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.
To ensure access to sufficient competitively priced funding, 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.
Stora Enso’s debt structure is focused on the capital markets, whereas banks are primarily used to provide back-up facilities. To balance exposure, 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.
Through the links below you can find out more about how how we work towards our investors.
|as at 30 September 2018||EUR||USD||CNY|
|Public issues||EUR 175 million 2019||USD 300 million 2036|
|EUR 300 million 2023|
|EUR 300 million 2027|
|EUR 300 million 2028|
|Private placements||EUR 150 million||USD 50 million|||
|Financial Institutions||EUR 362 million||USD 773 million||CNY 2 526 million|
|Pension commitment loans|
|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|||||
|Back-up facility||EUR 600 million Sustainability linked Revolving Credit Facility 2023 1)|||||
|Issue / Maturity Dates||Description of Bond||Interest Rate %||Currency of Bond||Nominal Value Issued||Outstanding As at 31 December||Carrying Value As at 30 September|
|All liabilities are Held by the Parent company ||Currency million ||EUR million|
|1993 - 2019||Series C Senior Notes 2019||8.600||USD||50||44||45|
|2006 - 2036||Global 7.250% Notes 2036||7.250||USD||300||247||256|
|2012 - 2019||Euro Medium Term Note||5.000||EUR||500||178||175|
|2016 - 2023||Euro Medium Term Note||2.125||EUR||300||298||298|
|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||1 370|
|2015 - 2025||Euro Medium Term Note||Euribor +2.25||EUR||125||125||125|
|2015 - 2027||Euro Medium Term Note||Euribor +2.35||EUR||25||25||25|
|Total Floating Rate Bond Loans||150|
|Total Bond Loans||1 520|
|Rating agency||Long / Short-term rating||Valid from|
|Fitch Ratings||BBB- (stable)||8 August 2018|
|Moody's||Baa3 (stable) / P-3||1 November 2018|