We maintain a diversified debt funding structure, with a mix of bond and bank facilities and a balanced maturity profile. We access debt capital markets regularly and our bank facilities have a good strategic and geographic fit with our business. We also aim to maintain a prudent level of headroom in cash and on undrawn bank facilities to cover forecast borrowings.
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 1 | XS1998163148 | 14-Jun-19 | 14-Dec-23 | GBP 40,494,800 | Fixed | 7.75% | London | Fitch BB-, Moody's Ba3 |
GBP EMTN Retail 2 | XS2551486058 | 12-Dec-22 | 12-Dec-27 | GBP 50,000,000 | Fixed | 12.0% | 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 / Ireland | No |
PLN EMTN | XS2707609538 | 03-Nov-23 | 03-Nov-26 | PLN 72,000,000 | Floating | 8.50% + 6m WIBOR (0% floor) | Ireland | No |
Date | Info | Link |
---|---|---|
24 August 2023 | EMTN Update Prospectus | View document (PDF) |
15 November 2022 | Exchange offer memorandum and prospectus | View document (PDF) |
4 November 2022 | Supplementary prospectus as approved for the purposes of the UK Prospectus Regulation | View document (PDF) |
25 August 2022 | €1,000,000,000 Euro Medium Term Note Programme prospectus | View document (PDF) |
25 August 2022 | Trust Deed | View document (PDF) |
12 November 2020 | Agency Agreement | View document (PDF) |
Please click here to access the materials for the Exchange Offer and the Cash Offer.
Credit rating | Long-term | Outlook | Current report |
---|---|---|---|
Fitch | BB- | Stable | Fitch report 21/9/2023 |
Moody | Ba3 | Stable | Moody's report 28/10/22 |
Our treasury policies address the key treasury risks that the business faces. The policies are designed to provide robust risk management, even in more volatile financial markets and economic conditions within our planning horizon. In addition to these policies, our operational procedures and controls ensure that funds are available in the right currency at the right time to serve our customers throughout the Group.
Funding policy
Currency policy
Interest rate policy
Counterparty policy