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 amount Coupon class Coupon Listing Rating
EUR EMTN XS1054714248 07-Apr-14 07-Apr-21 EUR 406,124,000* Fixed 5.75% London Fitch BB (outlook stable)
GBP EMTN Retail XS1998163148 14-Jun-19 14-Dec-23 GBP 78,100,000 Fixed 7.75% London Fitch BB, Moody's Ba3 (outlook stable)
PLN PMTN PLIPFIP00033 03-Jun-15 03-Jun-20 PLN 200,000,000 Floating 4.25% + 6M WIBOR Poland No
SEK EMTN  XS1839710347  15-Jun-18  15-Jun-22  SEK 450,000,000  Floating   8.75% + 3m SITBOR (0% floor) Sweden  No 

*€6 million bond buybacks in Q4 2019.

The prospectus is dated 13 March 2020 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 five year facilities and are extended on a rolling basis.  A list of the banking institutions are detailed below: 

  • HSBC Bank Plc
  • VUB Banka
  • CIB Bank
  • Unicredit Bank S.A. (In Romania) 
  • Unicredit Bank Hungary Zrt. (In Hungary)
  • Santander Bank 
  • Alir Bank
  • Raifffeisenbank A.S. (In CZ Republic)
  • OTP Bank Romania SA (In Romania)
  • OTP Bank (In Hungary)  
  • K&H Bank Zrt.
  • Československá Obchodní Banka, A.S 
  • Bnp Paribas Bank Polska S.A
  • Banco Nacional De México, S.A., Integrante Del Grupo Financiero Banamex 
  • Citibank Europe Plc, Dublin - Romania Branch
  • Citibank Europe Plc, Hungarian Branch
  • Kdb Bank Európa Zrt.
  • Gránit Bank
  • Takarék Kereskedelmi Bank Zrt.
  • Mbank
  • Budapest Bank
  • EXPOBANK CZ A.S.

 

Committed facilities

As at 31 December 2019 we had a total of c.£861.6 million of debt facilities in place. 

Bonds 2020 £m Jan-Mar 2021 £m  Apr - Dec
2021 £m
2022
£m
2023
£m 
2024
£m 
Total £m
Euro - 343.6 - - 343.6
Polish 39.8 - - - 39.8
Swedish - - 36.3 - 36.3
Retail  44.1 - - 78.1 122.2
Total Bonds 83.9 343.6 - 36.3 78.1 -  541.9
 
Multi-Currency Bank Facilities  2020 £m  Jan-Mar 2021 £m Apr-Dec
2021 £m
2022
£m  
2023
£m 
2024
£m 
Total £m 
Term Loans - - - 34.5 - 27.6 62.1
Revolving credit facilities 87.6 - 81.4 64.9 - 233.9
On demand facilities  23.7 -  23.7 
Total bank facilites 111.3 - 81.4 99.4 - 27.6  319.7
Total facilities 195.2 343.6 81.4 135.7 78.1 27.6  861.6
  23% 40%  9% 16% 9%  3%  100%

Credit rating

We have a long-term credit rating of BB (Outlook negative) from Fitch Ratings Limited.
Please find the Fitch report dated 6 April 2020 here

 

We have a long-term credit rating of Ba3 (Outlook Stable) from Moodys Investor Services Limited.
Please find the Moodys' report dated 26th April 2019 here