menu Investors Investors | Hedging & Debt Information Breadcrumb Home Investors Investors | Hedging & Debt Information Airbus Financing Strategy Credit Ratings Hedging FX Global Code Airbus Financing Strategy 1. Maintain liquidity and flexibility Sufficient level of gross cash at all times in order to manage operational risks and secure our investment into the future Committed credit lines Short and long-term programmes are in place 2. Diversify funding sources and maturities Banks: Revolving Credit Facility and Supplemental liquidity line Capital markets: in the short term with the French and US Commercial Paper programmes and in the medium and long term with our Euro Medium-Term Note programme, as well as access to the US Debt Capital Market Supranationals: European Investment Bank loan, Development Bank of Japan 3. Anticipate business needs Long-term debt instruments to match assets or businesses of long-term nature Strict control of customer financing Pro-active long-term hedging policy 4. Maintain ratings in the single-A category in medium term Solid balance sheet Efficient presence of Airbus in Debt Capital Markets Credit Ratings Rating To assist debt and fixed income investors to better evaluate the risk of any given investment, the capital market uses the publicly available independent assessments of rating agencies. Through regular discussions with the senior management of companies, rating agencies gain an insight into the strategy and planning of the companies that they rate. Using this information as a base, supplemented by quantitative analysis, rating agencies evaluate the creditworthiness of the issuer companies through a system of rating classifications. Companies which want to raise money in the capital markets in the form of bonds, commercial paper and other debt instruments normally need a minimum of one or, better, two ratings. The leading international rating agencies are Standard & Poor's, Moody's Investors Service and Fitch Ratings. The higher the rating classification is, the smaller is the potential risk that a company cannot meet its debt obligations (interest and principal). The debt investors charge a higher rate of interest for financing a higher risk investment. Thus a company with a strong rating can raise capital more advantageously than a company which has a less favourable rating. Additionally, the outlook given by a rating agency provides a supplementary reference point for the investor in assessing the probable development of the rating. Current Ratings Rating Agency Short Term Long Term Outlook Last Update Standard & Poor's A-1 A negative 10 May 2021 Moody's P-1 A2 negative 28 May 2021 Fitch Ratings (unsolicited) F1 BBB+ stable 19 October 2021 Rating History Hedging Airbus’ currency hedge policy More than half of Airbus' revenues are denominated in US dollars with approximately 60% of such currency exposure 'naturally hedged' by US dollar-denominated costs. The remainder of costs is incurred primarily in euro, and to a lesser extent, in pounds sterling. As Airbus intends to generate profits only from its operations and not through speculation on foreign currency exchange rate movements, Airbus uses hedging strategies solely to manage and minimise the impact on its EBIT from the volatility of the US dollar. Airbus manages a long-term hedge portfolio with a maturity of several years covering its net exposure to US dollar sales, mainly from the activities of Airbus Commercial Aircraft and, to a lesser extent, of the Airbus Helicopters and Airbus Defence and Space Divisions. The net exposure is defined as the total firm audited currency exposure (US dollar-denominated revenues), net of the part that is 'naturally hedged' by US dollar-denominated costs. The hedge portfolio covers nearly all of the Airbus hedging transactions. In parallel, Airbus is proactively increasing the number of euro deals wherever suitable. The tables below set forth the notional amount of foreign exchange hedges in place and the US dollar rates applicable to corresponding EBIT. Approximately 60% of Airbus US$ revenues are naturally hedged by US$ procurement. Graph shows US$ Forward Sales Hedge rates reflect EBIT impact of the US$ hedge portfolio Total hedge amount contains $/€ and $/£ designated hedges FX Global Code The FX Global Code is a voluntary code of conduct having been developed in a joint effort between major central banks and private sector market participants (one of them being Airbus) on a global scale in order to restore trust and to ensure integrity, fairness, liquidity, transparency and effective functioning of the foreign exchange market. Due to its business model and in order to protect its activities from currency fluctuations, Airbus maintains a significant portfolio of foreign exchange hedges. Airbus is therefore committed to the FX Global Code and has already previously been acting in accordance with its leading principles and will continue to do so. Airbus sees adherence to the code as a way to demonstrate towards its stakeholders compliant behaviours in the context of a wider ethics and compliance framework. Read more on the Global Foreign Exchange Committee website. Airbus Statement of Commitment Pdf 56.47 KB download Download Debt Profile & Portfolio Debt breakdown and maturities are updated once per year at publication of full-year results. Funding Tools Short-term funding French Domestic Commercial Paper Programme (Billet de Trésorerie) Amount Outstanding Issuer Dealer Status € 11 bn - Airbus Finance B.V. (guaranteed by Airbus SE) BNP Paribas, CIC, CA-CIB, HSBC, ING, Natixis, Société Générale 31 December 2020 Euro Commercial Paper Programme Amount Outstanding Issuer Dealer Status € 4 bn - Airbus SE BNP