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 €8 million as at year-end 2020 (2019: €297 million), is made up of the current portion of the long-term debt (€8 million).

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

On 10 June 2020, Alliander issued green bonds under the EMTN programme with a total value of €500 million and a term of 10 years, the proceeds of which will be used to invest in the electricity networks. The loan of €500 million has a maturity of 10 years and a coupon rate of 0.375%. Bonds were issued at a price of 99.785%.
This is the third green bond Alliander has issued. Proceeds from the previous green bonds were used to finance the sustainable refurbishment of our Duiven offices and to buy smart meters, among other initiatives. The capital raised through this green bond will be used to invest in the electricity networks, which require substantial investments due to the sharp rise in demand for new connections and the emergence of wind and solar farms.
Alliander has set up a Green Finance Framework in support of the listing of the green bond. Alliander can also list other forms of green financial instruments under this framework, such as bank loans and private loans. The framework has been assessed by independent sustainability bond rating agency ISS ESG.

Alliander has also issued two smaller long-term private loans.
On 31 March 2020, Alliander acquired €125 million in funding through a private loan from an external party, with a term that runs through to the end of October 2023 and at a fixed rate of interest of 0.345%.
On 8 April 2020, Alliander issued a €100 million private placement under the EMTN programme. This loan has a term of 15 years and a coupon rate of 1.125%. Bonds were issued at a price of 98.976%. As at year-end 2020, a carrying amount of €1,990 million (face value €2,000 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 2020, the amount open under the ECP programme was nil (2019: €289 million).

Maturities of interest-bearing debt