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Financial assets held for trading | 12 Months Ended
--- | ---
Dec. 31, 2021
Financial assets held for trading. |
Financial assets held for trading | 7 Financial assets held for trading ​
​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | December 31,
(€ million) | ​ | 2021 | ​ | 2020
Bonds issued by sovereign states |  | 1,149 |  | 1,223
Other |  | 5,152 |  | 4,279
​ |  | 6,301 |  | 5,502
​ 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 optimizing returns, within a predefined and authorized level of risk threshold, 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 €1,398 million (€1,361 million at December 31, 2020). The breakdown by currency is provided below: ​
​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | December 31,
(€ million) | ​ | 2021 | ​ | 2020
Euro |  | 3,913 |  | 3,731
U.S. dollars |  | 2,336 |  | 1,688
Other currencies |  | 52 |  | 83
​ |  | 6,301 |  | 5,502
​ 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 |  | 307 |  | 315 |  | Baa3 |  | BBB
Chile | ​ | 167 | ​ | 170 | ​ | A1 | ​ | A
United States of America | ​ | 122 | ​ | 124 | ​ | Aaa | ​ | AA+
Other(*) |  | 107 |  | 108 |  | from Aaa to Baa1 |  | from AAA to A-
​ |  | 703 |  | 717 | ​ | ​ | ​ | ​
Floating rate bonds | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Italy |  | 390 |  | 392 |  | Baa3 |  | BBB
Switzerland |  | 29 | ​ | 29 | ​ | Aaa | ​ | AAA
Other | ​ | 11 |  | 11 |  | from Aaa to Baa2 |  | from AA+ to BBB
​ |  | 430 |  | 432 | ​ | ​ | ​ | ​
Total quoted bonds issued by sovereign states |  | 1,133 | ​ | 1,149 | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  |  |  |
Other Bonds |  |  |  |  |  |  |  |
Fixed rate bonds |  |  |  |  |  |  |  |
Quoted bonds issued by industrial companies |  | 1,792 |  | 1,833 |  | from Aa1 to Baa3 |  | from AA+ to BBB-
Quoted bonds issued by financial and insurance companies |  | 942 |  | 955 |  | from Aaa to Baa3 |  | from AAA to BBB-
Other bonds |  | 290 |  | 293 |  | from Aaa to Baa3 |  | from AAA to BBB-
​ |  | 3,024 |  | 3,081 | ​ | ​ | ​ | ​
Floating rate bonds |  |  |  | ​ |  |  |  |
Quoted bonds issued by industrial companies |  | 537 |  | 540 |  | from Aa1 to Baa3 |  | from AA+ to BBB-
Quoted bonds issued by financial and insurance companies |  | 1,205 |  | 1,215 |  | from Aa1 to Baa3 |  | from AA+ to BBB-
Other bonds |  | 315 |  | 316 |  | from Aa1 to Baa2 |  | from AA+ to BBB
​ |  | 2,057 |  | 2,071 | ​ | ​ | ​ | ​
Total other bonds |  | 5,081 |  | 5,152 |  |  |  |
Total other financial assets held for trading |  | 6,214 |  | 6,301 |  |  |  |
(*) Amounts included herein are lower than €50 million. The fair value hierarchy is level 1 for €5,749 million and level 2 for €552 million. During 2021, there were no significant transfers between the different hierarchy levels of fair value.

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