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 | XS2551486058 | 12-Dec-22 | 12-Dec-27 | GBP 80,000,000 | 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 |
EUR EMTN | XS2733606540 | 18-Dec-23 | 18-Dec-26 | EUR 11,600,000 | Fixed | 11.50% | Ireland | No |
Date | Info | Link |
---|---|---|
27 November 2023 | Amended and Restated Exchange Offer Final Terms | View document (PDF) |
27 November 2023 | Amended and Restated Cash Offer Final Terms | View document (PDF) |
2 November 2023 | Exchange Offer Memorandum | View document (PDF) |
24 August 2023 | EMTN Update Prospectus | View document (PDF) |
24 August 2023 | Trust Deed | 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) |
Credit rating | Long-term | Outlook | Current report |
---|---|---|---|
Fitch | BB- | Stable | Fitch report 21/9/2023 |
Moody | Ba3 | Stable | Moody's report 4/11/22 |
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