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 32.2% (as at 30 June 2024).
- 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 88% hedged.
- Weighted average cost of debt: 2.9% (during the first half of 2024).
Bond Issue
Issue date | Due date | Currency | Outstanding nominal | Coupon | ISIN Code |
|---|---|---|---|---|---|
02-Oct-2024 | 21-Jan-2032 | EUR | 500,000,000 | 4.25% | XS2910502470 |
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 |
