Open-market financing programs
For information on TeliaSonera AB's open-market financing programs, see “Notes to Consolidated Financial Statements” (corresponding section in Note 22).
Borrowings and interest rates
Long-term and short-term borrowings were distributed as follows.
|
|
December 31, | |||
|---|---|---|---|---|
|
|
2008 | 2007 | ||
| SEK in millions | Carrying value | Fair value | Carrying value | Fair value |
| Long-term borrowings |
|
|
|
|
| Open-market financing program borrowings | 49,834 | 51,723 | 38,034 | 38,294 |
| of which at amortized cost | 33,211 | 35,100 | 24,178 | 24,438 |
| of which in fair value hedge relationships | 16,623 | 16,623 | 13,856 | 13,856 |
| Other borrowings at amortized cost | 2,400 | 2,400 | 6 | 6 |
| Interest rate swaps at fair value | 375 | 375 | 188 | 188 |
| of which designated as hedging instruments | 288 | 288 | 188 | 188 |
| of which held-for-trading | 87 | 87 | – | – |
| Cross currency interest rate swaps at fair value | 20 | 20 | 77 | 77 |
| of which designated as hedging instruments | 20 | 20 | – | – |
| of which held-for-trading | – | – | 77 | 77 |
| Total long-term borrowings (see Categories – Note 21) | 52,629 | 54,518 | 38,305 | 38,565 |
| Short-term borrowings |
|
|
|
|
| Open-market financing program borrowings | 7,323 | 7,333 | 1,444 | 1,440 |
| of which at amortized cost | 7,323 | 7,333 | 1,444 | 1,440 |
| Other borrowings at amortized cost | 1,419 | 1,419 | 777 | 775 |
| Subtotal (see Categories – Note 21)/ Total fair value | 8,742 | 8,752 | 2,221 | 2,215 |
| Borrowings from subsidiaries | 61,593 |
|
50,474 |
|
| of which cash-pool balances | 27,105 |
|
26,339 |
|
| of which other borrowings | 34,488 |
|
24,135 |
|
| Total short-term borrowings | 70,335 |
|
52,695 |
|
For 2008 and 2007, fully unutilized bank overdraft facilities had a total limit of SEK 1,067 million and SEK 1,053 million, respectively.
For additional information on financial instruments classified by category, refer to Note 21 “Financial Assets and Liabilities by Category”, and for information on maturities and liquidity risks, refer to section “Liquidity risk management” in Note 22 “Financial Risk Management.” Refer to “Notes to Consolidated Financial Statements” (corresponding section in Note 22) for information on the swap portfolio and average interest rates on borrowings. Conventional commercial terms apply for borrowings from subsidiaries.