Note 13 Interest-bearing debt

The movements in new loans and loan repayments during the year resulted in cash flows; the currency translation differences and other movements did not result in cash flows during the year.

The carrying amount of long- and short-term interest-bearing debt is as follows:

Short and long-term interest-bearing debt

Short-term interest-bearing debt, amounting to €297 million as at year-end 2019 (2018: €321 million), is made up of the current portion of the long-term debt (€8 million) and a commercial paper that is due for redemption (€289 million).

The subordinated loans carry interest at rates of 8% to 10%. These loans are subordinated to other liabilities.

On 17 June 2019, Alliander issued green bonds with a total value of €300 million and a term of 13 years. Bonds were issued at a price of 98.628% and a coupon rate of 0.875%. Revenue from the issue of green bonds was used to refinance investments in the smart meter, and in the 'fair meter' in particular. The fair meter is the result of a joint effort of network operator Liander and several parties from across the industry, aimed at making the smart meter more sustainable. In developing a new and sustainable meter, the parties have looked at the sustainability and origins of materials used, the meter’s circularity and working conditions across the production chain, including the exclusion of child labour. It is the second green bond that Alliander has issued. The first was issued in 2016 to refinance smart networks (including smart meters) and a sustainable new building in Duiven.

As at year-end 2019, a carrying amount of €1,392 million (face value €1,400 million) had been issued under the EMTN programme. The notes issued under the EMTN programme are listed on the Amsterdam and Luxembourg stock exchanges. At the end of 2019, an amount of €289 million had been raised under the ECP programme (2018: nil).

Maturities of interest-bearing debt