Debt Financing

The Group has adopted a centralized funding strategy whereby funding is primarily raised centrally by the parent company H & M Hennes & Mauritz AB.

External debt structure and maturities

To reduce refinancing risk the Group utilizes a variety of funding sources and an even distribution of maturities. The groups funding consists of loans and credit facilities from credit institutions and access to debt capital markets.

Debt maturity profile as at 31 August 2022

YearCommercial papersBonds (EMTN)Loans from credit institutionsUnused credit facilities
2022300-317-
2023--2,150-
2024---7,475
2025----
2026--2,000-
2027---10,678
2028----
2029-5,339--
Total SEK m3005,3394,46718,153

Debt Capital Market Programmes

Short Term Funding - Commercial paper (CP) programmes

ProgrammeSEK 7 billion - Swedish commercial paper programme
ArrangerHandelsbanken
DealersHandelsbanken, SEB and Danske Bank
LinksProgramme (in Swedish)
ProgrammeGBP 1 billion - Euro-Commercial paper programme
ArrangerBarclays
DealersBarclays
LinksProgramme

Long Term Funding - Bond programmes

ProgrammeEUR 2 billion EMTN programme
ArrangerBNP Paribas
DealersBNP Paribas, Commerzbank, Danske Bank, SEB and Standard Chartered
Offering Circular2020, 2021
Agency Agreement2021 First Supplement, 2021 Second Supplement, 2022 Third Supplement
ListingEuronext Dublin
Supplement(s)12th of February 2021
Final TermsXS2303070911 (EUR 500M 0.25% 25-AUG2029)

Credit rating

To ensure best possible terms on the debt capital markets, H&M Group has received a credit rating from Standard & Poor’s.

H & M Hennes & Mauritz AB Credit Rating

AgencyLong Term RatingShort Term RatingOutlook
S&PBBBA-2Stable