5 Financial liabilities
In CHF million |
Carring amount 1.01.2024 |
Issuance |
Repayment |
Other changes 1 |
Carring amount 30.09.2024 |
Fair Value |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Financial liabilities | ||||||||||||
| Bank loans | 267 | 2 | (23) | 11 | 257 | 260 | ||||||
| Debenture bonds | 4,789 | 5,634 | (500) | (82) | 9,841 | 9,968 | ||||||
| Private placements | 322 | – | – | (1) | 321 | 322 | ||||||
| Derivative financial instruments | 136 | – | – | 26 | 162 | 162 | ||||||
| Other financial liabilities | 151 | 3 | – | 2 | 156 | 151 | ||||||
| Total financial liabilities | 5,665 | 5,639 | (523) | (44) | 10,737 | 10,863 | ||||||
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1 Interest expense, interest payments, non-cash changes and foreign currency translation adjustments.
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In March 2024, Swisscom signed a contract to acquire Vodafone Italia for EUR 8.0 billion. The transaction is scheduled to complete in the first quarter of 2025. Swisscom finalised its transaction financing in the second quarter of 2024. This comprises the issue of domestic Swiss bonds totalling CHF 1.1 billion, eurobonds of EUR 4.0 billion and a syndicated bank loan in the amount of EUR 3.0 billion. Swisscom issued the bonds as follows in May 2024:
In CHF million or EUR million |
Maturity years |
Par value in currency |
Nominal interest rate |
|||
|---|---|---|---|---|---|---|
| Debenture bond in CHF | 2024–2030 | 315 | 1,65% | |||
| Debenture bond in CHF | 2024–2034 | 455 | 1,80% | |||
| Debenture bond in CHF | 2024–2039 | 375 | 2,00% | |||
| Total debenture bonds in CHF | 1,145 | |||||
| Debenture bond in EUR | 2024–2026 | 500 | 3,50% | |||
| Debenture bond in EUR | 2024–2028 | 500 | 3,50% | |||
| Debenture bond in EUR | 2024–2031 | 1,250 | 3,50% | |||
| Debenture bond in EUR | 2024–2036 | 1,000 | 3,625% | |||
| Debenture bond in EUR | 2024–2044 | 750 | 3,875% | |||
| Total debenture bonds in EUR | 4,000 |
The funds raised from the bond issues were either used to repay existing debt or were invested in current financial assets. Depending on the maturity, current financial assets are recognised as cash and cash equivalents or as other current financial assets in Swisscom’s consolidated financial statements. If the transaction does not materialise, the bonds can be redeemed early at 101% of their nominal value. The syndicated bank loan totalling EUR 3.0 billion will be made available in two equal tranches with terms of three and five years respectively.
Swisscom also raised two bonds in the third quarter of 2024: a bond of CHF 100 million with a coupon of 1.2%, maturing in 2035 and a bond of EUR 500 million with a coupon of 3.25%, maturing in 2034. The funds raised from the bond issues were either used to repay existing debt or were invested in current financial assets.
Swisscom also has two confirmed lines of credit amounting to CHF 1,000 million maturing in 2028 and CHF 1,200 million maturing in 2028. As of 30 September 2024, none of these lines of credit had been drawn down, as in the prior year.