| Breakdown of Financial Assets |
Breakdown of financial assets The breakdown of financial assets of the Telefónica Group at December 31, 2023 is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | | Fair value through profit or loss | Fair value through other comprehensive income | | Measurement hierarchy | | | | | Millions of euros | Held for trading | Fair value option | Debt instru-ments | Equity instru-ments | Hedges | Level 1 (Quoted prices) | Level 2 (Other directly observable market inputs) | Level 3 (Inputs not based on observable market data) | Amortized cost | Total carrying amount | Total fair value | | Non-current financial assets (Note 12) | 224 | | — | | 289 | | 578 | | 1,785 | | 537 | | 2,326 | | 13 | | 2,325 | | 5,201 | | 5,201 | | | Investments | 38 | | — | | — | | 578 | | — | | 510 | | 106 | | — | | — | | 616 | | 616 | | | Credits and other financial assets | 31 | | — | | 9 | | — | | — | | 27 | | — | | 13 | | 701 | | 741 | | 741 | | | Deposits and guarantees | — | | — | | — | | — | | — | | — | | — | | — | | 966 | | 966 | | 966 | | | Derivative instruments | 155 | | — | | — | | — | | 1,785 | | — | | 1,940 | | — | | — | | 1,940 | | 1,940 | | | Trade receivables | — | | — | | 280 | | — | | — | | — | | 280 | | — | | 769 | | 1,049 | | 924 | | | Trade receivables for subleases | — | | — | | — | | — | | — | | — | | — | | — | | 14 | | 14 | | 14 | | | Impairment of trade receivables | — | | — | | — | | — | | — | | — | | — | | — | | (125) | | (125) | | — | | | Current financial assets | 291 | | — | | 945 | | — | | 271 | | 293 | | 1,214 | | — | | 14,152 | | 15,659 | | 15,659 | | | Trade receivables (Note 14) | — | | — | | 854 | | — | | — | | — | | 854 | | — | | 9,568 | | 10,422 | | 7,430 | | | Impairment of trade receivables (Note 14) | — | | — | | — | | — | | — | | — | | — | | — | | (2,992) | | (2,992) | | — | | | Other current financial assets (Note 15) | 291 | | — | | 91 | | — | | 271 | | 293 | | 360 | | — | | 425 | | 1,078 | | 1,078 | | | Cash and cash equivalents | — | | — | | — | | — | | — | | — | | — | | — | | 7,151 | | 7,151 | | 7,151 | | | Total | 515 | | — | | 1,234 | | 578 | | 2,056 | | 830 | | 3,540 | | 13 | | 16,477 | | 20,860 | | 20,860 | |
The calculation of the fair values of the Telefónica Group's debt instruments required an estimate, for each currency and counterparty, of a credit spread curve using the prices of the Group's bonds and credit derivatives. The breakdown of financial assets of the Telefónica Group at December 31, 2022 was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | | | Fair value through profit or loss | Fair value through other comprehensive income | | Measurement hierarchy | | | | | Millions of euros | Held for trading | Fair value option | Debt instru-ments | Equity instru-ments | Hedges | Level 1 (Quoted prices) | Level 2 (Other directly observable market inputs) | Level 3 (Inputs not based on observable market data) | Amortized cost | Total carrying amount | Total fair value | | Non-current financial assets (Note 12) | 323 | | — | | 350 | | 465 | | 2,404 | | 464 | | 3,067 | | 11 | | 2,677 | | 6,219 | | 6,219 | | | Investments | 32 | | — | | — | | 465 | | — | | 390 | | 107 | | — | | — | | 497 | | 497 | | | Credits and other financial assets | 27 | | — | | 58 | | — | | — | | 74 | | — | | 11 | | 896 | | 981 | | 981 | | | Deposits and guarantees | — | | — | | — | | — | | — | | — | | — | | — | | 1,163 | | 1,163 | | 1,163 | | | Derivative instruments | 264 | | — | | — | | — | | 2,404 | | — | | 2,668 | | — | | — | | 2,668 | | 2,668 | | | Trade receivables | — | | — | | 292 | | — | | — | | — | | 292 | | — | | 727 | | 1,019 | | 891 | | | Trade receivables for subleases | — | | — | | — | | — | | — | | — | | — | | — | | 19 | | 19 | | 19 | | | Impairment of trade receivables | — | | — | | — | | — | | — | | — | | — | | — | | (128) | | (128) | | — | | | Current financial assets | 405 | | — | | 833 | | — | | 466 | | 181 | | 1,513 | | 10 | | 15,325 | | 17,029 | | 17,029 | | | Trade receivables (Note 14) | — | | — | | 792 | | — | | — | | — | | 792 | | — | | 9,439 | | 10,231 | | 7,340 | | | Impairment of trade receivables (Note 14) | — | | — | | — | | — | | — | | — | | — | | — | | (2,891) | | (2,891) | | — | | | Other current financial assets (Note 15) | 405 | | — | | 41 | | — | | 466 | | 181 | | 721 | | 10 | | 1,532 | | 2,444 | | 2,444 | | | Cash and cash equivalents | — | | — | | — | | — | | — | | — | | — | | — | | 7,245 | | 7,245 | | 7,245 | | | Total | 728 | | — | | 1,183 | | 465 | | 2,870 | | 645 | | 4,580 | | 21 | | 18,002 | | 23,248 | | 23,248 | |
Appendix IV: Financial instruments The detail of the net financial debt arranged by the Group (notional amount) by currency and interest rates at December 31, 2023 is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair value | | Millions of euros | 2024 | 2025 | 2026 | 2027 | 2028 | Subsequent years | Notional | Underlying debt (*) | Associated derivatives | Total | | Euro | (6,794) | | 2,302 | | 3,807 | | 3,771 | | 2,250 | | 15,558 | | 20,894 | | 13,417 | | 7,988 | | 21,405 | | | Floating rate | 799 | | (113) | | 1,845 | | 170 | | 374 | | 3,190 | | 6,265 | | 1,042 | | 8,950 | | 9,992 | | | Spread | 0.12 | % | — | | (0.11 | %) | 0.72 | % | 0.16 | % | 0.10 | % | 0.06 | % | — | | — | | — | | | Fixed rate | (7,592) | | 2,415 | | 1,962 | | 3,601 | | 1,876 | | 12,368 | | 14,629 | | 12,375 | | (962) | | 11,413 | | | Interest rate | 2.52 | % | 0.89 | % | 2.23 | % | 1.16 | % | 1.78 | % | 1.74 | % | 1.83 | % | — | | — | | — | | | Rate cap | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | | | Other european currencies | | | | | | | | | | | | Instruments in CZK | (95) | | — | | — | | — | | — | | — | | (95) | | — | | (93) | | (93) | | | Floating rate | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | | | Spread | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | | | Fixed rate | (95) | | — | | — | | — | | — | | — | | (95) | | — | | (93) | | (93) | | | Interest rate | 6.36 | % | — | | — | | — | | — | | — | | 6.36 | % | — | | — | | — | | | Rate cap | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | | | Instruments in GBP | 99 | | — | | (2) | | (6) | | (4) | | — | | 87 | | 899 | | (817) | | 82 | | | Floating rate | — | | — | | — | | — | | — | | — | | — | | — | | (2) | | (2) | | | Spread | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | | | Fixed rate | 99 | | — | | (2) | | (6) | | (4) | | — | | 87 | | 899 | | (815) | | 84 | | | Interest rate | 5.14 | % | — | | 5.37 | % | 0.70 | % | 0.70 | % | — | | 4.76 | % | — | | — | | — | | | Rate cap | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | | | Instruments in CHF | (3) | | — | | — | | — | | — | | — | | (3) | | — | | — | | — | | | Floating rate | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | | | Spread | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | | | Fixed rate | (3) | | — | | — | | — | | — | | — | | (3) | | — | | — | | — | | | Interest rate | 1.00 | % | — | | — | | — | | — | | — | | 1.00 | % | — | | — | | — | | | Rate cap | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | | | America | | | | | | | | | | | | Instruments in USD | (612) | | (23) | | (1,807) | | — | | 27 | | 1,810 | | (605) | | 12,336 | | (12,916) | | (580) | | | Floating rate | (13) | | — | | (1,810) | | — | | 27 | | 1,810 | | 14 | | 206 | | (192) | | 14 | | | Spread | (0.02 | %) | — | | 0.28 | % | — | | 1.00 | % | — | | 0.14 | % | — | | — | | — | | | Fixed rate | (599) | | (23) | | 3 | | — | | — | | — | | (619) | | 12,129 | | (12,724) | | (594) | | | Interest rate | 0.46 | % | 1.87 | % | 3.47 | % | — | | — | | 5.19 | % | 0.52 | % | — | | — | | — | | | Rate