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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. 

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.

Stora Enso has EUR 1 256 million cash and cash equivalents at 30 September 2021. The company has EUR 600 million Committed Revolving Credit Facility fully undrawn and an undrawn committed EUR 150 million loan with European Investment Bank that can be drawn latest in 2022 for five-year maturity. Additionally, the company has access to EUR 950 million statutory pension premium loans in Finland. Stora Enso has a good access to various funding sources.  

Public debt structure

as at 30 September 2021 ​EUR ​USD SEK
Public issues​
EUR 300 million 2023 USD 300 million 2036 SEK 3000 million 2024
EUR 300 million 2027 SEK 3000 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 30 September 2021 ​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 600 million Sustainability linked Revolving Credit Facility 2023 1)
EUR 150 million committed undrawn EIB loan. To be drawn latest 2022, five-year maturity

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 our Sustainability Report 2020, section Investors 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 30 September Carrying Value as at 30 September
​ ​ ​ ​ 2021 2021
​All liabilities are Held by the Parent company ​ ​ ​ Currency million​​ ​​ EUR million​
Fixed rate      
​2006 - 2036 Global 7.250% Notes 2036​ ​7.250 ​USD 300​ 300 256
​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 1 750 172
2020 - 2025 Euro Medium Term Note​ 2.375 SEK 1550 1 550 153
2020-2030 Euro Medium Term Note​ 0.625 EUR​ 500 500 495
Total Fixed Rate Bond Loans 1 973
Floating rate
​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 - 2024 ​Euro Medium Term Note Stibor + 1.45 SEK 1 250 1 250 123
​2019 - 2026 ​Euro Medium Term Note Stibor + 1.60 SEK 1 000 1 000 98
2020 - 2025 Euro Medium Term Note Stibor + 2.20 SEK 1 550 1 550 153
Total Floating Rate Bond Loans 524
Total Bond Loans 2 496

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 Ratings BBB- (stable) 8 August 2018
Moody's Baa3 (stable) / P-3 1 November 2018

Stora Enso’s current credit ratings are: Baa3 with stable outlook from Moody’s and BBB- with stable outlook from Fitch Ratings. Both ratings correspond to an Investment Grade rating, and there has been no changes in the ratings up to the end of September 2021.

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 Financial report 2020.

Rating reports


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