Funding Strategy and
Bond Issues

Prudent financial strategy

The Group’s financial strategy includes maintaining a profile of adequate liquidity, conservative gearing, and a diverse debt structure, which combines secured and unsecured bank debt with unsecured bonds.

  • Investment grade credit rating:
    • BBB, stable outlook – Standard & Poor’s
    • BBB+, stable outlook – Fitch
  • Versatile funding profile through a combination of equity issues and debt.
  • Safe level of debt, with loan-to-value (LTV) standing at 33.4%  (as at 30 June 2023).
  • Prudent liquidity profile which includes cash accounts and deposits held with investment grade banks, and significant committed unsecured revolving facilities.
  • 84% of the portfolio is unencumbered.
  • Interest rate risk 100% hedged.
  • Weighted average cost of debt: 2.5% (during the first half of 2023).

Bond Issue

Issue date
Due date
Currency
Outstanding nominal
Coupon
ISIN Code
20-Jan-2022
20-Jan-2030
EUR
500,000,000
2.00%
XS2434763483
14-Jul-2020
14-Jul-2027
EUR
500,000,000
3.375%
XS2203802462
09-Oct-2019
09-Oct-2026
EUR
500,000,000
1.875%
XS2063535970
22-May-2019
22-May-2023
EUR
0
2.625%
XS1996435928
23-Nov-2017
23-Nov-2024
EUR
498,980,000
1.75%
XS1722898431
30-Nov-2015
26-Feb-2021
EUR
0
3.75%
XS1325078308

Bond Information