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 XS2256977013 12-Nov-20 12-Nov-25 EUR 341,228,000 Fixed 9.75% London Fitch BB-, Moody’s Ba3
GBP EMTN Retail XS1998163148 14-Jun-19 14-Dec-23 GBP 78,100,000 Fixed 7.75% London Fitch BB-, Moody's Ba3 
SEK EMTN  XS2385790824  19-Oct-21  19-Oct-24  SEK 450,000,000  Floating   7.00% + 3m SITBOR (0% floor) Sweden  No 

The prospectus is dated 26 August 2021 relating to the €1,000,000,000 Euro Medium Term Note Programme. 

View it here (PDF)

Trust Deed dated 26 August 2021

View it here (PDF) 

Documents relevant to the debt issuance programme

View 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: 

  • Alior Bank S.A.
  • Budapest Bank Zrt.
  • mBank S.A.
  • Československa Obchodni Banka A.S.
  • CIB Bank Zrt.
  • Expobank CZ a.s.
  • GRÁNIT Bank Zrt.
  • HSBC Bank PLC
  • HSBC México, S. A.
  • KDB Bank Európa Plc
  • K&H Bank Zrt.
  • OTP Bank Romania S.A. (Romania)
  • OTP Bank Nyrt (Hungary)
  • Santander Bank Polska S.A.
  • Takarékbank Zrt.
  • UniCredit Bank S.A. (Romania)
  • UniCredit Bank Hungary Zrt. (Hungary)
  • VÚB, a.s.

Debt facilities

As at 30 June 2021 we had a total of c.£596 million of debt facilities in place. 

Bonds

2021

       £m       

2022

£m

2023
£m
2024
£m 

2025

£m 

Total

£m

Euro - - - 293.4 293.4
Swedish - 37.9 - - 37.9
Retail  - - 78.1 - 78.1
Total Bonds - 37.9 78.1 - 293.4 409.4
 
Multi-Currency Bank Facilities

2021

£m

2022
£m
2023
£m

2024

£m

2025

£m 

Total

£m 

Term Loans - 20.5 12.1 26.1 - 58.7
Revolving credit facilities 52.4 12.7 24.2 - - 89.3
On demand facilities  38.7 - - - - 38.7
Total bank facilites 91.1 33.2 36.3 26.1 - 186.7
Total facilities 91.1 71.1 114.3 26.1 293.4 596.1
  15%  12% 19% 5%  49%  100%

Credit rating

We have a long-term credit rating of BB- (Outlook Stable) from Fitch Ratings Limited.
Please find the Fitch report dated 11 October 2021 here.

 

We have a long-term credit rating of Ba3 (Outlook Stable) from Moody's Investor Services Limited.
Please find the Moody's report dated 27 July 2021 here