cap | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | | | Instruments in UYU | 37 | | — | | 28 | | — | | — | | — | | 65 | | 116 | | (43) | | 73 | | | Floating rate | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | | | Spread | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | | | Fixed rate | 37 | | — | | 28 | | — | | — | | — | | 65 | | 116 | | (43) | | 73 | | | Interest rate | 11.66 | % | — | | 8.90 | % | — | | — | | — | | 10.46 | % | — | | — | | — | | | Rate cap | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair value | | Millions of euros | 2024 | 2025 | 2026 | 2027 | 2028 | Subsequent years | Notional | Underlying debt(*) | Associated derivatives | TOTAL | | Instruments in ARS | (100) | | — | | — | | — | | — | | — | | (100) | | (90) | | — | | (90) | | | Floating rate | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | | | Spread | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | | | Fixed rate | (100) | | — | | — | | — | | — | | — | | (100) | | (90) | | — | | (90) | | | Interest rate | 81.86 | % | — | | — | | — | | — | | — | | 81.86 | % | — | | — | | — | | | Rate cap | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | | | Instruments in BRL | 2,462 | | 1,016 | | 9 | | 383 | | 14 | | 95 | | 3,979 | | 809 | | 3,219 | | 4,028 | | | Floating rate | (737) | | 1,016 | | 9 | | 383 | | 14 | | 95 | | 780 | | 810 | | 63 | | 873 | | | Spread | 0.86 | % | 0.26 | % | — | | 1.32 | % | — | | — | | 0.62 | % | — | | — | | — | | | Fixed rate | 3,199 | | — | | — | | — | | — | | — | | 3,199 | | (2) | | 3,156 | | 3,154 | | | Interest rate | 8.84 | % | — | | — | | — | | — | | — | | 8.84 | % | — | | — | | — | | | Rate cap | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | | | Instruments in CLP | (280) | | 173 | | 338 | | — | | 112 | | 433 | | 776 | | (253) | | 1,052 | | 798 | | | Floating rate | (20) | | — | | 245 | | — | | 112 | | 388 | | 725 | | 52 | | 689 | | 742 | | | Spread | — | | — | | 1.53 | % | — | | 1.66 | % | (0.49 | %) | 0.48 | % | — | | — | | — | | | Fixed rate | (260) | | 173 | | 93 | | — | | — | | 45 | | 51 | | (306) | | 362 | | 57 | | | Interest rate | 6.64 | % | 3.30 | % | 3.60 | % | — | | — | | 4.31 | % | 4.95 | % | — | | — | | — | | | Rate cap | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | | | Instruments in UFC | — | | — | | — | | — | | — | | — | | — | | 119 | | (120) | | (1) | | | Floating rate | — | | — | | — | | — | | — | | — | | — | | 119 | | (120) | | (1) | | | Spread | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | | | Fixed rate | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | | | Interest rate | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | | | Rate cap | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | | | Instruments in PEN | 259 | | 164 | | 158 | | 138 | | — | | — | | 719 | | 371 | | 350 | | 721 | | | Floating rate | 12 | | — | | — | | — | | — | | — | | 12 | | 12 | | — | | 12 | | | Spread | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | | | Fixed rate | 247 | | 164 | | 158 | | 138 | | — | | — | | 707 | | 359 | | 350 | | 709 | | | Interest rate | 3.63 | % | 7.08 | % | 7.36 | % | 7.38 | % | — | | — | | 5.99 | % | — | | — | | — | | | Rate cap | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | | | Instruments in VAC | — | | — | | — | | 26 | | 48 | | 18 | | 92 | | 93 | | — | | 93 | | | Floating rate | — | | — | | — | | 26 | | 48 | | 18 | | 92 | | 93 | | — | | 93 | | | Spread | — | | — | | — | | 3.63 | % | 3.03 | % | 3.09 | % | 3.21 | % | — | | — | | — | | | Fixed rate | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | | | Interest rate | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | | | Rate cap | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | | | Instruments in COP | 294 | | 267 | | 7 | | 7 | | 7 | | 541 | | 1,123 | | 412 | | 743 | | 