Siemens 2010 Annual Report Download - page 250

6 To our shareholders 21 Corporate Governance 49 Combined management’s discussion and analysis

In fiscal  and , weighted-average interest rates for
loans from banks, other financial indebtedness and obligations
under finance leases were . percent (: . percent),
. percent (: . percent) and . percent (: . per-
cent), respectively.
a) Commercial paper program
We have a U.S.$ . billion (€. billion) global multi-currency
commercial paper program in place including U.S.$ extendible
notes capabilities. As of September ,  and , out-
standing global commercial paper totaled €– and €, respec-
tively. Interest rates ranged from . percent to . percent
as of September ,  (see also Other financial indebted-
ness below). Our issues of commercial paper have a maturity
of generally less than  days.
b) Notes and bonds
Debt Issuance Program, previously
Euro Medium-term note program
The Company has agreements with financial institutions under
which it may issue medium-term notes up to €. billion as of
September ,  and , respectively. As of September
,  and , €. billion and €. billion, respectively, in
notional amounts were issued and are outstanding. The out-
standing amounts as of September ,  and  comprise
U.S.$ (€) floating rate notes due in March , bearing
interest of . percent above the  months London Interbank
Offered Rate mLIBOR and U.S.$ (€) . percent fixed
rate notes due in March  as well as €. billion . per-
cent note due December , ; € billion . percent note
due June , ; and €. billion . percent note due June
, . In fiscal , Siemens updated the program and is-
sued in total additional €. billion fixed-interest notes under
the program in two tranches comprising a €. billion
. percent note due February ,  and a €. billion
. percent note due February , .
Extendible
In fiscal , the Company issued floating rate extendible
notes with a nominal value of €, which were redeemed at
face value on the first maturity date at the end of June .
The notes bore . percent interest above the  months Euro-
pean Interbank Offered Rate mEURIBOR.
U.S. $ Medium Term Notes
In August , the Company issued U.S.$. billion of notes
(€. billion). These notes were issued in four tranches com-
prising: U.S.$ Floating Rate Notes (mU.S.$ LIBOR +
. percent) due August , ; redeemed at face value at
its maturity date; U.S.$, . percent Notes due February ,
; U.S.$. billion . percent Notes due October , 
and U.S.$. billion . percent Notes due August , .
With respect to the floating rate notes, the Company may, on
or after February , , redeem all or some of the Notes at
the early redemption amount, according to the conditions of
the bond. Regarding the fixed rate notes, the Company may
redeem, at any time, all or some of the notes at the early re-
demption amount (call) according to the conditions of the
bond.
Hybrid Capital Bond
In September , the Company issued a subordinated Hybrid
Capital Bond, which is on a subordinated basis guaranteed by
Siemens. The subordinated bond was issued in a EUR tranche
of € and a British pound tranche of £ million (€),
both with a legal final maturity on September ,  and
with a call option for Siemens in  or thereafter. The bonds
bear a fixed interest rate (. percent for the EUR tranche and
. percent for the British pound tranche) until September
, , thereafter, floating rate interest according to the con-
ditions of the bond.
Euro Bond
In June , the Company issued € billion . percent bonds
due July, .