Stora Enso’s funding strategy is based on the group’s financial targets. Stora Enso should have access to sufficient competitively priced funding at any time to be able to pursue its strategy and achieve its financial targets.
In order to achieve this, the emphasis is on capital markets funding. Stora Enso strives to build confidence and a track record with fixed-income investors by being informative and transparent.
The debt structure of Stora Enso is focused on capital markets, whereas banks are utilised primarily to provide back-up facilities. To balance exposures, funding is obtained in the currencies of the group’s investments and assets (primarily USD, EUR and SEK).
Commercial paper markets are used for short-term funding and liquidity management.
|as at 31 March 2018||EUR||USD||CNY|
EUR 176 million 2019
EUR 300 million 2023
EUR 300 million 2027
EUR 300 million 2028
|USD 300 million 2036|
|Private placements||EUR 150 million ||USD 50 million|||
|Financial Institutions||EUR 164 million||USD 857 million||CNY 1 196 million|
|Pension commitment loans||EUR 2 million|||||
Debt Programmes and Credit Facilities
|Commercial Paper Programmes||Finnish Commercial Paper Programme EUR 750 million||||Swedish Commercial Paper Programme
SEK 10 000 million
|EMTN (Euro Medium-Term Note Programme)||EUR 4 000 million|||||
|EUR 600 million Sustainability linked Revolving Credit Facility
1) Undrawn committed credit facility EUR 600 million. Part of the pricing for the facility agreement is based on Stora Enso's Science Based Targets to combat global warming by reducing greenhouse gases, including CO2.
Bond loans in non-current debt
Description of Bond
Interest Rate %
Currency of Bond
Nominal Value Issued
As at 31 December
As at 31 March
All liabilities are Held by the Parent company
1993 - 2019||
Series C Senior Notes 2019||8.600||USD||50||44||43|
2006 - 2036||
Global 7.250% Notes 2036||
2012 - 2019||
Euro Medium Term Note||
2016 - 2023||
Euro Medium Term Note||2.125||
|2017 - 2027||Euro Medium Term Note||2.500||EUR||300||298||298|
|2018 - 2028||Euro Medium Term Note||2.500||EUR||300||||298|
Total Fixed Rate Bond Loans
2015 - 2025||
Euro Medium Term Note||
|2015 - 2027||Euro Medium Term Note|
Total Floating Rate Bond Loans
Total Bond Loans
Stora Enso Group’s
target is to have at least one public credit rating with long-term ambition to
return to investment grade credit rating. The present rating and outlook from
Moody's and Standard & Poor's (S&P) are shown below.
For older reports please visit
and select Rating reports.
|Rating agency||Long / Short-term rating||Valid from|
|Standard & Poor's||BB+ (stable) / B||21 August 2017|
|Moody's||Ba1 (positive) / NP||26 February 2018|
Stora Enso’s goal is to ensure that rating agencies continue to be comfortable with Stora Enso’s strategy and performance. The company's strategy is to achieve liquidity well in line with the comfort level of the agencies. Review meetings are arranged with the Stora Enso management annually, and regular contact is kept with the rating analysts.