We regard the capital market as an excellent complement to bank financing and at the end of the quarter, it amounted to 42 per cent of total debt, including commercial paper.
Interest-bearing liabilities at the end of the period totalled SEK 25,194m (24,841), with an average interest rate of 2.17 per cent excluding, and 2.27 per cent including commitment fees on the undrawn portion of committed credit facilities. Undrawn committed credit facilities amounted to SEK 3,102m.
In February, we received an external credit rating from Moody’s, which gave an investment grade rating of Baa3, stable outlook. Reactions have been extremely positive and produced an immediate price effect on the capital market. Moody’s has also carried out an evaluation of one of the bonds in the green MTN programme, which obtained the highest rating of GB1 (excellent). In Q1, we issued green bonds of SEK 1,000m with a maturity of five years.
We have since, at the beginning of April, issued a further SEK 900m with maturities of two and six years respectively. At the end of March, outstanding bonds totalled SEK 3,700m of the total framework of SEK 5,000m. The green MTN programme allows the company opportunities to issue non-covered green bonds. Interest on bond loans is calculated without a Stockholm Interbank Offered Rate (STIBOR) floor, which with the current negative STIBOR rate means the financing cost at present will be extremely advantageous compared with bank loans. In addition to the green bonds, we also had outstanding covered bonds of SEK 2,811m on the capital market via the part owned company Svensk Fastighetsfinansiering SFF, of which SEK 2,386m related to green bonds.
The proportion of green financing totalled 50 per cent of outstanding loans at the end of the period. As our properties gain environmental certification, the objective is for financing to be sustainable as well, and Fabege welcomes and encourages the new responsible financing opportunities that are being established on the market. All Fabege’s Swedish bank financiers are providing opportunities for green financing, as are the capital market and European Investment Bank. We also have a commercial paper programme of SEK 5,000m. At the end of the quarter, SEK 4,175m had been drawn. We have available credit facilities covering all outstanding commercial paper at any given time.
At 31 March, the average maturity was 4.2 years and the loan-to-value ratio was 41 per cent (43). The level of capital tied up in certificate loans is calculated on the basis of underlying loan commitments.The average fixed-interest term for our debt portfolio was 2.6 years, including the effects of derivative instruments. In the first quarter, new interest rate swaps were agreed totalling SEK 500m with maturities of seven and ten years.
At 31 March, our derivatives portfolio then comprised interest rate swaps totalling SEK 14,000m with terms of maturity extending through 2028 and carrying fixed interest at annual rates of between 0.24 and 2.73 per cent before margins. We also hold callable swaps totalling SEK 3,000m at interest rates of between 3.95 and 3.98 per cent before margins, maturing in June 2018. Interest rates on 56 per cent of our loan portfolio were fixed using fixed-income derivatives. The derivatives portfolio is measured at market value and the change in value is recognised in profit or loss.
At 31 March, the recognised negative fair value adjustment of the portfolio was SEK 251m (291). The derivatives portfolio is measured at the present value of future cash flows. The change in value is of an accounting nature and has no impact on our cash flow. At the due date, the market value of derivative instruments is always zero. Net financial items included other financial expenses of SEK 10m, mainly pertain-ing to accrued opening charges for credit agreements and costs relating to bond and commercial paper programmes. In the first quarter, interest totalling SEK 17m (19) relating to project properties was capitalised.