Mercedes 2013 Annual Report Download - page 93

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C | Combined Management Report | Liquidity and Capital Resources
The carrying values of the main refinancing instruments and
the weighted average interest rates are shown in table  C.31.
At December 31, 2013, they are mainly denominated in the
following currencies: 48% in euros, 25% in US dollars, 4%
in Brazilian real, 3% in Japanese yen and 4% in Canadian dollars.
At December 31, 2013, the total of financial liabilities shown
in the consolidated statement of financial position amounted
to €77,738 million (2012: €76,251 million).
Detailed information on the amounts and terms of financing
liabilities is provided in E Note 24 and Note 32 of the Notes
to the Consolidated Financial Statements. E Note 32 also
provides information on the maturities of the other financial
liabilities.
C.31
Refinancing instruments
Carrying values Average interest rates
Dec. 31,
2013
Dec. 31,
2012
Dec. 31,
2013
Dec. 31,
2012
in % in millions of euros
Notes/bonds and
liabilities from ABS
transactions
2.14
1.86
44,875
40,845
Commercial paper 2.02 1.52 1,086 1,768
Liabilities to financial
institutions
3.32
3.80
19,089
20,210
Deposits in the direct
banking business
1.54
2.13
11,257
12,121
C.32
Benchmark emissions
Issuer Volume Month of
emission
Maturity
Daimler Finance
North America 750 million USD Jan. 2013 Jan. 2015
Daimler Finance
North America 1,250 million USD Jan. 2013 Jan. 2016
Daimler Finance
North America 1,000 million USD Jan. 2013 Jan. 2018
Daimler AG 1,000 million EUR Mar. 2013 July 2016
Daimler AG 500 million EUR Mar. 2013 Mar. 2023
Daimler AG 750 million EUR June 2013 June 2021
Daimler Finance
North America 1,500 million USD Aug. 2013 Aug. 2016
Daimler Finance
North America 1,500 million USD Aug. 2013 Aug. 2018
Daimler AG 500 million EUR Oct. 2013 Oct. 2016
Daimler AG 750 million EUR Oct. 2013 Apr. 2020
Daimler AG 1,000 million EUR Nov. 2013 Nov. 2018
In 2013, the Group covered its liquidity requirements mainly
through the issuance of bonds. A large proportion of those
bonds were placed in the form of so-called benchmark emissions
(bonds with high nominal volumes) in the US dollar and euro
markets.  C.32
In addition, a large number of smaller bonds were issued
in various currencies in the euro market as well as in Canada,
South Africa, Thailand, Brazil, Argentina, South Korea and
Turkey. More than one third of the bond volume was issued
in euros and more than one third was issued in US dollars.
The ongoing high degree of uncertainty in global financial
markets in 2012, due in particular to the European sovereign-
debt crisis, meant that issuers with good ratings were
already able to place corporate bonds at attractive conditions,
and conditions for Daimler continued to improve in 2013.
Within the framework of our liquidity management, we there-
fore tended to raise more funds with longer maturities.
Daimler also issued commercial paper in small volumes
in 2013.
In 2013, several asset-backed securities (ABS) transactions
were carried out in the United States and Germany due
to the favorable market environment. For example, in April and
November 2013, a refinancing volume of $3.3 billion was
generated in the United States through the issuance of ABS
paper backed by leasing receivables. In addition, in July
2013, an ABS transaction with a volume of nearly $1 billion
was placed in the United States based on credit receivables.
In November, Mercedes-Benz Bank placed ABS bonds
in a volume of €925 million, also backed by credit receivables,
with European investors.
Bank credit was another important source of refinancing
in 2013. Funds were provided not only by large, globally active
banks, but increasingly also by a number of local banks.
The lenders included supranational banks such as Kreditanstalt
für Wiederaufbau (KfW), the European Investment Bank
and the Brazilian Development Bank (BNDES). In this way,
we continued our diversification in the field of refinancing
through banks.
In order to secure sufficient financial flexibility, in September
2013, Daimler concluded a €9 billion syndicated credit facility
with a consortium of international banks with a maturity
of five years and two extension options of two years in total.
This provides the Group with financial flexibility until the
year 2020. More than 40 European, American and Asian banks
participated in the consortium. The credit line was over-
subscribed and has more favorable conditions than the previous
€7 billion facility. Daimler does not intend to utilize the credit
line.
At the end of 2013, Daimler had short- and long-term credit
lines totaling €35.4 billion (2012: €33.7 billion), of which
€15.0 billion was not utilized (2012: €12.2 billion). They include
a syndicated credit line arranged in September 2013 with
a consortium of international banks with a volume of €9 billion,
which has not been utilized.