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The EVN bonds

Financing strategy

The diversification of financing instruments and partners is a key component of EVN’s financing strategy. Good business relations with regional, international and multilateral banks are therefore particularly important, as is flexible access to national and international investors over the capital market. The basis is formed by EVN’s established presence on the debt markets, the external ratings issued by Moody’s and Standard & Poor’s and the existing framework documentation (debt issuance programme) for capital market issues. This framework documentation was renewed in January 2016 and supports issue volumes of up to EUR 2.0bn. Bonds and private placements with a total volume of approximately EUR 680.0m were outstanding as of 30 September 2016 within the context of the debt issuance programme.

The outstanding bonds, private placements and promissory note loans have a balanced maturity profile which ranges from 2017 to 2032. A private placement with a nominal value of EUR 28.5m which was scheduled for repayment in 2015/16 was financed from operating cash flow. There were no new issues during the reporting year.

Credit assessments by rating agencies

EVN undergoes regular independent credit evaluations by the international Moody’s and Standard & Poor’s rating agencies. Both agencies confirmed their ratings in 2015/16 in connection with their annual updates. Moody’s confirmed its A3 rating (stable outlook) in February 2016, and Standard & Poor’s retained its BBB+ rating (stable outlook) at the beginning of April. Consequently, EVN continues to meet its goal to maintain a rating in the good investment grade area.

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