E.ON's funding policy is designed to give E.ON access to a variety of financing sources at any time.
As a rule, external funding is carried out by E.ON SE and funds are subsequently on-lent within the Group. In the past external funding was mainly carried out by our Dutch finance subsidiary E.ON International Finance B.V under guarantee of E.ON SE. Those financial liabilities that still exist on unit level are either old liabilities or represent funding structures whose implementation was more beneficial on unit level than on Group.
Our funding is based on the following principles: First, we use a variety of markets and debt instruments to maximize the diversity of our investor base. Second, we issue bonds with terms that give our debt portfolio a well balanced maturity profile. Third, we combine large-volume benchmark issues with smaller issues that take advantage of market opportunities as they arise.
Furthermore, E.ON aims to maintain its creditors' trust by communicating a clear strategy with the highest degree of transparency. The mechanisms we use to achieve this include regular debt investor updates in major European financial centers, periodic conference calls for debt analysts and investors, and informational meetings for our core group of banks. In addition, we try to accommodate interests of debt capital investors as much as possible when putting together the information for our financial communication.
In the course of its funding program E.ON only uses selected core banks. These are defined via their participation in E.ON's syndicated revolving credit facility. E.ON has long and good relationships to several national and international banks.