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Hedging & Debt Information

AG˼ƻ Financing Strategy

1. Maintain liquidity and flexibility

  • Strategic cash: to be over € 3bn level at all times
  • Committed credit lines
  • Short and long-term programmes are in place

2. Diversify funding sources and maturities

  • Banks: Revolving Credit Facility
  • Capital markets: in the short term with the French and US Commercial Paper programme and in the medium and long term with our Euro Medium-Term Note programme, as well as access to the US Debt Capital Market
  • Supranationals: European Investment Bank loan, Development Bank of Japan

3. Anticipate business needs

  • Long-term debt instruments to match assets or businesses of long-term nature
  • Strict control of customer financing
  • Pro-active long-term hedging policy

4. Maintain ratings in the single-A category in medium term

  • Efficient presence of AG˼ƻ in Debt Capital Markets
  • Solid balance sheet (strong cash position)

Credit Ratings


To assist debt and fixed income investors to better evaluate the risk of any given investment, the capital market uses the publicly available independent assessments of rating agencies. Through regular discussions with the senior management of companies, rating agencies gain an insight into the strategy and planning of the companies that they rate. Using this information as a base, supplemented by quantitative analysis, rating agencies evaluate the creditworthiness of the issuer companies through a system of rating classifications. Companies which want to raise money in the capital markets in the form of bonds, commercial paper and other debt instruments normally need a minimum of one or, better, two ratings.

The leading international rating agencies are Standard & Poor's, Moody's Investors Service and Fitch Ratings.

The higher the rating classification is, the smaller is the potential risk that a company cannot meet its debt obligations (interest and principal). The debt investor charges a higher rate of interest for financing a higher risk. Thus a company with a strong rating can raise capital more advantageously than a company which has a less favourable rating. Additionally, the outlook given by a rating agency provides a supplementary reference point for the investor in assessing the probable development of the rating.

Current Ratings

Rating Agency Short Term Long Term Outlook Last Update
Standard & Poor's
A+ stable 06 September 2017
P-1 A2 stable 20 December 2017
Fitch Ratings (unsolicited)
F2 A- stable 23 October 2017

Rating History

AG˼ƻ Credit Rating Evolution 2018


AG˼ƻ’ currency hedge policy

More than half of AG˼ƻ' revenues are denominated in US dollars with approximately 60% of such currency exposure 'naturally hedged' by US dollar-denominated costs. The remainder of costs is incurred primarily in euro, and to a lesser extent, in pounds sterling.

As AG˼ƻ intends to generate profits only from its operations and not through speculation on foreign currency exchange rate movements, AG˼ƻ uses hedging strategies solely to manage and minimise the impact on its EBIT from the volatility of the US dollar.

AG˼ƻ manages a long-term hedge portfolio with a maturity of several years covering its net exposure to US dollar sales, mainly from the activities of AG˼ƻ Commercial Aircraft and, to a lesser extent, of the AG˼ƻ Helicopters and AG˼ƻ Defence and Space Divisions. The net exposure is defined as the total firm audited currency exposure (US dollar-denominated revenues), net of the part that is 'naturally hedged' by US dollar-denominated costs. The hedge portfolio covers nearly all of the AG˼ƻ hedging transactions.

In parallel, AG˼ƻ is proactively increasing the number of euro deals wherever suitable.

The tables below set forth the notional amount of foreign exchange hedges in place and the US dollar rates applicable to corresponding EBIT.

AG˼ƻ 9m 2019 Hedging

Approximately 60% of AG˼ƻ US$ revenues are naturally hedged by US$ procurement. Graph shows US$ Forward Sales and Collars
Hedge rates reflect EBIT impact of the US$ hedge portfolio

(1) Full year 2019 hedge rate expected at an average rate of € 1 = $ 1.24 as of 30 September 2019;
(2) Total hedge amount contains $/€ and $/£ designated hedges

FX Global Code

The FX Global Code is a voluntary code of conduct having been developed in a joint effort between major central banks and private sector market participants (one of them being AG˼ƻ) on a global scale in order to restore trust and to ensure integrity, fairness, liquidity, transparency and effective functioning of the foreign exchange market. Due to its business model and in order to protect its activities from currency fluctuations, AG˼ƻ maintains a significant portfolio of foreign exchange hedges. AG˼ƻ is therefore committed to the FX Global Code and has already previously been acting in accordance with its leading principles and will continue to do so.

AG˼ƻ sees adherence to the code as a way to demonstrate towards its stakeholders compliant behaviours in the context of a wider ethics and compliance framework.

Read more on the Global Foreign Exchange Committee website.

Debt Profile & Portfolio

FY 2018 AG˼ƻ Debt Maturity
FY2018 AG˼ƻ Debt Portfolio

Debt breakdown and maturities are updated once per year at publication of full-year results.

