155 Annual Report 2024 15 LOANS AND BORROWINGS (continued) Terms and debt repayment schedule (continued) 2024 2023 Nominal interest rate Year of maturity Face value Carrying amount Face value Carrying amount % $’000 $’000 $’000 $’000 Trust Unsecured SGD fixed rate term loans from CMT MTN 2.10 – 4.03 2025 to 2035 3,604,116 3,599,221 3,554,116 3,549,478 SGD bank loans SORA + Margin 2026 to 2034 2,483,247 2,479,013 2,390,026 2,383,285 EUR bank loans EURIBOR + Margin 2029 to 2030 391,502 390,447 305,788 305,041 AUD bank loans BBSW + Margin 2027 518,118 517,819 539,043 537,789 Total loans and borrowings 6,996,983 6,986,500 6,788,973 6,775,593 SORA – Singapore Overnight Average Rate EURIBOR – Euro InterBank Offered Rate BBSW – Bank Bill Swap Rate BBSY – Bank Bill Swap Bid Rate The loans and borrowings comprise the following: (1) Unsecured MTN and EMTN (a) The Group has a $7.0 billion Multicurrency Medium Term Note Programme (“MTN Programme”) and a USD3.0 billion Euro-Medium Term Note Programme (“EMTN Programme”) under CMT MTN Pte. Ltd. (“CMT MTN”). As at 31 December 2024, notes issued by CMT MTN were as follows: – under the MTN Programme: (i) $1,310.0 million (2023: $1,760.0 million) of fixed rate notes maturing from 2025 to 2032 (2023: 2024 to 2032); (ii) HKD4.0 billion (2023: HKD4.0 billion) of fixed rate notes maturing from 2025 to 2033 (2023: 2025 to 2033); and (iii) USD300.0 million (2023: USD300.0 million) of fixed rate notes maturing in 2029 (2023: 2029). – under the EMTN Programme: (i) $900.0 million (2023: $400.0 million) of fixed rate notes maturing in 2030 to 2035 (2023: 2030); and (ii) HKD1.7 billion (2023: HKD1.7 billion) of fixed rate notes maturing from 2031 to 2033 (2023: 2031 to 2033). CMT MTN has entered into cross currency swaps to swap the abovementioned foreign currency notes to Singapore dollars proceeds. CMT MTN has granted the Trustee (in its capacity as trustee of the Trust) term loans of $3,604.1 million (2023: $3,554.1 million) under a facility agreement between the Trust and CMT MTN. These term loans will mature from 2025 to 2035 (2023: 2024 to 2033).
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