As at 30 September 2024, the Group had £585 million of US private placements, issued in 2011, 2013, 2018 and 2019. Outstanding amounts are:
Description | Amount | Maturity | Effective spread at issuance |
Senior USD Notes 2025 | $85 (£53m) | FY 26 | Sonia + c173bps |
Senior Notes 2026 | £100m | FY 26 | Sonia + c110bps |
Senior Notes 2026 | £100m | FY 26 | Sonia + c119bps |
Senior Notes 2025 | $100m (£76m) | FY 26 | Sonia +c134bps |
Senior Notes 2025 | £37.5m | FY 26 | Sonia +c132bps |
Senior Notes 2026 | £37.5m | FY 27 | Sonia +c135bps |
Floating Senior Notes 2028 | £80m | FY 29 | Sonia +c140bps |
Floating Senior Notes 2034 | £100m | FY 35 | Sonia + c148bps |
Note - Effective spread is inclusive of any swaps entered into at issuance.
All of the private placements are subject to our unsecured covenants
Our policy is to have no material unhedged net assets or liabilities denominated in foreign currencies. We fully hedge the foreign currency exposure of any USD borrowings.