1,156 | | | Floating rate | 75 | | (301) | | 7 | | 7 | | 7 | | 505 | | 300 | | 395 | | (76) | | 319 | | | Spread | 1.19 | % | 0.03 | % | — | | — | | — | | 0.33 | % | 0.29 | % | — | | — | | — | | | Fixed rate | 219 | | 568 | | — | | — | | — | | 36 | | 823 | | 18 | | 819 | | 837 | | | Interest rate | 7.14 | % | 3.19 | % | — | | — | | — | | 8.09 | % | 4.45 | % | — | | — | | — | | | Rate cap | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | | | Instruments in VEB | (23) | | — | | — | | — | | — | | — | | (23) | | (24) | | — | | (24) | | | Floating rate | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | | | Spread | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | | | Fixed rate | (23) | | — | | — | | — | | — | | — | | (23) | | (24) | | — | | (24) | | | Interest rate | 36.02 | % | — | | — | | — | | — | | — | | 36.02 | % | — | | — | | — | | | Rate cap | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair value | | Millions of euros | 2024 | 2025 | 2026 | 2027 | 2028 | Subsequent years | Notional | Underlying debt(*) | Associated derivatives | TOTAL | | Instruments in MXN | (264) | | 20 | | 40 | | — | | — | | — | | (204) | | (449) | | 237 | | (212) | | | Floating rate | (1) | | — | | — | | — | | — | | — | | (1) | | (1) | | — | | (1) | | | Spread | 1.13 | % | — | | — | | — | | — | | — | | 1.13 | % | — | | — | | — | | | Fixed rate | (263) | | 20 | | 40 | | — | | — | | — | | (203) | | (448) | | 237 | | (211) | | | Interest rate | 9.53 | % | 6.08 | % | 8.80 | % | — | | — | | — | | 9.23 | % | — | | — | | — | | | Rate cap | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Other currencies | | | | | | | | | | | | Instruments in other currencies | (7) | | — | | — | | — | | — | | — | | (7) | | (7) | | — | | (7) | | | Floating rate | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | | | Spread | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | | | Fixed rate | (7) | | — | | — | | — | | — | | — | | (7) | | (7) | | — | | (7) | | | Interest rate | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | | | Rate cap | — | | — | | — | | — | | — | | — | | — | | — | | — | | — | | | TOTAL | | | | | | | 26,697 | | 27,748 | | (399) | | 27,349 | | | Floating rate | | | | | | | 8,185 | | 2,729 | | 9,313 | | 12,042 | | | Fixed rate | | | | | | | 18,512 | | 25,019 | | (9,712) | | 15,307 | | | | | | | | | | | | | | | | | | | | | | | |
(*) Includes all net financial debt adjustments The table below shows the sensitivity to interest rates originated by our position on interest rate swaps categorized into instruments entered into for trading purposes and instruments entered into for purposes other than trading at December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Interest rate swaps | | Millions of euros | Maturity | | | Non trading accountant purposes | 2024 | 2025 | 2026 | 2027 | 2028 | Subsequent years | Total | Fair value | | EUR | | | | | | | | 302 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fixed to floating | — | | — | | — | | — | | — | | — | | — | | 367 | | | Receiving leg | (1,378) | | (1,195) | | (1,215) | | (325) | | (875) | | (2,690) | | (7,678) | | (6,132) | | | Average Interest Rate | 1.30 | % | 1.07 | % | 1.29 | % | 0.86 | % | 0.59 | % | 1.33 | % | 1.17 | % | | | Paying leg | 1,378 | | 1,195 | | 1,215 | | 325 | | 875 | | 2,690 | | 7,678 | | 6,499 | | | Average Spread | 0.36 | % | 0.45 | % | — | | — | | — | | — | | 0.13 | % | | | Floating to fixed | — | | — | | — | | — | | — | | — | | — | | (23) | | | Receiving leg | (470) | | (50) | | (477) | | (245) | | — | | (1,320) | | (2,562) | | (2,586) | | | Average Spread | — | | — | | — | | — | | — | | — | | — | | | | Paying leg | 470 | | 50 | | 477 | | 245 | | — | | 1,320 | | 2,562 | | 2,563 | | | Average Interest Rate | 1.26 | % | 0.65 | % | 0.71 | % | 1.22 | % | — | | 2.69 | % | 1.88 | % | | | Floating to floating | — | | — | | — | | — | | — | | — | | — | | (42) | | | Receiving leg | (7,598) | | — | | — | | — | | — | | — | | (7,598) | | (7,649) | | | Average Spread | — | | — | | — | | — | | — | | — | | — | | | | Paying leg | 7,598 | | — | | — | | — | | — | | — | | 7,598 | | 7,607 | | | Average Interest Rate | 0.08 | % | — | | — | | — | | — | | — | | 0.08 | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Interest rate swaps | | Millions of euros | Maturity | | | Trading accountant purposes | 2024 | 2025 | 2026 | 2027 | 2028 | Subsequent years | Total | Fair value | | EUR | | | | | | | | (1,066) | | | Fixed to floating | — | | — | | — | | — | | — | | — | | — | | (75) | | | Receiving leg | (300) | | (775) | | — | | (100) | | (175) | | (3,750) | | (5,100) | | (3,290) | | | Average Interest Rate | — | | 0.05 | % | — | | 0.76 | % | 0.69 | % | 2.56 | % | 1.93 | % | | | Paying leg | 300 | | 775 | | — | | 100 | | 175 | | 3,750 | | 5,100 | | 3,215 | | | Average Spread | 2.94 | % | 2.95 | % | — | | — | | — | | — | | 0.62 | % | | | Floating to fixed | — | | — | | — | | — | | — | | — | | — | | (991) | | | Receiving leg | (1,500) | | (1,004) | | — | | (1,366) | | — | | (8,654) | | (12,524) | | (7,966) | | | Average Spread | 2.56 | % | 1.83 | % | — | | — | | — | | — | | 0.45 | % | | | Paying leg | 1,500 | | 1,004 | | — | | 1,366 | | — | | 8,654 | | 12,524 | | 6,976 | | | Average Interest Rate | — | | 0.16 | % | — | | 0.92 | % | — | | 1.59 | % | 1.21 | % | | | USD | | | | | | | | 671 | | | Fixed to floating | — | | — | | — | | — | | — | | — | | — | | 671 | | | Receiving leg | (80) | | (409) | | (3,629) | | (4,207) | | — | | (8,982) | | (17,307) | | (9,822) | | | Average Interest Rate | 2.36 | % | 1.30 | % | 2.79 | % | 1.59 | % | — | | 3.16 | % | 2.65 | % | | | Paying leg | 80 | | 409 | | 3,629 | | 4,207 | | — | | 8,982 | | 17,307 | | 10,493 | | | Average Spread | — | | 1.03 | % | 2.78 | % | 0.97 | % | — | | — | | 0.84 | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | GBP | | | | | | | | 3 | | | Fixed to floating | — | | — | | — | | — | | — | | — | | — | | 3 | | | Receiving leg | — | | — | | — | | — | | — | | (460) | | (460) | | (459) | | | Average Interest Rate | — | | — | | — | | — | | — | | 3.42 | % | 3.42 | % | | | Paying leg | — | | — | | — | | — | | — | | 460 | | 460 | | 462 | | | Average Spread | — | | — | | — | | — | | — | | — | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Millions of euros | Maturity | | | Trading accountant purposes | 2024 | 2025 | 2026 | 2027 | 2028 | Subsequent years | Total | Fair value | | CLP | | | | | | | | (2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Floating to fixed | — | | — | | — | | — | | — | | — | | — | | (2) | | | Receiving leg | — | | — | | — | | — | | — | | (45) | | (45) | | (44) | | | Average Spread | — | | — | | — | | — | | — | | (0.46) | % | (0.46) | % | | | Paying leg | — | | — | | — | | — | | — | | 45 | | 45 | | 42 | | | Average Interest Rate | — | | — | | — | | — | | — | | 4.31 | % | 4.31 | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | COP | | | | | | | | (150) | | | Fixed to floating | — | | — | | — | | — | | — | | — | | — | | (75) | | | Receiving leg | — | | (71) | | — | | — | | — | | — | | (71) | | (618) | | | Average Interest Rate | — | | 5.77 | % | — | | — | | — | | — | | 5.77 | % | | | Paying leg | — | | 71 | | — | | — | | — | | — | | 71 | | 542 | | | Average Spread | — | | 1.07 | % | — | | — | | — | | — | | 1.07 | % | | | Floating to fixed | — | | — | | — | | — | | — | | — | | — | | (75) | | | Receiving leg | — | | (568) | | — | | — | | — | | (36) | | (604) | | (617) | | | Average Spread | — | | — | | — | | — | | — | | 3.39 | % | 0.20 | % | | | Paying leg | — | | 568 | | — | | — | | — | | 36 | | 604 | | 542 | | | Average Interest Rate | — | | 3.19 | % | — | | — | | — | | 8.09 | % | 3.48 | % | |
