Note 17: Long-term borrowings

In € millions

 

2013

 

2014

Bonds issued

 

2,458

 

2,351

Debt to credit institutions

 

48

 

44

Other borrowings

 

160

 

132

Total

 

2,666

 

2,527

The amounts due within one year are presented under short-term borrowings. For details on the exposure to interest rate and foreign currency risk, see Note 23. During 2014, the average effective interest rate on debt issued was 4.9 percent (2013: 5.3 percent).

Bonds issued

 

 

 

 

 

In € millions

 

2013

 

2014

7 1/4% 2009/15 (€621 million)

 

626

 

8% 2009/16 (£250 million)

 

299

 

320

4% 2011/18 (€800 million)

 

793

 

794

2 5/8% 2012/22 (€750 million)

 

740

 

741

1 3/4% 2014/24 (€500 million)

 

 

496

Total

 

2,458

 

2,351

Aggregated maturities of long-term borrowings

 

 

 

 

 

In € millions

 

2016 – 2019

 

After 2019

Bonds issued

 

1,114

 

1,237

Debt to credit institutions

 

32

 

12

Other borrowings

 

81

 

51

Total

 

1,227

 

1,300

We have a €1.8 billion multi-currency revolving credit facility, which was extended in 2013 by an additional year to 2018. At year-end 2014 and 2013, this facility had not been drawn. At year-end 2014 and 2013, none of the borrowings was secured by collateral.

In November 2014, a bond was issued with a nominal value of €500 million maturing in 2024 at a coupon rate of 1.75 percent.

Financial lease liabilities are included in Other borrowings and aggregated €49 million (2013: €51 million). An amount of €6 million (2013: €6 million) will mature within one year and €18 million will mature in the period 2016 through 2019 and €25 million after 2019.