Debt Investors
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The Board’s aim is to continue to strike a balance between the interests of the business, financial creditors and the Company’s shareholders. The Company’s capital allocation priorities include investing in the business and pipeline, maintaining a strong, investment-grade credit rating, potential value-enhancing business development opportunities, and supporting the progressive dividend policy.
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 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.
- The Company has $6.9bn of revolving committed credit facilities provided by 13 relationship banks. These facilities were undrawn as at 30 September 2024. $2bn will mature in February 2025 and $4.9bn in April 2029.
- 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 September 2024 |
---|---|---|---|---|---|
Programme US Commercial Paper |
Last updated N/A |
Valid to N/A |
Limit USD 15bn |
Rating (Moody's/ S&P) A-1 / P-1 |
Utilisation as at 30 September 2024 USD 0.5bn |
Programme Euro-Commercial Paper |
Last updated 12 May 2020 |
Valid to N/A |
Limit EUR 10bn |
Rating (Moody's/ S&P) Issuer rating |
Utilisation as at 30 September 2024 None |
Programme | Last updated June 2024 |
Valid to June 2025 |
Limit USD 10bn |
Rating (Moody's/ S&P) A2 / A+ |
Utilisation as at 30 September 2024 USD 5.3bn |
Programme SEC Shelf Registration Statement |
Last updated Mar 2024 |
Valid to Mar 2027 |
Limit Unlimited |
Rating (Moody's/ S&P) A2 / A+ |
Utilisation as at 30 September 2024 USD 23.5bn |
Debt maturity profile
AstraZeneca chooses to hold a significant cash balance to meet operational funding needs. Gross cash and investments position as at 30 September 2024 was $4.9bn
1 Notional bond values. FX converted at 30 September 2024 spot rates (USD/EUR 0.935; USD/GBP 0.747). Current portion of leases of $317m are included in 2024, whilst non-current Leases of $1,105m have been excluded from the chart.
Outstanding bonds
Below is a summary of the bonds issued or guaranteed by AstraZeneca PLC as at 30 September 2024, sorted by maturity date.
Issuer | Currency | Notional (m) | Issue date | Maturity date | Coupon | Frequency | ISIN | Note |
---|---|---|---|---|---|---|---|---|
Issuer AZ PLC |
CurrencyUSD | Notional (m)2,000 | Issue date16-Nov-15 | Maturity date16-Nov-25 | Coupon3.375% | FrequencySemi-annual | ISINUS046353AL27 | Note |
Issuer AZ PLC |
CurrencyUSD | Notional (m)1,200 | Issue date06-Aug-20 | Maturity date08-Apr-26 | Coupon0.70% | FrequencySemi-annual | ISINUS046353AV09 | Note |
Issuer AZ Finance LLC |
CurrencyUSD | Notional (m)1,250 | Issue date28-May-21 | Maturity date28-May-26 | Coupon1.20% | FrequencySemi-annual | ISINUS04636NAA19 | Note |
Issuer AZ Finance LLC |
CurrencyUSD | Notional (m)1,250 | Issue date26-Feb-24 | Maturity date26-Feb-27 | Coupon4.80% | FrequencySemi-annual | ISINUS04636NAK90 | Note |
Issuer AZ PLC |
CurrencyEUR | Notional (m)750 | Issue date03-Mar-23 | Maturity date03-Mar-27 | Coupon3.625% | FrequencyAnnual | ISINXS2593105393 | Note1 |
Issuer AZ PLC |
CurrencyUSD | Notional (m)750 | Issue date12-Jun-17 | Maturity date12-Jun-27 | Coupon3.125% | FrequencySemi-annual | ISINUS046353AN82 | Note |
Issuer AZ Finance LLC |
CurrencyUSD | Notional (m)1,100 | Issue date03-Mar-23 | Maturity date03-Mar-28 | Coupon4.875% | FrequencySemi-annual | ISINUS04636NAF06 | Note |
Issuer AZ PLC |
CurrencyEUR | Notional (m)800 | Issue date12-May-16 | Maturity date12-May-28 | Coupon1.25% | FrequencyAnnual | ISINXS1411404426 | Note2 |
Issuer AZ Finance LLC |
CurrencyUSD | Notional (m)1,250 | Issue date28-May-21 | Maturity date28-May-28 | Coupon1.75% | FrequencySemi-annual | ISINUS04636NAE31 | Note |
Issuer AZ PLC |
CurrencyUSD | Notional (m)1,000 | Issue date17-Aug-18 | Maturity date17-Jan-29 | Coupon4.00% | FrequencySemi-annual | ISINUS046353AT52 | Note |
Issuer AZ Finance LLC |
CurrencyUSD | Notional (m)1,250 | Issue date26-Feb-24 | Maturity date26-Feb-29 | Coupon4.85% | FrequencySemi-annual | ISINUS04636NAL73 | Note |
Issuer AZ PLC |
CurrencyEUR | Notional (m)800 | Issue date03-Jun-21 | Maturity date03-Jun-29 | Coupon0.375% | FrequencyAnnual | ISINXS2347663507 | Note3 |
