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B | COMBINED MANAGEMENT REPORT | LIQUIDITY AND CAPITAL RESOURCES 97
Bank credit was another important source of refinancing in
2015. 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 the European
Investment Bank and the Brazilian Development Bank (BNDES).
In this way, we continued our diversification in 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 partici-
pated in the consortium. Daimler does not intend to utilize the
credit line. In 2015, Daimler exercised the option to extend the
facility by another year until 2020. All the banks in the consortium
participated in the extension.
At the end of 2015, Daimler had not utilized short- and long-term
credit lines totaling €18.5 billion (2014: €17.2 billion). They
include a syndicated credit facility arranged in September 2013
with a consortium of international banks with a volume of €9
billion.
The carrying values of the main refinancing instruments and
the weighted average interest rates are shown in table B.31.
At December 31, 2015, they are mainly denominated in the fol-
lowing currencies: 40% in euros, 30% in US dollars, 6% in Chinese
renminbi, 5% in British pounds and 3% in Japanese yen.
At December 31, 2015, the total of financial liabilities shown
in the consolidated statement of financial position amounted
to €101,142 million (2014:€86,689 million).
Detailed information on the amounts and terms of financing
liabilities is provided in E Notes 24 and 32 of the Notes to
the Consolidated Financial Statements. E Note 32 also provides
information on the maturities of the other financial liabilities.
B.31
Refinancing instruments
Carrying valuesAverage interest rates
Dec. 31,
2015
Dec. 31,
2014
Dec. 31,
2015
Dec. 31,
2014
in % In millions of euros
Notes/bonds and
liabilities from
ABS transactions
1.69
1.68
58,789
49,165
Commercial paper 1.35 1.11 2,961 2,277
Liabilities to financial
institutions
2.58
3.08
27,311
22,893
Deposits in the direct
banking business
0.71
1.06
10,532
10,853
B.32
Benchmark issuances
Issuer Volume Month of
emission
Maturity
Daimler Finance
North America LLC
US$250 million
Mar. 2015
Mar. 2017
Daimler Finance
North America LLC
US$1,500 million
Mar. 2015
Mar. 2018
Daimler Finance
North America LLC
US$1,250 million
Mar. 2015
Mar. 2020
Daimler Finance
North America LLC
US$1,050 million
May 2015
May 2018
Daimler Finance
North America LLC
US$1,300 million
May 2015
May 2020
Daimler Finance
North America LLC
US$650 million
May 2015
May 2025
Daimler Finance
North America LLC
US$150 million
Aug. 2015
Feb. 2017
Daimler Finance
North America LLC
US$1,000 million
Aug. 2015
Aug. 2017
Daimler Finance
North America LLC
US$1,000 million
Aug. 2015
Aug. 2018
Daimler Finance
North America LLC
US$850 million
Aug. 2015
Aug. 2020
Daimler Finance
North America LLC
US$500 million
Aug. 2015
Aug. 2025
Daimler AG €500 million Sep. 2015 Sep. 2017
Daimler AG €1,000 million Nov. 2015 Mar. 2020