Cash flows receivable or payable on derivative financial instruments to be settled via the swap of nominals, categorized by currency of collection/payment, along with contractual maturities are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Millions of euros | | 2024 | 2025 | 2026 | 2027 | 2028 | Subsequent years | Total | | Currency swaps | | | | | | | | | | | | | | | | | | | | | | | | | | | | Receive | BRL | 32 | | — | | — | | — | | — | | — | | 32 | | | Pay | BRL | (95) | | — | | — | | — | | — | | — | | (95) | | | Receive | CLP | — | | — | | — | | — | | — | | — | | — | | | Pay | CLP | — | | — | | (178) | | — | | (112) | | (433) | | (723) | | | Receive | COP | — | | 446 | | — | | — | | — | | — | | 446 | | | Pay | COP | — | | (446) | | — | | — | | — | | (446) | | (892) | | | | | | | | | | | | | | | | | | | | | Receive | EUR | 23 | | — | | — | | 2,542 | | — | | — | | 2,565 | | | Pay | EUR | (80) | | (46) | | (2,352) | | (3,728) | | — | | (6,703) | | (12,909) | | | Receive | GBP | — | | — | | 575 | | — | | — | | 460 | | 1,035 | | | Pay | GBP | — | | — | | — | | — | | — | | — | | — | | | Receive | JPY | — | | — | | — | | — | | — | | 96 | | 96 | | | Pay | JPY | — | | — | | — | | — | | — | | — | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Receive | UFC | — | | — | | — | | — | | 114 | | — | | 114 | | | Pay | UFC | — | | — | | — | | — | | — | | — | | — | | | Receive | USD | 150 | | 499 | | 1,997 | | 3,574 | | — | | 7,172 | | 13,392 | | | Pay | USD | (31) | | (452) | | — | | (2,443) | | — | | — | | (2,926) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | TOTAL | | (1) | | 1 | | 42 | | (55) | | 2 | | 146 | | 135 | |
The largest volume of cash flows collected in this table falls into the following currency pairs. The average exchange rates to which the settlements have been closed are: EUR/GBP (0.83), EUR/USD (1.12) and USD/COP (3,742.44). | | | | | | | | | | | | | | | | | | | | | | | | | | | | Millions of euros | 2024 | 2025 | 2026 | 2027 | 2028 | Subsequent years | Total | | Forwards | | | | | | | | | | | | | | | | | | | | | | | | | | | Receive | BRL | 41 | | — | | — | | — | | — | | — | | 41 | | | Pay | BRL | (3,241) | | — | | — | | — | | — | | — | | (3,241) | | | Receive | CLP | 1 | | — | | — | | — | | — | | — | | 1 | | | Pay | CLP | (255) | | — | | — | | — | | — | | — | | (255) | | | Receive | COP | 73 | | — | | — | | — | | — | | — | | 73 | | | Pay | COP | (301) | | — | | — | | — | | — | | — | | (301) | | | Receive | CZK | 95 | | — | | — | | — | | — | | — | | 95 | | | Pay | CZK | — | | — | | — | | — | | — | | — | | — | | | Receive | EUR | 5,515 | | — | | — | | — | | — | | — | | 5,515 | | | Pay | EUR | (1,391) | | — | | — | | — | | — | | — | | (1,391) | | | Receive | GBP | 12 | | — | | — | | — | | — | | — | | 12 | | | Pay | GBP | (324) | | — | | — | | — | | — | | — | | (324) | | | | | | | | | | | | | | | | | | | | | Receive | MXN | 3 | | — | | — | | — | | — | | — | | 3 | | | Pay | MXN | (255) | | (20) | | — | | — | | — | | — | | (275) | | | Receive | PEN | 28 | | — | | — | | — | | — | | — | | 28 | | | Pay | PEN | (382) | | — | | — | | — | | — | | — | | (382) | | | | | | | | | | | | | | | | | | | | | Receive | USD | 2,183 | | 18 | | — | | — | | — | | — | | 2,201 | | | Pay | USD | (1,894) | | — | | — | | — | | — | | — | | (1,894) | | | Receive | UYU | 74 | | — | | — | | — | | — | | — | | 74 | | | Pay | UYU | (31) | | — | | — | | — | | — | | — | | (31) | | | TOTAL | | (49) | | (2) | | — | | — | | — | | — | | (51) | |
The largest volume of cash flows collected in this table falls into the following currency pairs. The average exchange rates to which the settlements have been closed are: EUR/GBP (0.86), EUR/USD (1.09), USD/COP (4,170.12) and EUR/BRL (5.41).
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