Programmes and credit facilities
Vattenfall finances its operations and investments through a combination of its own generated cash flow and external funding, mainly in the form of corporate bonds. Senior bonds are issued under a Euro Medium Term Note programme (EUR 10 billion). The programme is unrated but each bond is rated separately by Moody’s (A3) and S&P (BBB+).
For short-term funding, Vattenfall has a European Commercial Paper programme (EUR 4 billion) which is rated by Moody’s (“P-2”) and S&P (“A-2”). In addition, Vattenfall has access to an undrawn Revolving Credit Facility (EUR 2 billion) which serves as a general liquidity back-up and ensures financial flexibility. A total of 15 banks, which also comprise Vattenfall’s core bank group, participates in the credit facility.
|Type||Arranger/Lead manager||Amount (million)|
|Revolving Credit Facility - maturity 2021||Société Générale Corporate & Investment Banking||EUR 2,000|
|Euro CP||Citibank||EUR 4,000|
|Euro MTN||Deutsche Bank||EUR 10,000|
The following banks participate in the Revolving Credit Facility (Mandated Lead Arranger and Bookrunner in alphabetical order):
- Barclays Bank PLC
- BNP Paribas
- Citibank N.A., London Branch
- Commerzbank Aktiengesellschaft
- Danske Bank
- Deutsche Bank Luxembourg S.A.
- ING Bank N.V.
- J.P. Morgan Limited
- Landesbank Hessen-Thüringen Girozentrale
- Société Générale
- Swedbank AB