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debt instruments

The underlying objective of Sampo plc is to maintain a strong but efficient balance sheet, a well-diversified debt structure, relatively low leverage and strong liquidity in order for the company to be able to arrange financing for strategic projects if needed. Strong liquidity and the ability to acquire financing are essential factors in maintaining Sampo Group’s strategic flexibility. The Group will target a financial leverage below 30 per cent.

Management of the debt instruments

Sampo Group's funding consists of senior debt instruments and subordinated obligations eligible for Solvency Capital.

Sampo plc's subsidiaries conducting P&C and life insurance businesses do not use senior debt as a source of funding. However, they use subordinated obligations as part of their solvency capital in accordance with internal capitalization targets and in compliance with regulatory rules. Maturities and other terms of such liabilities are largely determined by regulatory rules and by rating agencies' criteria.

For Sampo plc, bonds issued within EMTN programme are the main sources of funding. Sampo can also issue commercial papers and has established a commercial paper programme with Nordic banks for issuances in Finland, where the market is active and relatively large. In addition, Sampo plc may issue private placements with separate documentation. Loans and revolving credit facilities may also be used as a funding and liquidity management tool.

Diversification over maturities is sought to mitigate refinancing risk. Sampo plc mainly issues in EUR, but the EMTN programme allows also issuances in other currencies.

Current instruments issued by Sampo plc, the maturity structure of Sampo plc and the key figures related to debt are presented below.

Information on the Debt Instruments Issued by Sampo plc

30 September 2021

Instrument Nominal Coupon Maturity
Senior Bond  118 SEKm 0.875% 23 May 2022
Senior Bond  250 SEKm Stibor 3M + 0.75% 23 May 2022
Senior Bond  431 EURm 1.00% 18 Sep 2023
Senior Bond  281 EURm 1.250% 20 May 2025
Senior Bond  500 EURm 1.625% 21 Feb 2028
Senior Bond  1,000 NOKm 3.100% 7 Sep 2028
Hybrid Tier 2 Bond under separate documentation  500 EURm 3.375% 23 May 2030
Senior Bond  500 EURm 2.25% 27 Sep 2030
Hybrid Tier2 Bond  1,000 EURm 2.50% 3 Sep 2032

 

Debt Instruments by Maturity

30 September  2021

Sampo_Maturity_200921_EN.svg

Debt Key Figures

30 September 2021

Sampo plc  
Net Debt, EURm 92
Gross Debt to Equity, % 44
Financial Leverage, %* 31
Sampo Group  
IFRS Equity, EURm 13,316
Hybrid Bonds, EURm 2,225
Senior Debt, EURm 2,202
Financial Leverage, %* 25.0

*=Debt/(Debt+Equity)

Updated 3 Nov 2021