20 Non-derivative Financial Liabilities
Non-derivative Financial Liabilities
Dec. 31, 2021
Jun. 30, 2022
in € million
Non-derivative financial liabilities
Liabilities to banks
Liabilities to other creditors
Deferred interest from non-derivative financial liabilities
The U.S. dollar bond issued in 2013 is translated at the exchange rate at the end of the reporting period in line with applicable IFRS provisions. Allowing for the hedging rate prescribed through the interest hedging transaction entered into, this financial liability would be € 56.3 million lower than the recognized value (Dec. 31, 2021: € 36.1 million).
The nominal obligations of the liabilities to banks and the liabilities to other creditors developed as follows:
The nominal obligations of the liabilities to banks and the liabilities to other creditors
in € million
Dec. 31, 2021
Jun. 30, 2022
Bond (EMTN Green Bond)*
Bond (EMTN Social Bond)*
Promissory note loan*
- * Under the conditions of existing loan agreements, Vonovia is obliged to fulfill certain financial covenants, which it fulfilled.
- ** For a portion of the mortgages, Vonovia is obliged to fulfill certain financial covenants, which it fulfilled.
- *** This includes mortgages, bonds, registered bonds and bearer bonds. For a portion of the financing, Deutsche Wohnen is obliged to fulfill certain financial covenants, which it fulfilled.
Of the nominal obligations to creditors, € 12,759.5 million (Dec. 31, 2021: € 13,060.3 million) are secured by land charges and other collateral (account pledge agreements, assignments, pledges of company shares and guarantees of Vonovia SE or other Group companies). In the event that payment obligations are not fulfilled, the securities provided are used to satisfy the claims of the banks.
Repayment of Bonds Under the European Medium-Term Notes Program (EMTN)
A bond in the amount of € 500.0 million issued in 2017 was repaid as scheduled in January 2022.
May 2022 saw the early repayment of a € 500 million bond from 2014 that was set to mature in July 2022.
In June 2022, a € 500.0 million bond from 2016 was repaid as scheduled.
Repayment of Bonds and Bearer Bonds of Deutsche Wohnen
Deutsche Wohnen repaid registered bonds worth € 150.0 million and a bearer bond in the amount of € 100.0 million as scheduled in January 2022.
In addition, an unscheduled repayment was made on a registered bond in the amount of € 76.3 million in February 2022.
Issue of Bonds Under the European Medium-Term Notes Program (EMTN)
On March 21, 2022, Vonovia SE placed two social bonds in a total amount of € 1,650.0 million with maturities of 3.85 and 6.25 years, as well as a green bond worth € 850.0 million with a maturity of ten years. The bonds, which have a total amount of € 2,500.0 million, bear interest at a rate of 1.375%, 1.875% and 2.375%.
On March 30, 2022, Vonovia issued two variable-rate SEK bonds worth SEK 1,250.0 million with maturities of 2 and 5 years that were disbursed on April 8, 2022.
Promissory Note Loans
On February 16, 2022, Vonovia SE issued promissory note loans of € 1,010.0 million with terms of between 5 and 30 years and an average interest rate of 1.13%.
On January 18, 2022, Vonovia SE took out a commercial paper of € 500.0 million with a maturity of three months. This was repaid in full on April 21, 2022.
On February 25, 2022, Vonovia took out secured financing with Landesbank Baden-Württemberg in the amount of € 175.0 million with a maturity of ten years.
On April 1, 2022, Vonovia took out secured financing with Berlin Hyp in the amount of € 175.0 million with a maturity of ten years.
On April 12, 2022, Vonovia took out secured financing with Bayern LB in the amount of € 150.0 million with a maturity of ten years.
On February 25, 2022, Vonovia SE took out an unsecured loan with Caixabank S.A. in the amount of € 142.0 million with a maturity of five years.
On February 25, 2022, Vonovia SE took out an unsecured loan with DZ Bank AG in the amount of € 250.0 million with a maturity of seven years.
The bridge facility taken out in connection with the acquisition of Deutsche Wohnen was valued at € 3,490.0 million and repaid in full as of March 1, 2022.