On 24 January 2017 a bond issued in 2012 in the amount of EUR 500 million (CHF 537 million) reached maturity and was repaid.

On 9 June 2017 a bond issued in 2011 in the amount of CHF 100 million reached maturity and was repaid.

On 21 April 2016, the certificate of indebtedness in 2011 with a notional amount of EUR 123 million reached maturity and was repaid.

On 26 April 2016, Clariant issued four certificates of indebtedness with a total amount of EUR 300 million. These certificates have a term of 4 years (EUR 212 million), 7 years (EUR 73 million) and 10 years (EUR 15 million) respectively. The interest rates range between 0.776% and 2.010%.

On 5 August 2016 Clariant issued five certificates of indebtedness with total amounts of EUR 95 million and USD 277 million. These certificates have terms of 5 years (EUR 55 million and USD 277 million) and 7 years (EUR 40 million). While a tranche of EUR 13 million has a variable interest of 6 months EURIBOR plus 1.1% and a tranche in the amount of USD 166 million has a variable interest of 3 months LIBOR plus 1.5%, the fixed interest rates range between 0.779% and 2.618%.

Valuation. Non-current financial debt is recognized initially at fair value, net of transaction costs incurred. Financial debt is subsequently stated at amortized cost. There are no long-term financial liabilities valued at fair value through profit and loss.

Fair values of straight bonds are determined by quoted market prices (Level 1 in the fair value hierarchy).

Certificates of indebtedness and other financial debts are recorded at notional amounts, which are a reasonable approximation of the fair values.

Covenants. For the covenants please refer to note 3.1 Financial risk factors.

Exposure of the Group’s borrowings to interest rate changes

• Bonds: the interest rates of all bonds are fixed.
• Certificates of indebtedness: the major part of the existing certificates of indebtedness has a fixed coupon.
• Liabilities to banks and other financial institutions consist of bank loans with fixed interest rates mainly.

Collateral. In 2017 and 2016, no assets were pledged as collateral.