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Debt investors

Stora Enso’s funding strategy is based on the Group’s financial targets. Stora Enso should have access to sufficient competitively priced funding at any time to be able to pursue its strategy and achieve its financial targets.

Stora Enso’s debt structure is focused on the capital markets and commercial banks. Stora Enso maintains consistent dialogue with fixed-income community with informative and transparent communication and meetings in conferences and roadshows. 

Funding is obtained in the currencies of the Group’s investments and assets (primarily CNY, EUR, SEK and USD). Commercial paper markets are used for short-term funding and liquidity management.

Stora Enso has EUR 1 301 million cash and cash equivalents at 30 June 2021. The company has EUR 600 million Committed Revolving Credit Facility fully undrawn and an undrawn committed EUR 150 million loan with European Investment Bank that can be drawn latest in 2022 for five-year maturity. Additionally, the company has access to EUR 950 million statutory pension premium loans in Finland. Stora Enso has a good access to various funding sources.  

Find out more

Through the links below you can find out more about how how we work towards our investors.

Public debt structure

as at 30 June 2021​EUR​USDSEK
Public issues​
EUR 300 million 2023USD 300 million 2036SEK 3000 million 2021
EUR 300 million 2027SEK 3000 million 2024
EUR 300 million 2028SEK 3100 million 2025
EUR 500 million 2030
​Private placements​EUR 125 million  2025                  SEK 1000 million 2026
​EUR 25 million  2027                 
Pension commitment loans

Debt programmes and credit facilities

as at 30 June 2021​EURUSD​​SEK
Commercial Paper ProgrammesFinnish Commercial Paper Programme​ EUR 750 million​Swedish Commercial Paper Programme SEK 10 000 million
EMTN (Euro Medium-Term Note Programme)​EUR 4 000 million​
​Back-up facility​EUR 600 million Sustainability linked Revolving Credit Facility 2023 1)
EUR 150 million committed undrawn EIB loan. To be drawn latest 2022, five-year maturity

1) Undrawn committed credit facility EUR 600 million. Part of the pricing for the facility agreement is based on Stora Enso's Science Based Targets to combat global warming by reducing greenhouse gases, including CO2.



Stora Enso is integrating sustainability agenda to its funding and financial services. The Group has the long-term aim to secure funding partners that have sustainability as a fundamental part of their agenda. We aim to influence and develop the financial markets to ensure that sustainability becomes an integral part of decisions and credit evaluation. For more information, please see our Sustainability Report 2020, section Investors or visit our website storaenso.com/investors.

Bond loans in non-current debt

​​​Issue / Maturity DatesDescription of Bond​​Interest Rate % Currency of Bond​Nominal Value Issued​Outstanding as at 30 JuneCarrying Value as at 30 June
​ ​ ​ ​20212021
​All liabilities are Held by the Parent company ​ ​ ​Currency million​​ ​​EUR million​
Fixed rate      
​2006 - 2036Global 7.250% Notes 2036​​7.250​USD300​300249
​2016 - 2023Euro Medium Term Note​​2.125​EUR​300300299
​2017 - 2027Euro Medium Term Note​2.500EUR​300300299
​2018 - 2028Euro Medium Term Note​2.500EUR​300300298
​2019 - 2024Euro Medium Term Note​1.875SEK17501 750173
2020 - 2025Euro Medium Term Note​2.375SEK15501 550154
2020-2030Euro Medium Term Note​0.625EUR​500500495
Total Fixed Rate Bond Loans1 968
Floating rate
​2015 - 2025​Euro Medium Term Note​Euribor +2.25EUR​​125125125
​2015 - 2027​Euro Medium Term Note​Euribor +2.35​EUR​252525
​2019 - 2021​Euro Medium Term NoteStibor + 0.85SEK3 0003 000297
​2019 - 2024​Euro Medium Term NoteStibor + 1.45SEK1 2501 250123
​2019 - 2026​Euro Medium Term NoteStibor + 1.60SEK1 0001 00099
2020 - 2025Euro Medium Term NoteStibor + 2.20SEK1 5501 550154
Total Floating Rate Bond Loans822
Total Bond Loans2 790

Rating strategy

Stora Enso Group’s target is to have at least one public credit rating with the ambition to be investment grade and sustain such metrics throughout business cycles. The present rating and outlook from Moody's and Fitch Ratings are shown below. For older reports please visit our Download Center and select Rating reports.
​Rating agency​Long / Short-term rating​Valid from
Fitch RatingsBBB- (stable)8 August 2018
Moody'sBaa3 (stable) / P-31 November 2018

Stora Enso’s current credit ratings are: Baa3 with stable outlook from Moody’s and BBB- with stable outlook from Fitch Ratings. Both ratings correspond to an Investment Grade rating, and there were no changes in the ratings during 2020. 

Stora Enso’s goal is to ensure that rating agencies continue to be comfortable with Stora Enso’s strategy and performance. The Company’s strategy is to achieve liquidity well in line with the comfort level of the agencies. Review meetings are arranged with the Stora Enso management annually, and regular contact is maintained with the rating analysts.

Read more about debt and loans in Note 26 of our Financial report 2020.


Rating reports

Quick links

Part of the bioeconomy, Stora Enso is a leading global provider of renewable solutions in packaging, biomaterials, wooden construction and paper. We employ some 23 000 people and have sales in more than 50 countries and our shares are listed on the Helsinki (STEAV, STERV) and Stockholm (STE A, STE R) stock exchanges.

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