Annual, October 14 2018 136 136 136 EUR 203 million 4.260%  3) ,  4) Annual, March 4 2021 203 203 203 At December 31 454 453 453 Non­cumulative subordinated notes Coupon rate Coupon date Year of next call 2013 2012 2011 USD 525 million 8% Quarterly, February 15 2017 271 271 - At December 31 271 271 ­