Debt Investors


Funding strategy

  • The Board reviews the Company’s ongoing liquidity risks annually as part of the planning process and on an ad-hoc basis.
  • The Board considers short-term requirements against available sources of funding, taking into account forecast cash flows.
  • The Company manages liquidity risk by maintaining access to a number of sources of funding which are sufficient to meet anticipated funding requirements.
  • Specifically, the Company uses US commercial paper and/or Euro-commercial paper programmes, committed bank facilities and cash resources to manage short-term liquidity.
  • The Company has $4.1bn of revolving committed credit facilities provided by 9 relationship banks. These facilities were undrawn as at 31 March 2020, of which $3.4bn will mature in April 2022
  • The Company maintains strong access to the capital markets for long-term funding through an established Euro Medium Term Note (EMTN) programme and a SEC registered shelf programme.
  • These different funding programmes ensure that the Company has sufficient flexibility when choosing the maturity, currency, interest rate (fixed/floating), and geographical mix of investors.

 

ProgrammeLast updatedValid toLimitRating (Moody's/ S&P)Utilisation as at 31 March 2020

US Commercial Paper

N/A

N/A

USD 15bn

A-2 / P-2

USD 0.1bn

Euro-Commercial Paper

12 May 2020
(new)

N/A

EUR 10bn

Issuer rating

None

Euro Medium Term Note Programme

Jun-19

Jun-20

USD 10bn

A3 / BBB+

USD 3.7bn

SEC Shelf Registration Statement

Nov-19

Nov-22

Unlimited

A3 / BBB+

USD 13.4bn

Debt maturity profile

2020欧洲杯体育足球滚球比分AstraZeneca chooses to hold a significant cash balance to meet operational funding needs. Gross cash and investments position as at 31 March 2020 was $4.2bn

1  Notional bond values. FX converted at 31 March 2020 spot rates (USD/EUR 0.908; USD/GBP 0.812). Current portion of leases of $181m are included in 2020, whilst non-current Leases of $472m have been excluded from the chart.

Outstanding bonds

Below is a summary of the bonds issued or guaranteed by AstraZeneca PLC as at 31 March 2020, sorted by maturity date.

CurrencyNotional (m)Issue dateMaturity dateCouponFrequencyISIN
USD1,60016-Nov-1516-Nov-202.375%Semi-annualUS046353AK44
EUR50012-May-1612-May-210.25%AnnualXS1411403709
EUR75024-Nov-1424-Nov-210.875%AnnualXS1143486865
USD25012-Jun-1710-Jun-223m Libor + 0.62%QuarterlyUS046353ap31
USD1,00012-Jun-1712-Jun-222.375%Semi-annualUS046353AQ14
USD85017-Aug-1817-Aug-233.50%Semi-annualUS046353AR96
USD40017-Aug-1817-Aug-233m Libor + 0.665%QuarterlyUS046353AS79
USD28715-Nov-9315-Nov-237.00%Semi-annualUS98934KAB61
EUR90012-May-1612-May-240.75%AnnualXS1411404855
USD2,00016-Nov-1516-Nov-253.375%Semi-annualUS046353AL27
USD75012-Jun-1712-Jun-273.125%Semi-annualUS046353AN82
EUR80012-May-1612-May-281.25%AnnualXS1411404426
USD1,00017-Aug-1817-Jan-294.00%Semi-annualUS046353AT52
GBP35013-Nov-0713-Nov-315.75%AnnualXS0330497149
USD2,75012-Sep-0715-Sep-376.45%Semi-annualUS046353AD01
USD1,00018-Sep-1218-Sep-424.00%Semi-annualUS046353AG32
USD1,00016-Nov-1516-Nov-454.375%Semi-annualUS046353AM00
USD75017-Aug-1817-Aug-484.375%Semi-annualUS046353AU26

Credit ratings

AstraZeneca PLC aims to maintain a strong, investment grade credit rating. The Company has solicited credit ratings from Moody’s and S&P, which are assigned as:

 Moody's
S&P
Short-term ratingP-2A-2
Long-term ratingA3BBB+
OutlookStableStable


Key contacts at the respective agencies are:

Moody’s

Analyst: Frederic Duranson

2020欧洲杯体育足球滚球比分Phone: +44-20-7772-1950

S&P

Analyst: Nicolas Baudouin

Phone: +33-1-4420- 6672

Treasury risk management policies

The Company operates with a centralised Treasury structure so that key Treasury risks are managed at a Group level.


Investment policy

  • Security and liquidity
  • Financial counterparty limits
     

Foreign Exchange Policy

  • Foreign Exchange exposures managed centrally
  • Transactional currency exposures substantially hedged
     

Interest Rate Policy

  • Level of floating rate debt matched to cash
  • Significant portion of financial liabilities at fixed interest rates
     

Credit Risk

  • Cash managed centrally
  • Derivatives positions fully collateralised
     

Liquidity Policy

  • Prudent level of available cash and unutilised credit facilities
  • Group funding centrally managed

Debt IR presentations

Debt investor update, 14 February 2020


Debt investor update, 7 August 2019


Debt investor update, 21 February 2019


Debt investors update, 14 August 2018


Debt investor update, USA, 19-23 March 2018




Contact Us


2020欧洲杯体育足球滚球比分Craig Marks

Senior Director of Investor Relations

2020欧洲杯体育足球滚球比分Jonathan Slade

2020欧洲杯体育足球滚球比分Group Treasurer


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