| (in millions of euros) | June 30, 2020 | December 31, 2019 |
|---|---|---|
| Euros(1) | Euros (1)June 30, 2020 5,355 | Euros (1)December 31, 2019 4,354 |
| US dollars | US dollars June 30, 2020 1,055 | US dollars December 31, 2019 1,430 |
| Other currencies | Other currencies June 30, 2020 117 | Other currencies December 31, 2019 104 |
| Total | Total June 30, 2020 6,527 | Total December 31, 2019 5,888 |
(1) Including euro 3,350 million in Eurobonds swapped to US dollar at June 30, 2020 (euro 3,550 million at December 31, 2019).
Borrowings are comprised of fixed-rate loans that make up 67% of gross borrowings (excluding borrowings for acquisitions of equity investment securities and commitments to buy-out non-controlling interests) at June 30, 2020 and variable rate loans for the remaining 33%.
In order to manage its liquidity risk, Publicis holds a substantial amount of cash (cash and cash equivalents) at June 30, 2020 with a total of euro 3,743 million and unused but confirmed credit lines representing euro 1,626 million, after drawing of dollars 1.1 billion on its euro 2,000 million multi-currency syndicated credit facility maturing in 2024. These immediately or almost immediately available sums allow the Group to meet its general funding requirements.
Apart from bank overdrafts, most of the Group’s debt is comprised of bonds and the medium-term syndicated loan, none of which are subject to financial covenants. They only include standard credit default event clauses (liquidation, cessation of payment, default on the debt itself or on the repayment of another debt above a given threshold) which are generally applicable above a threshold of euro 25 million.
The Group has not established any credit derivatives to date.
