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.

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. 

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 March 2018​EUR​USD​CNY
Public issues​EUR 176 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 164 million​USD 857 million​​CNY 1 196 million
​Pension commitment loans​EUR 2 million

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.

Bond loans

​​​Issue / Maturity DatesDescription of Bond​​Interest Rate % Currency of Bond​Nominal Value Issued​Outstanding As at 31 December Carrying Value As at 31 March
​ ​ ​ ​20172018
​All liabilities are Held by the Parent company ​ ​ ​Currency million​​ ​​EUR million​
Fixed rate      
1993 - 2019Series C Senior Notes 20198.600USD5044​43
​2006 - 2036Global 7.250% Notes 2036​​7.250​USD300​247240
2012 - 2019​Euro Medium Term Note​​5.000EUR​500178176
​2016 - 2023Euro Medium Term Note​2.125​EUR​​300298298
​2017 - 2027Euro Medium Term Note​​2.500​EUR​300​298​298
​2018 - 2028​Euro Medium Term Note​2.500​EUR​300​298
Total Fixed Rate Bond Loans1 353
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 503
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

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 the [link] Download Center and select Rating reports.
​Rating agency​Long / Short-term rating​Valid from
Moody'sBa1 (positive) / NP26 February 2018
Fitch RatingsBBB- (stable)8 August 2018​
Standard & Poor's (S&P) has withdrawn their rating for Stora Enso Oyj on 29th of August 2018 at Stora Enso's request. S&P's last rating on 28th of August 2018 was BBB- with stable outlook.

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.

Rating reports