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5 Financial liabilities


In CHF million
  Carrying amount
1.1.2019
 
Issuance
 
Repayment
 
Other changes a
  Carrying amount
31.3.2019
 
Fair value b
                         
Financial liabilities
Bank loans   1,233     (309)   (10)   914   939 2
Debenture bonds   5,554   200     25   5,779   6,080 1
Private placements   426         426   433 2
Derivative financial instruments   54       3   57   57 2
Other financial liabilities   594   22   (241)   (18)   357   357 2
Total financial liabilities   7,861   222   (550)     7,533   7,866
                         
Lease liabilities
Lease liabilities   1,703     (78)   94   1,719   1,997 2
a Interest expenses, interest payments, non-cash changes in lease liabilities and foreign currency translation adjustments.
b Fair value hierarchy.

In the first quarter of 2019, Swisscom issued a debenture bond for CHF 200 million. It has a coupon of 0.5% and matures in 2029. The financing so received was applied to repay existing loans.

Repayment of other liabilities includes the purchase price of CHF 240 million paid to Tamedia for the acquisition of the outstanding share of 31% in Swisscom Directories Ltd. In the cash flow statement this payment is reported in the caption “acquisition of subsidiaries, net of cash and cash equivalents acquired”.