27. Financial liabilities

MEUR
31 Dec 2016 31 Dec 2015
Non-current


Corporate bonds
844.6 545.5
Bank loans
474.1 650.6
Interest-subsidised loans
408.1 208.1
State-subsidised ARAVA loans
67.7 84.7
Total
1,794.4 1,488.8



MEUR
31 Dec 2016 31 Dec 2015
Current


Commercial Papers
109.9 103.7
Bank loans
17.6 56.8
Interest-subsidised loans
13.4 18.0
State-subsidised ARAVA loans
7.6 8.9
Total
148.5 187.4

In March 2016, SATO issued a EUR 300 million unsecured corporate bond for European investors, with a maturity of five years and a coupon rate of 2.375 per cent. The loan was assigned a Baa3 rating by Moody's and is listed in the Irish Stock Exchange.

SATO acquired two housing portfolios in April 2016, and the loans transferred to SATO among these transactions explain the increased amount of interest-subsidised loans.

During the reporting period, a total of EUR 381.6 (483.7) million of new long-term debt was drawn. On 31 December 2016 the average interest on the SATO debt portfolio was 2.5 (2.5) per cent.

For purposes of short-term financing, SATO has a commercial paper programme of EUR 400 (200) million, committed credit limits of EUR 400 (290) million, of which EUR 400 (290) million were unused, and a non-binding current limit of EUR 5 (5) million.