Paribas, Commerzbank, HSBC, Lloyds, NatWest Markets 31 December 2020 US Commercial Paper Programme Amount Outstanding Issuer Dealer Status $ 3 bn - Airbus Finance B.V. (guaranteed by Airbus SE) Bank of America Merill Lynch, Citigroup, GoldmanSachs, JP Morgan, RBC 31 December 2020 Further information Negotiable European Commercial Paper 2021 Pdf 314.37 KB download Download Long-term funding EMTN Programme Amount Outstanding Issuer Arranger Status € 12 bn € 9 bn Airbus Finance B.V. (guaranteed by Airbus SE) / Airbus SE Barclays 31 December 2020 remove Collapse All add Unfold All Bonds Further information EMTN 2021 Base Prospectus Pdf 738.55 KB EMTN 2021 Base Prospectus - Bonds download Download Agency Agreement Pdf 423.88 KB download Download EMTN Trust Deed 2021 Pdf 743.78 KB EMTN Trust Deed 2021 - Further Bonds download Download First Supplement to the Base Prospectus 2019 Pdf 168.44 KB download Download Second Supplement to the Base Prospectus 2019 Pdf 82.53 KB download Download EMTN Base Prospectus 2019 Pdf 870.28 KB download Download Third Supplement to the Base Prospectus 2019 Pdf 293.83 KB download Download Fourth Supplement to the Base Prospectus 2019 Pdf 79.63 KB download Download EMTN 2018 Base Prospectus Pdf 1.65 MB download Download EMTN Base Prospectus 2015 Pdf 555.69 KB download Download EMTN Base Prospectus 2014 Pdf 680.76 KB download Download EMTN Base Prospectus 2013 Pdf 907.37 KB download Download USD Bond (144A / RegS) Amount ISIN Maturity Tenor Coupon Issuer Bookrunners $ 1 bn USN2823BBD21 17 April 2023 10 yrs. 2.70% Airbus Finance B.V. (guaranteed by Airbus SE) JPMorgan, Citigroup, Barclays, Morgan Stanley, RBS $ 1.5 bn split in $ 750 m and $ 750 m US26824KAA25 / US009279AC43 10 April 2027 / 10 April 2047 10 yrs. / 30 yrs. 3.15% / 3.95% Airbus SE JPMorgan, Citigroup, GoldmanSachs, Morgan Stanley Convertible bond € 500 m XS1254584599 01 July 2022 Converted into shares per 31 December 2019 7 yrs. 0% Airbus SE Société Générale, HSBC, BNP Paribas Exchangeable bond Amount ISIN Maturity Tenor Coupon Issuer Bookrunners € 1078 m XS1434160971 14 June 2021 5 yrs. 0% Airbus SE GoldmanSachs, Bank of America Merill Lynch, BNP Paribas, Deutsche Bank, JPMorgan Committed Credit Facility Sustainability-linked Revolving Syndicated Credit Facility Credit line Outstanding Maturity Borrower Lenders € 6 bn undrawn 21 October 2023 Airbus SE Pool of 33 banks 3-tier structure Airbus Finance B.V. Airbus Finance B.V. (previously Airbus Group Finance B.V.), an Airbus subsidiary, the activity of which is to raise funds by issuance of debt securities to finance activities of Airbus, releases its financial statements for the year end and half-year frequently. These announcements are made to comply with the requirements of the EU Transparency Directive. In addition to historical information, this website includes forward-looking statements. For further information, please refer to the Safe Harbour Statement. Articles of Association Pdf 688.01 KB download Download Airbus Finance BV Financial Statements HY2021 Pdf 647.58 KB download Download remove Collapse All add Unfold All Past financial statements Past financial statements Half-Year 2020, 30 July 2020 Pdf 571.2 KB download Download Full-Year 2019, 30 April 2020 Pdf 2.78 MB download Download Half-Year 2019, 31 July 2019 Pdf 596.53 KB download Download Full-Year 2018, 23 April 2019 Pdf 303.22 KB download Download Half-Year 2018, 27 July 2018 Pdf 576.67 KB download Download Full-Year 2017, 27 April 2018 Pdf 5.07 MB download Download Half-Year 2017, 21 July 2017 Pdf 58.68 KB download Download Full-Year 2016, 10 April 2017 Pdf 515.21 KB download Download Half-Year 2016, 27 July 2016 Pdf 147.14 KB download Download Full-Year 2015, 15 April 2016 Pdf 352.91 KB download Download Half-Year 2015, 31 July 2015 Pdf 153.9 KB download Download Full-Year 2014, 30 April 2015 Pdf 1.39 MB download Download Half-Year 2014, 30 July 2014 Pdf 3.11 MB download Download Full-Year 2013, 07 March 2014 Pdf 4.96 MB download Download Half-Year 2013, 01 August 2013 Pdf 3.83 MB download Download Full-Year 2012, 09 April 2013 Pdf 5.4 MB download Download Half-Year 2012, 26 July 2012 Pdf 3.28 MB download Download Full-Year 2011, 25 April 2012 Pdf 5.5 MB download Download Half-Year 2011, 29 July 2011 Pdf 2.98 MB download Download Full-Year 2010, 14 April 2011 Pdf 6.47 MB download Download Half-Year 2010, 30 July 2010 Pdf 5.77 MB download Download Full-Year 2009, 26 April 2010 Pdf 734.2 KB download Download Half-Year 2009, 28 July 2009 Pdf 3.72 MB download Download Full-Year 2008, 28 April 2009 Pdf 1.19 MB download Download Share Price & Information Discover more Financial Results And Annual Reports Discover more Annual General Meetings Discover more arrow_upward Back to top Footer menu Useful links About us Careers Investors Suppliers Newsroom Media Centre Modern Slavery Statement Topics in focus Innovation Sustainability Safety Orders & Deliveries Airbus Foundation Health Onboard Products and services Commercial Aircraft Helicopters Defence Space Security Airbus Corporate Jets Airbus Corporate Helicopters Specific websites Aircraft services Cybersecurity Intelligence Secure Communications Secure Land Communications Airbus around the world Worldwide Presence Airbus in the US Helicopter regional websites Other websites AirbusWorld AirbusWorld for Helicopters Brand centre Let's shop Airbus Legal navigation Terms of use Statement on Accessibility Contact us Privacy Information Notice 京公网安备 11011302002042号 京14011237号 Cookie Settings © Airbus 2021 Social navigation By clicking “Accept All Cookies” you agree to the storing of necessary cookies to enhance navigation and to make our site work. 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