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  • Debt & credit overview

    External sources of funding

    Debt and credit rating

    As a basis for and contribution to effective risk management and to ensure that the company will be able to pursue its strategies even during periods of economic downturn, Koninklijke DSM N.V. retains a?solid financial policy.

    The company aims to maintain a strong investment grade long-term credit rating for senior unsecured debt; most external funding needs being financed through long-term debt.?DSM also has a commercial paper program and?revolving committed credit facilities.

    Credit rating

    Rating agencies and DSM senior management hold regular review meetings as part of our aim of maintaining a strong investment grade long-term credit rating for senior unsecured debt.

    The rating agencies Moody’s and Standard & Poors have awarded the following ratings for the company’s long- and short-term debt:

    AgencyLong/short-term ratingOutlookLast Updated
    Moody'sA3/P-2Stable24 April 2024
    Standard & Poor'sA-/A-2Stable5 April 2024

    DSM’s credit is only rated by S&P Global Ratings (S&P) and Moody’s to which DSM provides accurate information necessary for their rating analyses, such as our management strategy, financial policies and financing matters.

    DSM has not obtained a credit rating from Scope and DSM has not provided any information to Scope. Therefore Scope’s unsolicited opinions and publications regarding DSM are based on their subjective assumptions and hypotheses with no reasonable basis for support.

    Debt

    DSM aims to spread the maturity profile of outstanding bonds in order to have adequate financial flexibility. The average effective interest rate on the portfolio of borrowings outstanding in 2022, including hedge instruments related to these borrowings, amounted to 1.90% (2021: 1.86%).

    Debt covenants are not included in the terms and conditions of outstanding bonds and financing arrangements.

    Debt maturity profile at 31 December 2023

    Due dateAmount in?€ mln
    03 Apr 2024500
    09 Apr 2025500
    28 Sep 2026750
    23 Jun 2028500
    23 Jun 2032500

    €5 billion debt issuance program

    Royal DSM's €5 billion Debt Issuance Program is a framework with standard terms & conditions, which are applicable if Notes are issued. Additionally, the Debt Issuance Program includes risk factors, company description, financial information and the form of final terms of various kinds of debt. These terms & conditions, form of final terms, risk factors and financial information on Royal DSM are laid down in the Base Prospectus.

    The Dutch Authority for the Financial Markets (AFM), which is responsible for supervising the operation of the financial markets approved the Prospectus on 2 June 2021. This approval is valid for 1 year.

    As required by the AFM,? we are required to maintain a list of prospectuses, documents referred to in the prospectuses, supplements to the prospectuses and/or the final terms of base prospectuses for a period of 10 years:

    Outstanding bonds in detail

    Rate, Currency & Period0.75%, €, 2016 - 2026
    IssuerKoninklijke DSM N.V.
    RatingMoody's: A3,?Standard & Poor's: A-
    ListingNL
    ISIN?CodeXS149537350
    Volume€750 million
    Issue?price99.799%
    Coupon0.75%
    Term10 years?
    Maturity28 Sep 2026
    Rate, Currency & Period1.00%, €, 2015 - 2025
    IssuerKoninklijke DSM N.V.
    RatingMoody's: A3,?Standard & Poor's: A-
    ListingNL
    ISIN?CodeXS1215181980
    Volume€500 million
    Issue?price99.41%
    Coupon1.00%
    Term10 years?
    Maturity09 Apr 2025
    Rate, Currency & Period2.375%,?€, 2014 - 2024
    IssuerKoninklijke DSM N.V.
    RatingMoody's: A3,?Standard & Poor's: A-
    ListingNL
    ISIN?CodeXS1041772986
    Volume€500 million
    Issue?price99.56%
    Coupon2.38%
    Term10 years + 1 month
    Maturity03 Apr 2024
    Rate, Currency & Period0.25%, €, 2020 - 2028
    IssuerKoninklijke DSM N.V.
    RatingMoody's: A3,?Standard & Poor's: A-
    ListingNL
    ISIN?CodeXS2193978363
    Volume€500 million
    Issue?price99.65%
    Coupon0.25%
    Term8 years?
    Maturity23 Jun 2028
    Rate, Currency & Period0.625%, €, 2020 - 2032
    IssuerKoninklijke DSM N.V.
    RatingMoody's: A3,?Standard & Poor's: A-
    ListingNL
    ISIN?CodeXS2193979254
    Volume€500 million
    Issue?price99.13%
    Coupon0.63%
    Term12 years?
    Maturity23 Jun 2032

