Debt investors

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Debt investors

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.

Stora Enso’s debt structure is focused on the capital markets, whereas banks are utilised primarily to provide back-up facilities. Stora Enso strives to build confidence and a track record with fixed-income investors by being informative and transparent.

Funding is obtained in the currencies of the Group’s investments and assets (primarily USD, EUR, SEK and CNY). Commercial paper markets are used for short-term funding and liquidity management.

Find out more

Through the links below you can find out more about how how we work towards our investors.

Debt structure

as at 31 December 2018​EUR​USD​CNY
Public issues​EUR 175 million 2019USD 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 361 million​USD 681 million​​CNY 2 759 million
​Pension commitment loans

Debt programmes and credit facilities

​EURUSD​​SEK
​Commercial Paper ProgrammesFinnish 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)
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.



Stora Enso is integrating sustainability agenda to its funding and financial services. The Group has the long-term aim to secure funding partners that have sustainability as a fundamental part of their agenda. We aim to influence and develop the financial markets to ensure that sustainability becomes an integral part of decisions and credit evaluation. For more information, please see Stora Enso’s Sustainability Report 2018, section Investors or visit our website storaenso.com/investors

Bond loans in non-current debt

​​​Issue / Maturity DatesDescription of Bond​​Interest Rate % Currency of Bond​Nominal Value Issued​Outstanding As at 31 December Carrying Value As at 31 December
​ ​ ​ ​20182018
​All liabilities are Held by the Parent company ​ ​ ​Currency million​​ ​​EUR million​
Fixed rate      
1993 - 2019Series C Senior Notes 20198.600USD505045
​2006 - 2036Global 7.250% Notes 2036​​7.250​USD300​300259
2012 - 2019​Euro Medium Term Note​5.500EUR​500175175
​2016 - 2023Euro Medium Term Note​2.125​EUR​​300300298
​2017 - 2027Euro Medium Term Note​​2.500​EUR​300300​298
​2018 - 2028​Euro Medium Term Note​2.500​EUR​300300​298
Total Fixed Rate Bond Loans1 373
Floating rate
​2015 - 2025Euro Medium Term Note​​Euribor +2.25​EUR125​​125125
​2015 - 2027​Euro Medium Term Note​Euribor +2.35EUR​​25​25​25
Total Fl​​​oating Rate Bond Loans  150
Total Bond Loans1 523

Rating strategy

Stora Enso Group’s target is to have at least one public credit rating with the ambition to be investment grade and sustain such metrics throughout business cycles. The present rating and outlook from Moody's and Fitch Ratings are shown below. For older reports please visit our Download Center and select Rating reports.
​Rating agency​Long / Short-term rating​Valid from
Fitch RatingsBBB- (stable)8 August 2018​
Moody'sBaa3 (stable) / P-31 November 2018

On 6th of August 2018 Stora Enso signed a new credit rating agreement with Fitch Ratings. Fitch assigned Stora Enso Oyj a rating of BBB- with a stable outlook. At the same time Stora Enso terminated its credit rating agreement with the rating agency S&P Global Ratings (Standard & Poor’s) and asked S&P to withdraw their rating. Rating was removed on 28th of August 2018 and it was BBB- with stable outlook.

On 1st of November 2018, Moody's Investors Service upgraded Stora Enso Oyj to Baa3 from Ba1 with stable outlook. After the upgrade an Investment Grade rating has been received from both Moody’s and Fitch.

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 maintained with the rating analysts.

Read more about debt and loans in Note 26 of Stora Enso's Financial report 2018.


Rating reports