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Finance debts | 12 Months Ended
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Dec. 31, 2019
Finance debts |
Finance debts | 18 Finance debts
|  | December 31, 2019 |  | December 31, 2018
|  |  |  | Current |  |  |  |  |  |  |  | Current |  |  |  |
|  |  |  | portion of |  |  |  |  |  |  |  | portion of |  |  |  |
|  | Short-term |  | long-term |  | Long-term |  |  |  | Short-term |  | long-term |  | Long-term |  |
(€ million) |  | debt |  | debt |  | debt |  | Total |  | debt |  | debt |  | debt |  | Total
Banks |  | 187 |  | 504 |  | 2,341 |  | 3,032 |  | 383 |  | 768 |  | 2,710 |  | 3,861
Ordinary bonds |  |  |  | 2,642 |  | 16,137 |  | 18,779 |  |  |  | 2,781 |  | 16,923 |  | 19,704
Convertible bonds |  |  |  |  |  | 393 |  | 393 |  |  |  |  |  | 390 |  | 390
Commercial papers |  | 1,778 |  |  |  |  |  | 1,778 |  | 915 |  |  |  |  |  | 915
Other financial institutions |  | 487 |  | 10 |  | 39 |  | 536 |  | 884 |  | 52 |  | 59 |  | 995
|  | 2,452 |  | 3,156 |  | 18,910 |  | 24,518 |  | 2,182 |  | 3,601 |  | 20,082 |  | 25,865
Finance debts decreased of €1,347 million due to repayments made net of new issuance of €1,540 million and increased due to currency translation differences relating to foreign subsidiaries and debt denominated in foreign currency recorded by euro-reporting subsidiaries for €249 million. Commercial papers were issued by the Group’s financial subsidiaries. The following table reflects long-term debt as of December 31, 2019 by maturity:
|  | Long-term debt
(€ million) |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | After |  | Total
Banks |  | 750 |  | 146 |  | 838 |  | 134 |  | 473 |  | 2,341
Ordinary bonds |  | 930 |  | 698 |  | 1,879 |  | 1,641 |  | 10,989 |  | 16,137
Convertible bonds |  |  |  | 393 |  |  |  |  |  |  |  | 393
Other financial institutions |  | 11 |  | 13 |  | 14 |  | 1 |  |  |  | 39
|  | 1,691 |  | 1,250 |  | 2,731 |  | 1,776 |  | 11,462 |  | 18,910
Eni entered into long-term borrowing facilities with the European Investment Bank. These borrowing facilities are subject to the retention of a minimum level of credit rating. According to the agreements, should the Company lose the minimum credit rating, new guarantees could be required to be agreed upon with the European Investment Bank. In addition, Eni entered into long-term facilities subject to the retention of certain financial ratios based on the Consolidated Financial Statements of Eni with Citibank Europe Plc. In case of default, the bank may request early repayment. At December 31, 2019, debts subjected to restrictive covenants amounted to €1,243 million (€1,337 million at December 31, 2018). Eni was in compliance with those covenants. Ordinary bonds consisted of bonds issued within the Euro Medium Term Notes Program for a total of €15,030 million and other bonds for a total of €3,749 million. The following table provides a breakdown of ordinary bonds by issuing entity, maturity date, interest rate and currency as of December 31, 2019:
|  |  |  | Discount on bond |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | issue and accrued |  |  |  |  |  | Maturity |  | Rate %
(€ million) |  | Amount |  | expense |  | Total |  | Currency |  | from |  | to |  | from |  | to
Issuing entity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Euro Medium Term Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eni SpA |  | 1,200 |  | 16 |  | 1,216 |  | EUR |  |  |  | 2025 |  |  |  | 3.750