Issuer AZ Finance LLC |
CurrencyUSD | Notional (m)650 | Issue date03-Mar-23 | Maturity date03-Mar-30 | Coupon4.90% | FrequencySemi-annual | ISINUS04636NAG88 | Note |
IssuerAZ Finance LLC | CurrencyEUR | Notional (m)650 | Issue date05-Aug-24 | Maturity date05-Aug-30 | Coupon3.121% | FrequencyAnnual | ISINXS2872909697 | Note4 |
Issuer AZ PLC |
CurrencyUSD | Notional (m)1,300 | Issue date06-Aug-20 | Maturity date06-Aug-30 | Coupon1.375% | FrequencySemi-annual | ISINUS046353AW81 | Note |
Issuer AZ Finance LLC |
CurrencyUSD | Notional (m)1,000 | Issue date26-Feb-24 | Maturity date26-Feb-31 | Coupon4.90% | FrequencySemi-annual | ISINUS04636NAM56 | Note |
Issuer AZ Finance LLC |
CurrencyUSD | Notional (m)750 | Issue date28-May-21 | Maturity date28-May-31 | Coupon2.25% | FrequencySemi-annual | ISINUS04636NAB91 | Note |
Issuer AZ PLC |
CurrencyGBP | Notional (m)350 | Issue date13-Nov-07 | Maturity date13-Nov-31 | Coupon5.75% | FrequencyAnnual | ISINXS0330497149 | Note3 |
Issuer AZ PLC |
CurrencyEUR | Notional (m)750 | Issue date03-Mar-23 | Maturity date03-Mar-32 | Coupon3.75% | FrequencyAnnual | ISINXS2593105476 | Note5 |
Issuer AZ Finance LLC |
CurrencyUSD | Notional (m)500 | Issue date03-Mar-23 | Maturity date03-Mar-33 | Coupon4.875% | FrequencySemi-annual | ISINUS04636NAH61 | Note |
IssuerAZ Finance LLC | CurrencyEUR | Notional (m)750 | Issue date05-Aug-24 | Maturity date05-Aug-33 | Coupon3.278% | FrequencyAnnual | ISINXS2872909770 | Note6 |
Issuer AZ Finance LLC |
CurrencyUSD | Notional (m)1,500 | Issue date26-Feb-24 | Maturity date26-Feb-34 | Coupon5.00% | FrequencySemi-annual | ISINUS04636NAN30 | Note |
Issuer AZ PLC |
CurrencyUSD | Notional (m)2,750 | Issue date12-Sep-07 | Maturity date15-Sep-37 | Coupon6.45% | FrequencySemi-annual | ISINUS046353AD01 | Note |
Issuer AZ PLC |
CurrencyUSD | Notional (m)1,000 | Issue date18-Sep-12 | Maturity date18-Sep-42 | Coupon4.00% | FrequencySemi-annual | ISINUS046353AG32 | Note |
Issuer AZ PLC |
CurrencyUSD | Notional (m)1,000 | Issue date16-Nov-15 | Maturity date16-Nov-45 | Coupon4.375% | FrequencySemi-annual | ISINUS046353AM00 | Note |
Issuer AZ PLC |
CurrencyUSD | Notional (m)750 | Issue date17-Aug-18 | Maturity date17-Aug-48 | Coupon4.375% | FrequencySemi-annual | ISINUS046353AU26 | Note |
Issuer AZ PLC |
CurrencyUSD | Notional (m)500 | Issue date06-Aug-20 | Maturity date06-Aug-50 | Coupon2.125% | FrequencySemi-annual | ISINUS046353AX64 | Note |
Issuer AZ PLC |
CurrencyUSD | Notional (m)750 | Issue date25-May-21 | Maturity date28-May-51 | Coupon3.00% | FrequencySemi-annual | ISINUS046353AZ13 | Note |
1 Swapped to approximately USD 791m at approximately 4.91%, semi-annual payments
2 Swapped to approximately USD 912m at approximately 3.06%, semi-annual payments
3 In a net investment hedge relationship. For more details, please refer to note 28 of our Annual Report and Form 20-F Information 2023.
4 Swapped to approximately USD 704m at approximately SOFR + 0.80%, quarterly payments
5 Swapped to approximately USD 791m at approximately 4.83%, semi-annual payments
6 Swapped to approximately USD 812m at approximately SOFR + 0.95%, quarterly payments
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 | Moody's P-1 |
S&PA-1 |
Long-term rating | Moody's A2 |
S&PA+ |
Outlook | Moody's Positive |
S&PStable |
Key contacts at the respective agencies are:
Moody’s
Analyst: Martin Hallmark
Phone: +44 20 7772 1953
S&P
Analyst: Paulina Grabowiec
Phone: +44 20 7176 7051
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
- Aim to broadly match level of floating rate debt to cash over time
- Significant portion of financial liabilities at fixed interest rates
Credit Risk
- Cash managed centrally
- Derivatives positions predominately cash collateralised
Debt IR presentations
2024
2023
2022
2021
2020
Press Releases
30 July 2024 – 07:00
22 February 2024 – 07:00
1 March 2023 – 07:00
24 February 2023 – 18:15
2 June 2021 – 07:00
27 May 2021 – 07:00
26 May 2021 – 07:00
04 August 2020 - 07:00
FMSB Statement of Commitment
Contact Us
Christer Gruvris
Director of Investor Relations
Jonathan Slade
Group Treasurer
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