The Mercedes-Benz Group primarily covers its refinancing needs by issuing bonds. A large proportion of those bonds are sold as benchmark bond issuances (bonds with high nominal volumes) in Euro and US-dollar markets.
Various issuance programs are available for raising longer-term funds in the capital market. They include the Euro Medium Term Note program (EMTN), under which the Mercedes-Benz Group AG and several subsidiaries can issue bonds in various currencies. Other local capital market programs exist in Argentina, China, Malaysia, South Africa, South Korea and Thailand, which are significantly smaller than the EMTN program. Capital market programs allow flexible, repeated access to the capital markets.