    Liabilities structure as at 31 Dec 2022

    ?20222021
    Borrowings amount?in € millonTotalof which currentTotalof which current
    Debenture loans2,741-2,739-
    Private loans1161411512
    Lease liabilities1794420249
    Credit institutions28284242
    Total3,064863,098103

    Committed credit facilities

    DSM holds a €1.0 billion revolving committed credit facility (RCF), which serves as back-up funding.?The interest rate of this RCF is linked to DSM's Greenhouse Gas (GHG) emission reductions.

    BorrowerKoninklijke DSM N.V.
    Senior unsecured?long-term ratingMoody's: A3,?Standard & Poor's: A-
    Facility amount€1,000 million
    Maturity29 May 2025 (First and second extension options exercised)
    PurposeGeneral
    Financial covenantsNone
    MAC clauseNone

    €2 billion commercial paper program

    Royal DSM's Euro Commercial Paper Program is a framework with standard terms and conditions which are applicable if Notes are issued. The Euro Commercial Paper Program is not quoted on a Stock Exchange. The terms & conditions of this program are laid down in the?Memorandum.

    IssuerKoninklijke DSM N.V.
    Short term?ratingMoody's: P-2,?Standard & Poor's: A-2
    Date of?implementation15 May 2020
    Maximum?Volume€2,000,000,000
    TenorBetween 1 and 364 days
    Minimum?denomination€100,000 or £100,000
    Clearing agentEuroclear
    DealersABN AMRO Bank N.V., BNP Paribas Fortis SA/NV, Citigroup Global Markets Europe AG, Citigroup Global Markets Limited, Co?peratieve Rabobank U.A., ING Bank N.V. and NatWest Markets N.V.
    Issuing &?Paying agentCitibank, N.A., London branch

    ?

    Legal disclaimer
    This website contains information and documents which are for information purposes only. They neither constitute an offer nor an invitation nor a recommendation to subscribe to or to purchase, to hold or sell securities, nor are the information or documents contained on this website meant to serve as a basis for any kind of obligation, contractual or otherwise.

    Publication of prospectuses on this website is done in accordance with legal requirements in connection with the admission to trading of securities.

    Distribution of information and documents contained on this website, especially prospectuses, may be forbidden or limited by legislation of some jurisdictions.

    Access is denied to persons to whom these restrictions in such jurisdictions apply. Each visitor to this website is required to inform himself accordingly and to comply with applicable restrictions. Koninklijke DSM N.V. is in no way liable for any such infringement.

    THE INFORMATION AND DOCUMENTS CONTAINED ON THIS WEBSITE ARE NOT DIRECTED AT AND MAY NOT BE VIEWED BY OR DISTRIBUTED TO ANY PERSON RESIDENT IN THE UNITED STATES OF AMERICA.

    By entering the following parts of this website you confirm that you are not a resident of the United States of America and that you will not distribute any of the information and documents contained thereon to any person resident in the United States of America.

    You further acknowledge that the following information and documents neither constitute an offer nor an invitation nor a recommendation to subscribe to or to purchase, to hold or sell securities.

    Read more

    • Financial policies

      Financial policies

      DSM's financial policies cover investor relations, cash flow, dividends, silent periods and accounting.

    • Factbooks

      Factbooks

      DSM's Factbook provides investors and analysts with an introduction to the company and our key individual businesses.

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