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, negative outlook – Standard & Poor’s
    • BBB, stable outlook – Fitch
  • Versatile funding profile through a combination of equity issues and debt.
  • Debt strategy focused on a targeted 35% loan-to-value (LTV) – 32% (as at 31 December 2019).
  • Prudent liquidity profile which includes cash accounts and deposits held with investment grade banks, and significant committed unsecured revolving facilities.
  • 83% of the portfolio is unencumbered.
  • Long-term interest rate risk hedged via caps and swaps.
  • Weighted average cost of debt: 2.4% (for 2019).

Bond Issue

Issue date
Due date
Currency
Outstanding nominal
Coupon
ISIN Code
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
500,000,000
2.625%
XS1996435928
23-Nov-2017
23-Nov-2024
EUR
500,000,000
1.75%
XS1722898431
30-Nov-2015
26-Feb-2021
EUR
0
3.75%
XS1325078308

Bond Information