Funding Tools

French Domestic Commercial Paper Programme (Billet de Trésorerie)

Amount Outstanding Issuer Dealer Status
€ 3 bn € 935 m AG˼ƻ Finance B.V. (guaranteed by AG˼ƻ SE) BNP Paribas, CIC, CA-CIB, HSBC, ING, Natixis, Société Générale 30 September 2019

US Commercial Paper Programme

Amount  Outstanding Issuer Dealer Status
$ 3 bn $ 808.5 m AG˼ƻ Finance B.V. (guaranteed by AG˼ƻ SE) Bank of America Merill Lynch, Citigroup, GoldmanSachs, JP Morgan, RBC 30 September 2019

EMTN Programme

Amount Outstanding Issuer Arranger Status
€ 5 bn € 3 bn AG˼ƻ Finance B.V.
(guaranteed by AG˼ƻ SE)
Barclays 30 September 2019


Amount ISIN Maturity Tenor Coupon Issuer Bookrunners
€ 1 bn XS1050846507
02 April 2024
10 yrs.
AG˼ƻ Finance B.V.
(guaranteed by AG˼ƻ SE)
BNP Paribas,  Deutsche Bank, HSBC, Société Générale
€ 500 m XS1128224703
29 October 2029
15 yrs.
AG˼ƻ Finance B.V.
(guaranteed by AG˼ƻ SE)
Barclays, CA-CIB, Santander, Unicredit
€ 1.5 bn split in 
€ 600 m and € 900 m
XS1410582586 / XS1410582313
13 May 2026 /
13 May 2031
10 yrs. /
15 yrs.
0.875% /
AG˼ƻ Finance B.V.
(guaranteed by AG˼ƻ SE)
BNP Paribas, CA-CIB, Deutsche Bank, MUFG

USD Bond (144A / RegS)

Amount  ISIN Maturity Tenor Coupon Issuer Bookrunners
$ 1 bn USN2823BBD21
17 April 2023
10 yrs.
AG˼ƻ Finance B.V.
(guaranteed by AG˼ƻ SE)
JPMorgan, Citigroup, Barclays, Morgan Stanley, RBS
$ 1.5 bn split in
$ 750 m and
$ 750 m
US26824KAA25 /
10 April 2027 /
10 April 2047
10 yrs. /
30 yrs.
3.15% /
JPMorgan, Citigroup, GoldmanSachs, Morgan Stanley

Convertible bond

€ 500 m XS1254584599
01 July 2022
7 yrs.
Société Générale, HSBC, BNP Paribas

Exchangeable bond

Amount  ISIN Maturity Tenor Coupon Issuer Bookrunners
€ 1078 m XS1434160971
14 June 2021
5 yrs.
GoldmanSachs, Bank of America Merill Lynch, BNP Paribas, Deutsche Bank, JPMorgan

Development Bank of Japan Loan

Amount Outstanding Fully drawn in Status
$ 300 m $ 100 m January 2011
30 September 2019
Credit line Outstanding Maturity Issuer Lenders
€ 3 bn undrawn 09 October 2021 AG˼ƻ SE pool of 40 banks
3-tier structure

AG˼ƻ Finance B.V.

AG˼ƻ Finance B.V. (previously AG˼ƻ Group Finance B.V.), an AG˼ƻ subsidiary, the activity of which is to raise funds by issuance of debt securities to finance activities of AG˼ƻ, releases its financial statements for the year end and half-year frequently. These announcements are made to comply with the requirements of the EU Transparency Directive.

In addition to historical information, this website includes forward-looking statements. For further information, please refer to the Safe Harbour Statement.

  Financial Statements
Half-Year 2019, 31 July 2019

Past financial statements

  Financial Statements
Full-Year 2018, 23 April 2019
Half-Year 2018, 27 July 2018
Full-Year 2017, 27 April 2018
Half-Year 2017, 21 July 2017
Full-Year 2016, 10 April 2017

Half-Year 2016, 27 July 2016

Full-Year 2015, 15 April 2016

Half-Year 2015, 31 July 2015

Full-Year 2014, 30 April 2015

Half-Year 2014, 30 July 2014

Full-Year 2013, 07 March 2014

Half-Year 2013, 01 August 2013

Full-Year 2012, 09 April 2013

Half-Year 2012, 26 July 2012

Full-Year 2011, 25 April 2012

Half-Year 2011, 29 July 2011

Full-Year 2010, 14 April 2011

Half-Year 2010, 30 July 2010
Full-Year 2009, 26 April 2010
Half-Year 2009, 28 July 2009
Full-Year 2008, 28 April 2009


Share Price & Information

Financial Results & Annual Reports

Events & Presentations

Annual General Meetings

Hedging & Debt Information

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