Eni SpA |  | 1,000 |  | 38 |  | 1,038 |  | EUR |  |  |  | 2020 |  |  |  | 4.250
Eni SpA |  | 1,000 |  | 28 |  | 1,028 |  | EUR |  |  |  | 2029 |  |  |  | 3.625
Eni SpA |  | 1,000 |  | 20 |  | 1,020 |  | EUR |  |  |  | 2020 |  |  |  | 4.000
Eni SpA |  | 1,000 |  | 10 |  | 1,010 |  | EUR |  |  |  | 2023 |  |  |  | 3.250
Eni SpA |  | 1,000 |  | 8 |  | 1,008 |  | EUR |  |  |  | 2026 |  |  |  | 1.500
Eni SpA |  | 900 |  | (4) |  | 896 |  | EUR |  |  |  | 2024 |  |  |  | 0.625
Eni SpA |  | 800 |  | 2 |  | 802 |  | EUR |  |  |  | 2021 |  |  |  | 2.625
Eni SpA |  | 800 |  | (1) |  | 799 |  | EUR |  |  |  | 2028 |  |  |  | 1.625
Eni SpA |  | 750 |  | 9 |  | 759 |  | EUR |  |  |  | 2024 |  |  |  | 1.750
Eni SpA |  | 750 |  | 5 |  | 755 |  | EUR |  |  |  | 2027 |  |  |  | 1.500
Eni SpA |  | 750 |  | (4) |  | 746 |  | EUR |  |  |  | 2034 |  |  |  | 1.000
Eni SpA |  | 700 |  | 2 |  | 702 |  | EUR |  |  |  | 2022 |  |  |  | 0.750
Eni SpA |  | 650 |  | 3 |  | 653 |  | EUR |  |  |  | 2025 |  |  |  | 1.000
Eni SpA |  | 600 |  | (4) |  | 596 |  | EUR |  |  |  | 2028 |  |  |  | 1.125
Eni Finance International SA |  | 1,558 |  | (3) |  | 1,555 |  | USD |  | 2026 |  | 2027 |  |  |  | variable
Eni Finance International SA |  | 295 |  | 4 |  | 299 |  | EUR |  | 2028 |  | 2043 |  | 3.875 |  | 5.441
Eni Finance International SA |  | 118 |  | 5 |  | 123 |  | GBP |  |  |  | 2021 |  |  |  | 4.750
Eni Finance International SA |  | 25 |  |  |  | 25 |  | YEN |  |  |  | 2021 |  |  |  | 1.955
|  | 14,896 |  | 134 |  | 15,030 |  |  |  |  |  |  |  |  |  |
Other bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eni SpA |  | 890 |  | 4 |  | 894 |  | USD |  |  |  | 2023 |  |  |  | 4.000
Eni SpA |  | 890 |  | 2 |  | 892 |  | USD |  |  |  | 2028 |  |  |  | 4.750
Eni SpA |  | 890 |  | (1) |  | 889 |  | USD |  |  |  | 2029 |  |  |  | 4.250
Eni SpA |  | 401 |  | 4 |  | 405 |  | USD |  |  |  | 2020 |  |  |  | 4.150
Eni SpA |  | 312 |  | 1 |  | 313 |  | USD |  |  |  | 2040 |  |  |  | 5.700
Eni USA Inc |  | 356 |  |  |  | 356 |  | USD |  |  |  | 2027 |  |  |  | 7.300
|  | 3,739 |  | 10 |  | 3,749 |  |  |  |  |  |  |  |  |  |
|  | 18,635 |  | 144 |  | 18,779 |  |  |  |  |  |  |  |  |  |
As of December 31, 2019, ordinary bonds maturing within 18 months amounted to €2,611 million. During 2019, new bonds issued amounted to €1,635 million. The following table provides a breakdown of convertible bonds issued by Eni SpA as of December 31, 2019:
|  |  |  | Discount on bond |  |  |  |  |  |  |  |
|  |  |  | issue and accrued |  |  |  |  |  |  |  |
(€ million) |  | Amount |  | expense |  | Total |  | Currency |  | Maturity |  | Rate %
Eni SpA |  | 400 |  | (7) |  | 393 |  | EUR |  | 2022 |  | 0.000
The non-dilutive equity-linked bond provides for a redemption value linked to the market price of Eni’s shares. The bondholders have “conversion” rights at certain times and/or in the presence of certain events, while the bonds will be cash-settled. Accordingly, to hedge its exposure, Eni purchased cash-settled call options relating to Eni shares that will be settled on a net cash basis. The bond conversion price is equal €17.62 and includes a 35% premium with respect to the Eni’s share reference price at the date of issuance. The convertible bond is measured at amortized cost. The conversion option, embedded in the financial instrument issued, and the call option on Eni’s shares acquired are valued at fair value with effects recognized through profit and loss. Eni has in place a program for the issuance of Euro Medium Term Notes up to €20 billion, of which €14.9 billion were drawn as of December 31, 2019. The following table provides a breakdown by currency of finance debt and the related weighted average interest rates:
