Building a better world

We are a global financial services company playing a vital role in the lives of millions by providing unsecured, affordable credit and great value insurance products, in a responsible way.

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IPF customer

Our stories

Find out how we are engaging with our customers.

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A people business

The IPF Group is a people business with over 22,000 colleagues supporting over 1.7 million customers across 9 different markets. Regardless of location, we aim to attract, inspire, and engage a talented workforce which flourishes and is proud to work for us.

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Our culture & values

We are a people business, understand the culture and values which underpins our workforce.

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Creating social value

We are a purpose led organisation that strives to be an uncompromising force for good in the markets in which we operate, while maximising value for customers and investors.

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Our approach to social value

Our approach

We are a purpose led organisation that strives to be an uncompromising force for good in the markets in which we operate.

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New GBP bond issue

Please click the arrow below to access the materials for the Exchange Offer and the Cash Offer.

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Debt investors

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.

  • We balance the interests of both our equity and debt stakeholders.
  • We target an equity-to-receivables ratio of 40%.
  • We manage liquidity requirements by maintaining prudent headroom over forecast borrowings.
  • We ensure that our debt maturity profile is materially longer than our receivables maturity profile.
  • We fund our operating businesses in the currency of the market where each one operates.
  • We actively manage interest rate and currency risks.
  • We ensure access to multiple funding sources – we have three distinct bond markets and a mix of international and local banks funding our operating businesses.

Total debt facilities

At 30 September 2023, we had a total of £608.1 million of debt facilities in place.

  2023 (£m) 2024 (£m) 2025 (£m) 2026 (£m) 2027 (£m) Total (£m)
Bonds            
Euro     295.4     295.4
Swedish   33.5       33.5
            90.5
Total bonds 40.5 33.5 295.4   50.0 419.4
             
Multi-currency bank facilities            
Term loans   7.2 22.5 28.1   57.9
Revolving credit facilities 30.5 19.1 37.5 11.0   98.2
On-demand facilities 32.7         32.7
Total bank facilities 63.2 26.3 60.1 39.2   188.7
             
Total debt facilities 103.7 59.8 355.4 39.2 50.0 608.1
  17% 10% 59% 6% 8% 100%

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

  • Ensure a resilient funding position for existing business and future growth to be maintained. 
  • Maintain a prudent level of headroom on undrawn bank facilities. 

Currency policy 

  • Ensure funding of receivables portfolios with local currency borrowings (directly or indirectly) to achieve a high level of balance sheet hedging. 
  • We do not hedge the translational risk of foreign currency movements on accounting profits and losses. 

Interest rate policy

  • Significant portion of financial liabilities at fixed interest rates.

Counterparty policy 

  • Requires material exposures to financial counterparties to be limited to BBB-rated entities as a minimum.

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