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 10 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 2025 | Skandinaviska Enskilda Banken | EUR 2,000 |
Euro CP | Citibank | EUR 10,000 |
Euro MTN | NatWest | 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
- Danske Bank
- Handelsbanken
- ING Bank N.V.
- Landesbank Hessen-Thüringen Girozentrale
- MUFG
- NatWest
- Nordea
- Rabobank
- Royal Bank of Canada
- Skandinaviska Enskilda Banken
- Société Générale
- Swedbank AB
Related information
- EMTN Prospectus, 17 May 2024 (PDF 1 MB)
- EMTN Prospectus, 30 June 2023 (PDF 1 MB)
- Euro CP Programme Information Memorandum dated 21 November 2022 (PDF 500 kB)
- Vattenfall AB - Supplement to Prospectus, 16 November 2022 (PDF 92 kB)
- Vattenfall AB - Supplement to Prospectus, 6 October 2022 (PDF 155 KB)
- Green Financing Framework May 2022 (PDF 766 MB)
- Green Financing Second Opinion May 2022 (PDF 3 MB)
- E-Certificate of registration, 1 April 2022 (PDF 600 kB)
- Vattenfall AB - Supplementary Prospectus, approved 4 February 2021 (PDF 73 kB)
- Euro CP Programme Information Memorandum dated 14 February 2020 (PDF 656 kB)
- Vattenfall AB - Supplementary Prospectus, 26 February 2020 (PDF 117 kB)
- Vattenfall Green Bond Framework April 2019 (PDF 283 kB)
- Vattenfall Green Bond Second Opinion May 2019 (PDF 860 kB)
- Summary document - Subordinated Capital Securities, 30 April 2018 (PDF 502 kB)
- Summary document - Euro Medium Term Notes, 30 April 2018 (PDF 502 kB)
- Earlier EMTN prospectuses
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