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 30 June 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.

 

Programme Last updated Valid to Limit Rating (Moody's/ S&P) Utilisation as at 30 June 2020

US Commercial Paper

N/A

N/A

USD 15bn

A-2 / P-2

USD 1.3bn

2020欧洲杯体育足球滚球比分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

2020欧洲杯体育足球滚球比分SEC Shelf Registration Statement

Nov-19

Nov-22

Unlimited

A3 / BBB+

USD 13.4bn

Debt maturity profile

AstraZeneca chooses to hold a significant cash balance to meet operational funding needs. Gross cash and investments position as at 30 June 2020 was $6.1bn

1  2020欧洲杯体育足球滚球比分Notional bond values. FX converted at 30 June 2020 spot rates (USD/EUR 0.89; USD/GBP 0.81). Current portion of leases of $174m are included in 2020, whilst non-current Leases of $465m have been excluded from the chart.

Outstanding bonds

Below is a summary of the bonds issued or guaranteed by AstraZeneca PLC as at 6 August 2020, sorted by maturity date.

Currency Notional (m) Issue date Maturity date Coupon Frequency ISIN
USD 1,600 16-Nov-15 16-Nov-20 2.375% Semi-annual US046353AK44
EUR 500 12-May-16 12-May-21 0.25% Annual XS1411403709
EUR 750 24-Nov-14 24-Nov-21 0.875% Annual XS1143486865
USD 250 12-Jun-17 10-Jun-22 3m Libor + 0.62% Quarterly US046353ap31
USD 1,000 12-Jun-17 12-Jun-22 2.375% Semi-annual US046353AQ14
USD 850 17-Aug-18 17-Aug-23 3.50% Semi-annual US046353AR96
USD 400 17-Aug-18 17-Aug-23 3m Libor + 0.665% Quarterly US046353AS79
USD 287 15-Nov-93 15-Nov-23 7.00% Semi-annual US98934KAB61
EUR 900 12-May-16 12-May-24 0.75% Annual XS1411404855
USD 2,000 16-Nov-15 16-Nov-25 3.375% Semi-annual US046353AL27
USD 1,200 06-Aug-20 08-Apr-26 0.70% Semi-annual US046353AV09
USD 750 12-Jun-17 12-Jun-27 3.125% Semi-annual US046353AN82
EUR 800 12-May-16 12-May-28 1.25% Annual XS1411404426
USD 1,000 17-Aug-18 17-Jan-29 4.00% Semi-annual US046353AT52
USD 1,300 06-Aug-20 06-Aug-30 1.375% Semi-annual US046353AW81
GBP 350 13-Nov-07 13-Nov-31 5.75% Annual XS0330497149
USD 2,750 12-Sep-07 15-Sep-37 6.45% Semi-annual US046353AD01
USD 1,000 18-Sep-12 18-Sep-42 4.00% Semi-annual US046353AG32
USD 1,000 16-Nov-15 16-Nov-45 4.375% Semi-annual US046353AM00
USD 750 17-Aug-18 17-Aug-48 4.375% Semi-annual US046353AU26
USD 500 06-Aug-20 06-Aug-50 2.125% Semi-annual US046353AX64

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 rating P-2 A-2
Long-term rating A3 BBB+
Outlook Stable Stable


Key contacts at the respective agencies are:

Moody’s

2020欧洲杯体育足球滚球比分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

2020欧洲杯体育足球滚球比分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.
 

Liquidity Policy

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

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

Debt IR presentations

Debt investor update, 30 July 2020


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


Press Releases



Contact Us


Craig Marks

Senior Director of Investor Relations

Jonathan Slade

Group Treasurer


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