Debt Funding Information
We have a strong funding position with a balanced debt portfolio including a range of bonds, wholesale and retail, at competitive cost across a number of currencies, with varying maturities including significant long-term funding, and a range of bank facilities from a core group of banks.
Bonds
Details of all our bonds are provided in the table below:
| Description | ISIN | Start date | Maturity date | Issued amout | Coupon class | Coupon | Listing | Rating |
|---|---|---|---|---|---|---|---|---|
| EUR EMTN | XS1054714248 | 07-Apr-14 | 07-Apr-21 | EUR 412,000,000* | Fixed | 5.75% | London | Fitch BB (outlook negative) |
| GBP EMTN Retail | XS0919406800 | 08-May-13 | 08-May-20 | GBP 101,500,000 | Fixed | 6.125% | London | Fitch BB (outlook negative) |
| PLN PMTN | PLIPFIP00033 | 03-Jun-15 | 03-Jun-20 | PLN 200,000,000 | Floating | 4.25% + 6M WIBOR | Poland | No |
| CZK EMTN | XS0996458732 | 21-Nov-13 | 21-Nov-18 | CZK 250,000,000 | Fixed | 5.25% | London | No |
| CZK EMTN | XS1331115773 | 10-Dec-15 | 10-Dec-18 | CZK 200,000,000 | Fixed | 5.50% | London | No |
| RON EMTN | XS1325222948 | 02-Dec-15 | 02-Dec-18 | RON 43,500,000 | Fixed | 7.00% | London | No |
| RON EMTN | XS1325223086 | 02-Dec-15 | 02-Dec-18 | RON 22,000,000 | Fixed | 7.00% | London | No |
| RON EMTN | XS1527191081 | 06-Dec-16 | 06-Dec-19 | RON 79,500,000 | Fixed | 8.00% | Ireland | No |
*Includes €100 million tap transacted in April 2015 and €12 million tap transacted in December 2017
The prospectus is dated 8 May 2018 relating to the €1,000,000,000 Euro Medium Term Note Programme.
View it here (PDF).
Bank facilities
Our bilateral facilities reflect a broad banking group that has a good strategic and geographical fit with our operations. These facilities range from overdrafts to three year facilities and are provided by the following institutions:
- Citibank
- HSBC
- VUB
- Unicredit
- Santander Group (incl. BZWBK)
- Alior
- RZB
- ING
- OTP Bank
- K&H (part of the KBC Group)
- CSOB
- Deutsche
- KDB
- Gránit
Committed facilities
As at the end of December 2017 we had a total of c.£867.0 million of debt facilities in place.
| Bonds | 2018 £m | 2019 £m | 2020 £m | 2021 £m | 2022 £m | Total £m |
|---|---|---|---|---|---|---|
| Euro | 25.3 | - | - | 368.4 | - | 393.7 |
| Polish | - | - | 43.0 | - | - | 43.0 |
| Czech | 15.8 | - | - | - | - | 15.8 |
| Romanian | 12.5 | 15.2 | - | - | - | 27.7 |
| Hungarian | 11.5 | - | - | - | - | 11.5 |
| Retail | - | - | 101.5 | - | - | 101.5 |
| Total Bonds | 65.1 | 15.2 | 144.5 | 368.4 | - | 593.2 |
| Multi-Currency Bank Facilities | 2018 £M | 2019 £M | 2020 £M | 2021 £M | 2022 £M | Total £M |
| Term bank facilities | 48.3 | 52.9 | 90.3 | 62.4 | - | 253.9 |
| Short-term facilities | - | - | - | - | - | - |
| On demand facilities | 19.9 | - | - | - | - | 19.9 |
| Total bank facilites | 68.2 | 52.9 | 90.3 | 62.4 | - | 273.8 |
| Total facilities | 133.3 | 68.1 | 234.8 | 430.8 | - | 867.0 |
| 15% | 8% | 27% | 50% | 0% | 100% | |
Credit rating
We have a long-term credit rating of BB (Outlook Negative) from Fitch Ratings Limited.
Please find the Fitch report dated 21 May 2018 here.
Debt investor presentation - September 2017
On Tuesday 19 September, IPF attended the Citi European Credit Conference. The presentation provided to debt investors can be viewed here.