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%

Credit rating

We have a long-term credit rating of BB+ (Rating Watch Negative) from Fitch Ratings Limited.
Please find the Fitch report dated 21 July 2016 here and the Rating Watch Negative report dated 15 December 2016 here.

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.