36. Financial liabilities

The company’s medium-term and long-term financing needs are covered by an ongoing capital market bond programme with a maximum volume of €5 billion. On 1 March 2019, a due bond of €500 million was repaid with a coupon of 3.375% and was not refinanced through the bond issuance programme. As of 30 September 2019, the utilised bond issuance programme amounted to a total of €1,901 million.

Short-term financing requirements are covered through the Euro Commercial Paper Programme with a maximum volume of €2 billion. On average, the programme was used at €785 million during the reporting period. As of 30 September 2019, the utilisation amounted to €387 million (30/9/2018: €497 million).

In addition, METRO has access to syndicated credit facilities totalling €1,750 million (30/9/2018: €1,750 million) with terms ending between 2021 and 2024. If the credit facilities are used, the interest rates range between EURIBOR +50.0 basis points (BP) and EURIBOR +55.0 BP. As was the case in the previous year, the credit facilities were not utilised in financial year 2018/19. The contract terms for the syndicated credit facilities provide for a decrease of 10 BP in the spread if METRO’s credit rating is raised by one grade. In the event of a downgrade in METRO’s rating, the margins increase by 25 BP.

As of 30 September 2019, METRO had access to additional bilateral bank credit facilities totalling €609 million (30/9/2018: €633 million), of which €279 million (30/9/2018: €318 million) had a remaining term of up to one year. As of the closing date, €359 million (30/9/2018: €383 million) of the bilateral credit facilities had been utilised. Of this amount, €279 million (30/9/2018: €318 million) had a remaining term of up to one year. As of the closing date, there were €250 million of free multi-year bilateral credit facilities available.

Default by a lender can be covered at any time by the existing undrawn credit facilities or the available money and capital market programmes. METRO therefore does not bear any creditor default risk.

METRO principally does not provide collateral for financial liabilities. One exception concerns the first-time consolidation of METRO PROPERTIES GmbH & Co. KG as well as its subsidiaries in 2003. As of 30 September 2019, collateral securities in the amount of €11 million (30/9/2018: €13 million) was provided for financial liabilities.

The following tables show the maturity structure of the financial liabilities. The carrying amounts and fair values indicated include the interest accrued when the maturity is less than one year.

Redeemable loans that are reported under liabilities to banks are listed with the remaining terms corresponding to their redemption date.

The following tables show the interest rate structure of the financial liabilities:

The fixed interest rate on short- and medium-term financial liabilities and the interest rate adjustment dates of all fixed-interest financial liabilities are essentially the same as those shown. The repricing dates for variable interest rates are less than one year.