|  | December 31, 2019 |  | December 31, 2018
|  |  |  |  |  | Long term |  |  |  |  |  |  |  | Long term |  |
|  |  |  |  |  | debt and |  |  |  |  |  |  |  | debt and |  |
|  |  |  |  |  | current |  |  |  |  |  |  |  | current |  |
|  | Short term |  |  |  | portion of long |  |  |  | Short term |  |  |  | portion of long |  |
|  | debt |  | Average rate |  | term debt |  | Average rate |  | debt |  | Average rate |  | term debt |  | Average rate
|  | (€ million) |  | (%) |  | (€ million) |  | (%) |  | (€ million) |  | (%) |  | (€ million) |  | (%)
Euro |  | 464 |  | 0.2 |  | 16,526 |  | 2.1 |  | 680 |  | 1.9 |  | 18,635 |  | 2.3
U.S. dollar |  | 1,981 |  | 2.3 |  | 5,392 |  | 4.6 |  | 1,007 |  | 2.5 |  | 4,530 |  | 4.3
Other currencies |  | 7 |  | (0.7) |  | 148 |  | 4.3 |  | 495 |  | 1.0 |  | 518 |  | 4.2
|  | 2,452 |  |  |  | 22,066 |  |  |  | 2,182 |  |  |  | 23,683 |  |
As of December 31, 2019, Eni retained undrawn uncommitted borrowing facilities amounting to €13,299 million (€12,484 million at December 31, 2018) and undrawn long-term committed borrowing facilities of €4,667 million (€5,214 million at December 31, 2018). Those facilities bore interest rates reflecting prevailing conditions in the marketplace. As of December 31, 2019, Eni was in compliance with covenants and other contractual provisions in relation to borrowing facilities. Fair value of long-term debt, including the current portion of long-term debt is described below:
(€ million) |  | December 31, 2019 |  | December 31, 2018
Ordinary bonds |  | 19,173 |  | 20,257
Convertible bonds |  | 402 |  | 399
Banks |  | 2,904 |  | 3,445
Other financial institutions |  | 49 |  | 111
|  | 22,528 |  | 24,212
Fair value of finance debts was calculated by discounting the expected future cash flows at discount rates ranging from -0.3% to 2.0% (‑0.2% and 2.9% at December 31, 2018). Because of the short-term maturity and conditions of remuneration of short-term debts, the fair value approximated the carrying amount. Changes in liabilities arising from financing activities
|  |  |  |  |  | Long-term and current |  |
|  | Long-term debt and current |  | Short-term |  | portion of long-term lease |  |
(€ million) |  | portion of long-term debt |  | debt |  | liabilietis |  | Total
Carrying amount at December 31, 2018 |  | 23,683 |  | 2,182 |  |  |  | 25,865
First adoption of IFRS 16 |  |  |  |  |  | 5,656 |  | 5,656
Reclassifications |  |  |  |  |  | 168 |  | 168
Reclassification to liabilities directly associated with assets held for sale |  |  |  |  |  | (13) |  | (13)
Carrying amount at January 1, 2019 |  | 23,683 |  | 2,182 |  | 5,811 |  | 31,676
Cash flows |  | (1,701) |  | 161 |  | (877) |  | (2,417)
Currency translation differences |  | 157 |  | 92 |  | 93 |  | 342
Changes in the scope of consolidation |  |  |  | 5 |  |  |  | 5
Other non-monetary changes |  | (73) |  | 12 |  | 621 |  | 560
Carrying amount at December 31, 2019 |  | 22,066 |  | 2,452 |  | 5,648 |  | 30,166
Other non-monetary changes include €668 million of lease liabilities assumptions. Lease liabilities are described in note 12 - Right-of-use assets and lease liabilities. Transactions with related parties are described in note 36 - Transactions with related parties

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