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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 and commercial banks. Stora Enso maintains consistent dialogue with fixed-income community with informative and transparent communication and meetings in conferences and roadshows. The Company's Treasury function is responsible for fixed income investor communication.

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

In Q1 2023, Stora Enso liquidity and funding position continued to be strong. Stora Enso has EUR 1.2 billion cash and cash equivalents at 31 March 2023. During Q2 2022 Stora Enso arranged bilateral loans with commercial banks up to 250 million. During Q4 Stora Enso arranged additional bilateral loans of EUR 300 million with three year maturity and extension options. The company has EUR 900 million of committed undrawn credit lines: an undrawn committed credit facility of EUR 200 million and EUR 700 million Committed Revolving Credit Facility fully undrawn. Additionally, the company  has access to EUR 1.05 billion statutory pension premium loans in Finland. Stora Enso has a good access to various funding sources.  

Public debt structure

as at 31 March 2023 ​EUR ​USD SEK
Public issues​
EUR 300 million 2023 USD 300 million 2036 SEK 3000 million 2024
EUR 300 million 2027 SEK 3100 million 2025
EUR 300 million 2028
EUR 500 million 2030
​Private placements ​EUR 125 million  2025                  SEK 1000 million 2026
​EUR 25 million  2027                 
Pension commitment loans

Debt programmes and credit facilities

as at 31 March 2023 ​EUR USD​ ​SEK
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 700 million Sustainability linked Revolving Credit Facility 2027 1)
​EUR 200 million Bilateral Committed Credit Facility 2023 undrawn

1) Undrawn committed credit facility EUR 700 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 has integrated 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 Annual Report 2022 or visit our website

Bond loans in non-current debt

​​​Issue / Maturity Dates Description of Bond​ ​Interest Rate %  Currency of Bond​ Nominal Value Issued​ Outstanding as at 31 March Carrying Value as at 31 March
​ ​ ​ ​ 2023 2023
​All liabilities are Held by the Parent company ​ ​ ​ Currency million​​ ​​ EUR million​
Fixed rate      
​2016 - 2023 Euro Medium Term Note​ ​2.125 ​EUR 300 300 300
​2019 - 2024 Euro Medium Term Note​ 1.875 SEK 1 750 1 750 157
2020 - 2025 Euro Medium Term Note​ 2.375 SEK 1 550 1 550 140
​2017 - 2027 Euro Medium Term Note​ 2.500 EUR​ 300 300 299
​2018 - 2028 Euro Medium Term Note​ 2.500 EUR​ 300 300 299
​2020 - 2030 Euro Medium Term Note​ 0.625 EUR​ 500 500 495
​2006 - 2036 Global 7.250% Notes 2036​ ​7.250 ​USD 300 300 278
Total Fixed Rate Bond Loans 1 968
Floating rate
​2019 - 2024 ​Euro Medium Term Note Stibor + 1.45 SEK 1 250 1 250 112
​2015 - 2025 ​Euro Medium Term Note ​Euribor +2.25 EUR​ 125 125 125
2020 - 2025 ​Euro Medium Term Note Stibor + 2.20 SEK 1 550 1 550 140
​2019 - 2026 ​Euro Medium Term Note Stibor + 1.60 SEK 1 000 1 000 90
​2015 - 2027 ​Euro Medium Term Note ​Euribor +2.35 ​EUR 25 25 25
Total Floating Rate Bond Loans 492
Total Bond Loans 2 460

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.
​Rating agency ​Long / Short-term rating ​Valid from
Fitch Ratings BBB- (positive) 9 March 2023
Moody's Baa3 (positive) / P-3 10 February 2023

Stora Enso’s current credit ratings are: Baa3 with positive outlook from Moody’s and BBB- with positive outlook from Fitch Ratings. Both ratings correspond to an Investment Grade rating, and there were no changes in the ratings up to 31st December 2022.

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 our Annual Report 2022.

Rating reports


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