Debt information
Our Approach
We actively manage our debt portfolio in alignment with our strategic objectives, with a strong focus on mitigating liquidity and financial risks. We follow a disciplined and centralized borrowing approach to meet anticipated funding needs, supported by a diversified range of liquidity sources and reliable access to financial markets.
Credit ratings
Our credit worthiness helps us make efficient use of international capital and loan markets. Nokia’s present credit ratings are:
Fitch |
S&P |
|---|---|
BBB- (stable) |
BBB- (stable) |
Significant credit facilities and funding programmes
We aim at maintaining flexibility in funding by keeping credit facilities and funding programmes available.
Financing arrangement |
Committed / Uncommitted |
Currency |
Nominal (millions) |
Program documents |
|---|---|---|---|---|
Revolving Credit Facility1 |
Committed |
EUR |
1500 |
|
Finnish Commercial Paper Programme |
Uncommitted |
EUR |
750 |
|
Euro-Commercial Paper Programme |
Uncommitted |
EUR |
1,500 |
|
Euro Medium Term Note Programme |
Uncommitted |
EUR |
5,000 |
|
SEC Reg. Shelf |
Uncommitted |
USD |
Indeterminate |
Inactive |
Nokia has a committed EUR 1,500 million Revolving Credit Facility maturing in June 2031, featuring an ESG linked sustainability clause.
Debt capital market issuances
Issuer / Borrower |
Program |
Nominal (millions) |
Coupon |
Issue date |
Maturity |
ISIN |
Term sheets |
|---|---|---|---|---|---|---|---|
Nokia Corporation |
EMTN |
EUR 500 |
3.625% |
5-June-2026 |
5-June-2032 |
XS3397145767 |
|
Nokia Corporation |
EMTN |
EUR 500 |
4.375% |
21-February-2023 |
21-August-2031 |
XS2488809612 |
|
Nokia Corporation |
SEC Reg. Shelf |
USD 500 |
4.375% |
12-June-2017 |
12-June-2027 |
US654902AE56 |
See related downloads at the bottom of the page |
Nokia Corporation |
SEC Reg. Shelf |
USD 500 |
6.625% |
15-May-2009 |
15-May-2039 |
US654902AC90 |
See related downloads at the bottom of the page |
Nokia of America Corporation |
USD 74 |
6.50% |
15-January-1998 |
15-January-2028 |
US549463AC10 |
||
Nokia of America Corporation |
USD 206 |
6.45% |
15-March-1999 |
15-March-2029 |
US549463AE75 |
All borrowings presented above are senior unsecured and have no financial covenants.
Bank market funding
All loans presented below are senior unsecured and have no financial covenants.
Issuer / Borrower |
Facility |
Currency |
Nominal (million) |
Undrawn amount available (million) |
Loan amount drawn (million) |
Final maturity |
|---|---|---|---|---|---|---|
Nokia Corporation |
NIB R&D Loan1 |
EUR |
250 |
0 |
250 |
October 2032 |
Nokia Corporation |
EIB R&D Loan2,3 |
EUR |
870 |
870 |
0 |
Not applicable |
1 In October 2024, Nokia signed a loan facility agreement of EUR 250 million with the Nordic Investment Bank (NIB) for financing research and development. The loan is repayable in two equal installments in 2031 and 2032.
2 In December 2025, Nokia signed a loan facility agreement of EUR 435 million with the European Investment Bank (EIB) for financing research and development. The availability period of the loan facility ends in December 2027. The loan will have an average maturity of approximately seven years after disbursement.
3In April 2026, Nokia signed a loan facility agreement of EUR 435 million with the European Investment Bank (EIB) for financing research and development. The availability period of the loan facility ends in April 2028. The loan will have an average maturity of approximately seven years after disbursement.
Debt maturity profile
Downloads SEC Reg Shelf
- Nokia SEC Reg Shelf USD 500 million due 2039
- Nokia SEC Reg Shelf USD 500 million due 2022 and USD 500 million due 2027