Property ownership is highly capital intensive and Fabege’s property portfolio represents a significant value. Accordingly, the choice of capital structure and financing policy are of the utmost importance.
Fabege’s financing operations are governed by the company’s financial policy, which is established by the Board of Directors. Long-term credit lines provide safe and flexible financial management.
The company’s creditors mainly comprise the major Nordic banks and investors on the capital market.
Per 30 June 2020, 91 per cent of Fabeges financing was green.
Financing*
| 30 Jun 2020 | 31 Dec 2019 | |
| Interest-bearing liabilities, SEKm | 24,694 | 26,414 |
| of which outstanding MTN, SEKm | 6,350 | 6,850 |
| of which outstanding SFF, SEKm | 1,510 | 2,085 |
| of which outstanding commercial paper, SEKm | 1,875 | 1,980 |
| Unutilized facilities, SEKm | 4,235 | 4,580 |
| Capital maturity, year | 5.7 | 5.8 |
| Fixed-rate period, years | 4.6 | 4.5 |
| Fixed-rate, share of portfolio, % | 79 | 73 |
| Derivative market value, SEKm | -660 | -367 |
| Average interest, incl. promises, % | 1.93 | 1.80 |
| Average interest, excl. promises, % | 1.84 | 1.72 |
| Unsecured assets, % | 33 | 28 |
| Loan-to-value ratio | 34 | 36 |
Green financing*
| Credit lines | Outstanding loans and bonds | |
| Green MTN-bonds, SEKm | 6,350 | 6,350 |
| Green bonds via SFF, SEKm | 1,510 | 1,510 |
| Green commercial papers, SEKm | 5,000 | 1,875 |
| Green loans, other, SEKm | 16,817 | 12,647 |
| Total green financing, SEKm | 29,677 | 22,382 |
| Share of green financing, % | 87 | 91 |
| Total green facilities, SEKm | 53,567 | |
| of which free green facilities, SEKm | 21,436 |
*Per 30 June 2020