A fundamental funding policy guideline is to sustain the group's financial independence and ensure proper access to financial markets. Therefore we have a €2 bn Commercial Paper Programme and Multi-Currency as well €5 bn Debt Issuance Programme in place.

Debt Issuance Programme (DIP)

In Year 2000 we have launched a Debt Issuance Programme (DIP) for the long-term funding needs. The original available volume was increased from €3 billion to €5 billion in 2003 and to €6 billion in 2010 and decreased to €5 billion again in February 2018. In the framework of this programme, bonds with maturities of up to 30 years can be issued in any currency.

€5 bn Debt Issuance Programme

Utilisation as per 30 September 2020: € 1.776 billion

  • Citigroup Global Markets Ltd.
  • Commerzbank AG
  • Deutsche Bank AG
  • Goldman Sachs International
  • ING Bank N. V.
  • J.P. Morgan Securities plc
  • Société Générale 
  • UniCredit Bank AG

Outstanding DIP Issues (selection)

ISIN Code Currency Amount Interest Basis Issue Date Maturity Date Final Terms
XS1203941775 EUR 600mn 1.50% 19/03/2015 19/03/2025 pdf (477 KB)
DE000A13R8M3 EUR 500mn 1.375% 28/10/2014 28/10/2021 pdf (233 KB)
XS1788515788  EUR 500mn 1,125% 06/03/2018 06/03/2023 pdf (174 KB)

Commercial Paper Programme

For short and medium-term financing, METRO AG uses regular issuance programmes customary in capital markets such as the Euro Commercial Paper Programme launched in 1999.

€2 bn Euro Commercial Paper Programme

  • Bayerische Landesbank
  • Banco Santander, S. A.
  • BRED Banque Populaire
  • Commerzbank AG
  • Crédit Industriel et Commercial S. A.
  • DZ Bank AG
  • ING Bank N. V.
  • Landesbank Baden-Württemberg
  • Société Générale
  • The Royal Bank of Scotland plc (trading as NatWest Markets)
  • UniCredit Bank AG

METRO AG has mandated Standard & Poor's with the preparation and monitoring of a rating. The current rating of METRO by S&P constitutes itself as follows:

Rating Agency Long-term Short-term Outlook Report Date  
Standard & Poor's BBB- A-3 negative 21/05/2021 pdf (562 KB) Research Update

Status: 21/05/2021


Liquidity back-up

METRO AG has access to an appropriate liquidity reserve at all times so METRO will not have its financial flexibility impaired even in case of the occurrence of unexpected situations which might have a negative financial impact.

  • Syndicated Loan / €0.850 bn / 2012 - 2024
  • Bilateral credit lines €0.695 bn with multi-year character

Status: 30/06/2021

Debt Maturity Profile

Status: 30/09/2020

A well balanced debt repayment profile, both in maturities and instruments, is a key element in providing financial independence and flexibility.