22. Financing and Financial Liabilities

The bonds issued through the Debt Issuance Program launched in the first quarter of 2016 are a key form of external financing. Bonds with a total nominal volume of €1,500 million were placed, of which €500 million was repaid as scheduled in March 2018. As of the reporting date, Covestro still has two fixed-rate tranches with terms until October 2021 (a coupon of 1.00% and a volume of €500 million) and September 2024 (a coupon of 1.75% and a volume of €500 million) in its portfolio. Both bonds received a Baa1 rating from Moody’s Investors Service, London (United Kingdom).

Additional liquidity is provided by a multicurrency revolving credit facility totaling €1,500 million with a term until September 2022. No loans had been drawn against this syndicated credit facility as of December 31, 2018. The Group had total credit facilities of €1,524 million (previous year: €1,569 million) at its disposal. Of this amount, €24 million (previous year: €69 million) was drawn down while €1,500 million (previous year: €1,500 million) remained unused.

Financial liabilities were comprised as follows:

The financial liabilities of the Covestro Group are mainly unsecured.

Leasing liabilities

Under finance leases, lease payments of €250 million (previous year: €295 million) are to be made to the respective lessors in future years; of this amount, the interest component amounts to €57 million (previous year: €72 million). The liabilities under finance leases mature as follows:

Further information on the accounting for liabilities from derivatives is given in note 24.2.