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Bond Investors

The Group aims to maintain broad access to liquidity to meet its commitments and investment needs. The quality of debt management is recognized by the rating agencies Standard & Poor's and Moody's.

DEBT MATURITY PROFILE

At December 31, 2019, the average maturity of Valeo’s debt was 4 years

Type Final terms at Maturity Outstanding amount Coupon Prospectus and supplements
Convertible bond 16/06/2016 June 2021 575mUSD 0% NA
EMTN 08/09/2017 Sept. 2022 600m€ 0.375% 2017 & n°1
EMTN 09/01/2017 January 2023 500m€ 0.625% 2016 & n°1, n°2, n°3, n°4, n°5
EMTN 15/01/2014 January 2024 700m€ 3.25% 2013 & n°1
EMTN 14/06/2018 June 2025 600m€ 1.50% 2017 & n°1, n°2
EMTN 16/03/2016 March 2026 600m€ 1.625% 2015 & n°1

 

EMTN Program (bonds):

DETAIL OF SHORT-TERM FINANCING

BANK CREDIT LINES

Valeo has access to liquidity through confirmed bank credit lines with a weighted average maturity of 3.04 years as of December 31, 2019, representing an aggregate amount of 1.1 billion euros.

COMMERCIAL PAPER 

Valeo has access to liquidity through a short-term commercial paper financing program for a maximum amount of 2 billion euros.

 

RATING AND COVERAGE

Valeo is rated “Investment Grade” by rating agencies Moody’s and Standard & Poor’s.

STANDARD & POOR’S

On April 03, 2020, Standard & Poor’s placed on CreditWatch with negative implications, its « BBB-/A-3 » long-term and short-term ratings on Valeo.

MOODY’S

On March 26, 2020, Moody’s placed under Review for Downgrade, its « Baa3/P3 » long-term and short-term ratings on Valeo.

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