22.Financing and Financial Liabilities

The bonds issued through the Debt Issuance Program launched in the first quarter of 2016 are a key form of external financing. Bonds with a total nominal volume of €1,500 million were placed, of which €500 million was repaid as scheduled in March 2018. As of the reporting date, Covestro still has two fixed-rate tranches with terms until October 2021 (a coupon of 1.00% and a volume of €500 million) and September 2024 (a coupon of 1.75% and a volume of €500 million) in its portfolio. Both bonds received a Baa1 rating from Moody’s Investors Service, London (United Kingdom).

Additional liquidity is provided by a multicurrency revolving credit facility totaling €1,500 million with a term until September 2022. No loans had been drawn against this syndicated credit facility as of December 31, 2019. The Group had total credit facilities of €1,510 million (previous year: €1,524 million) at its disposal. Of this amount, €10 million (previous year: €24 million) was drawn down while €1,500 million (previous year: €1,500 million) remained unused.

Financial liabilities were comprised as follows:

The financial liabilities of the Covestro Group are mainly unsecured.

Lease liabilities

The increase in lease liabilities in fiscal 2019 was attributable to the initial application of IFRS 16, see note 2.1 „Financial reporting standards applied for the first time in the reporting period.” Lease payments of €876 million (previous year: €250 million) are to be made to the respective lessors in future years; of this amount, the interest component amounts to €141 million (previous year: €57 million). The lease liabilities mature as follows:

Further information on the accounting for liabilities from derivatives is given in note 24.2 “Financial risk management and information on derivatives.”