As a consequence, and taking into account the Euro-denominated 500 million hybrid note offering, at 3 00 % coupon with a 8-year first call date launched on November 26 2019, these transactions will allow to reduce the total stock of hybrids on EDF's balance sheet by approximately 9 % to 9 2 billion euros while making a net coupon savings of around 44 million euros in 2020 and around 58 million euros from 2021.