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Financial assets held for trading | 12 Months Ended
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Dec. 31, 2019
Financial assets held for trading. |
Financial assets held for trading | 6 Financial assets held for trading
(€ million) |  | December 31, 2019 |  | December 31, 2018
Bonds issued by sovereign states |  | 1,462 |  | 1,083
Other |  | 5,298 |  | 5,469
|  | 6,760 |  | 6,552
The Company has established a liquidity reserve as part of its internal targets and financial strategy with a view of ensuring an adequate level of flexibility to the Group development plans and of coping with unexpected fund requirements or difficulties in accessing financial markets. The management of this liquidity reserve is performed through trading activities in view of the financial optimization of returns, within a predefined and authorized level of risk tolerance, targeting the preservation of the invested capital and the ability to promptly convert it into cash. Financial assets held for trading include securities subject to lending agreements of €1,347 million (€1,301 million at December 31, 2018). The breakdown by currency is provided below:
(€ million) |  | December 31, 2019 |  | December 31, 2018
Euro |  | 4,272 |  | 4,573
U.S. dollars |  | 2,279 |  | 1,614
Other currencies |  | 209 |  | 365
|  | 6,760 |  | 6,552
The breakdown by issuing entity and credit rating is presented below:
|  | Nominal value |  | Fair Value |  |  |  |
|  | (€ million) |  | (€ million) |  | Rating - Moody’s |  | Rating - S&P
Quoted bonds issued by sovereign states |  |  |  |  |  |  |  |
Fixed rate bonds |  |  |  |  |  |  |  |
Italy |  | 734 |  | 743 |  | Baa3 |  | BBB
Chile |  | 177 |  | 181 |  | A1 |  | A+
Other(*) |  | 216 |  | 224 |  | from Aaa to Baa1 |  | from AAA to BBB+
|  | 1,127 |  | 1,148 |  |  |  |
Floating rate bonds |  |  |  |  |  |  |  |
Italy |  | 126 |  | 126 |  | Baa3 |  | BBB
Germany |  | 106 |  | 106 |  | Aaa |  | AAA
Other(*) |  | 81 |  | 82 |  | from Aaa to Baa3 |  | from AAA to BBB
|  | 313 |  | 314 |  |  |  |
Total quoted bonds issued by sovereign states |  | 1,440 |  | 1,462 |  |  |  |
Other Bonds |  |  |  |  |  |  |  |
Fixed rate bonds |  |  |  |  |  |  |  |
Quoted bonds issued by industrial companies |  | 1,183 |  | 1,212 |  | from Aa2 to Baa3 |  | from AA to BBB-
Quoted bonds issued by financial and insurance companies |  | 862 |  | 879 |  | from Aa3 to Baa3 |  | from AA- to BBB-
Other bonds |  | 105 |  | 106 |  | from Aaa to Baa2 |  | from AAA to BBB
|  | 2,150 |  | 2,197 |  |  |  |
Floating rate bonds |  |  |  |  |  |  |  |
Quoted bonds issued by industrial companies |  | 1,530 |  | 1,535 |  | from Aa1 to Baa3 |  | from AA+ to BBB-
Quoted bonds issued by financial and insurance companies |  | 1,116 |  | 1,122 |  | from Aa1 to Baa3 |  | from AA+ to BBB-
Other bonds |  | 444 |  | 444 |  | from Aaa to Baa2 |  | from AAA to BBB
|  | 3,090 |  | 3,101 |  |  |  |
Total other bonds |  | 5,240 |  | 5,298 |  |  |  |
Total other financial assets held for trading |  | 6,680 |  | 6,760 |  |  |  |
(*)Amounts included herein are lower than €50 million. The fair value hierarchy is level 1 for €6,219 million and level 2 for €541 million. During 2019, there were no transfers between the different hierarchy levels of fair value.

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- Definition The disclosure of financial assets classified as held for trading. [Refer: Financial assets] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2019-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_10_e&doctype=Standard -URIDate 2019-03-27 + Details
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