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 400,000,000* | Fixed | 5.75% | London | Fitch BB+ |
| EUR EMTN | XS1072531491 | 23-May-14 | 23-May-18 | EUR 40,000,000 | Fixed | 4.25% | London | No |
| GBP EMTN Retail | XS0919406800 | 08-May-13 | 08-May-20 | GBP 101,500,000 | Fixed | 6.13% | London | Fitch BB+ |
| 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 |
| HUF EMTN | XS0872725592 | 11-Jan-13 | 11-Jan-18 | HUF 4,000,000,000 | Fixed | 11.00% | London | No |
*Includes €100 million tap transacted in April 2015
The prospectus is dated 4 May 2017 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
Committed facilities
As at the end of December 2016 we had a total of c.£775 million of debt facilities in place.
| Bonds | 2017 £m | 2018 £m | 2019 £m | 2020 £m | 2021 £m | Total £m | |
|---|---|---|---|---|---|---|---|
| Euro | - | 34.2 | - | - | 341.7 | 375.9 | |
| Polish | - | - | - | 38.8 | - | 38.8 | |
| Czech | - | 14.2 | - | - | - | 14.2 | |
| Romanian | - | 12.3 | 15.0 | - | - | 27.3 | |
| Hungarian | - | 11.0 | - | - | - | 11.0 | |
| Retail | - | - | - | 101.5 | - | 101.5 | |
| Total Bonds | - | 71.7 | 15.0 | 140.3 | 341.7 | 568.7 | |
| Multi-Currency Bank Facilities | 2017 £M | 2018 £M | 2019 £M | 2020 £M | 2021 £M | Total £M | |
| Term bank facilities | 42.2 | 13.5 | 136.2 | - | - | 191.9 | |
| Short-term facilities | - | - | - | - | - | - | |
| On demand facilities | 14.6 | - | - | - | - | 14.6 | |
| Total bank facilites | 56.8 | 13.5 | 136.2 | - | - | 206.5 | |
| Total facilities | 56.8 | 85.2 | 151.2 | 140.3 | 341.7 | 775.2 | |
| 7% | 11% | 20% | 18% | 44% | 100% | ||
Presentation to bondholders - March 2017
On Tuesday 28 March IPF and Provident Polska senior management held a meeting with Polish bondholders in Warsaw to give an update on the business and the 2016 results. The presentation can be viewed here.