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 and commercial banks. Stora Enso maintains consistent dialogue with fixed-income community with informative and transparent communication and meetings in conferences and road-shows.
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.
Through the links below you can find out more about how how we work towards our investors.
|as at 30 September 2020||EUR||USD||SEK|
|EUR 300 million 2023||USD 300 million 2036||SEK 3000 million 2021|
|EUR 300 million 2027||SEK 3000 million 2024|
|EUR 300 million 2028||SEK 3100 million 2025|
|Private placements||EUR 125 million 2025||SEK 1000 million 2026|
|EUR 25 million 2027|
|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)|||||
|EUR 150 million Bilateral Committed Credit Facility 2021|
|EUR 100 million Bilateral Committed Credit Facility 2022|
|Issue / Maturity Dates||Description of Bond||Interest Rate %||Currency of Bond||Nominal Value Issued||Outstanding As at 30 September||Carrying Value As at 30 September|
|All liabilities are Held by the Parent company ||Currency million ||EUR million|
|2006 - 2036||Global 7.250% Notes 2036||7.250||USD||300||300||253|
|2016 - 2023||Euro Medium Term Note||2.125||EUR||300||300||299|
|2017 - 2027||Euro Medium Term Note||2.500||EUR||300||300||299|
|2018 - 2028||Euro Medium Term Note||2.500||EUR||300||300||298|
|2019 - 2024||Euro Medium Term Note||1.875||SEK||1750||1 750||165|
|2020 - 2025||Euro Medium Term Note||2.375||SEK||1550||1 550||147|
|Total Fixed Rate Bond Loans||1 461|
|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|
|2019 - 2021||Euro Medium Term Note||Stibor + 0.85||SEK||3 000||3 000||284|
|2019 - 2024||Euro Medium Term Note||Stibor + 1.45||SEK||1 250||1 250||118|
|2019 - 2026||Euro Medium Term Note||Stibor + 1.60||SEK||1 000||1 000||94|
|2020 - 2025||Euro Medium Term Note||Stibor + 2.20||SEK||1 550||1 550||147|
|Total Floating Rate Bond Loans||793|
|Total Bond Loans||2 254|
|Rating agency||Long / Short-term rating||Valid from|
|Fitch Ratings||BBB- (stable)||8 August 2018|
|Moody's||Baa3 (stable) / P-3||1 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 2019.