41.1. Bonds issued
| Issuer | Investor | Interest rate | Currency | Nominal value of bonds issued in currency | Redemption date | Carrying amount | |
| As at 31 December 2022 | As at 31 December 2021 | ||||||
| TAURON Polska Energia S.A. | Bank Gospodarstwa Krajowego |
floating, based on WIBOR 6M |
PLN | 600
490 |
2023-2028 2023-2029 |
602 491 |
700 560 |
| A series bonds (TPE 1025) |
floating, based on WIBOR 6M |
PLN | 1 000 | 2025 | 1 014 | 1 002 | |
| Eurobonds | fixed | EUR | 500 | 2027 | 2 362 | 560 | |
|
Finanse Grupa TAURON Sp. z o.o. |
International investors | fixed | EUR | 168 | 2029 | 787 |
770 |
| Unsubordinated bonds | 5 256 | 5 348 | |||||
| TAURON Polska Energia S.A. | Bank Gospodarstwa Krajowego |
floating, based on WIBOR 6M |
PLN | 400 | 20312 | 401 | |
| European Investment Bank | fixed1 |
EUR PLN PLN |
190 400 350 |
20342 20302 20302 |
851 381 333 |
847 386 338 |
|
| Subordinated bonds | 1 966 |
1 972 |
|||||
| Total bonds | 7 222 | 7 320 | |||||
2 In the case of subordinated bonds, the maturity date shall take into account two financing periods. The maturity dates presented in the table above are the final terms of redemption according to agreement, after two period of financing. The valuation of the bonds at the balance sheet day takes into account early redemption, due to the intention to redeem the bonds after the end of the first financing period (bonds subscribed by the EIB: EUR issue on 16 December 2024, PLN issue on 17 and 19 December 2025, bonds subscribed by BGK on 29 March 2026).
Unsubordinated bonds
The Eurobonds have been admitted to trading on the regulated market of the London Stock Exchange, while the TPE1025 bonds are listed in the Catalyst alternative trading system operated by the Warsaw Stock Exchange (Giełda Papierów Wartościowych w Warszawie S.A.).
Subordinated hybrid bonds
The bonds subscribed by the European Investment Bank (“EIB”) with a nominal value of EUR 190 million and PLN 750 million and by Bank Gospodarstwa Krajowego (“BGK”) with a nominal value of PLN 400 million are subordinated, which means that in the event of bankruptcy or liquidation of the issuer, the liabilities arising from the bonds will have priority of repayment only over the receivables of the Company shareholders. This, in turn positively affects the level of the net debt / EBITDA ratio calculation, since the bonds are excluded from the calculation of this ratio, a covenant in a part of financing agreements concluded by the Company. Additionally, 50% of the subordinated bond amount has been classified by the rating agency as equity in the rating model, which has had a beneficial effect on the rating of the TAURON Group.