Debt InvestorsLOL赛事竞猜

Funding strategyLOL赛事竞猜

  • 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 has $4.1bn of revolving committed credit facilities provided by 9 relationship banks. These facilities were undrawn as at 31 March 2020, of which $3.4bn will mature in April 2022
  • 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.
  • 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 31 March 2020

US Commercial Paper



USD 15bn

A-2 / P-2

USD 0.1bn

Euro-Commercial Paper

12 May 2020


EUR 10bn

Issuer rating


Euro Medium Term Note Programme



USD 10bn

A3 / BBB+

USD 3.7bn

SEC Shelf Registration Statement




A3 / BBB+

USD 13.4bn

Debt maturity profileLOL赛事竞猜

AstraZeneca chooses to hold a significant cash balance to meet operational funding needs. Gross cash and investments position as at 31 March 2020 was $4.2bn

1  Notional bond values. FX converted at 31 March 2020 spot rates (USD/EUR 0.908; USD/GBP 0.812). Current portion of leases of $181m are included in 2020, whilst non-current Leases of $472m have been excluded from the chart.

Outstanding bondsLOL赛事竞猜

Below is a summary of the bonds issued or guaranteed by AstraZeneca PLC as at 31 March 2020, sorted by maturity date.

Currency Notional (m) Issue date Maturity date Coupon Frequency ISIN
USD 1,600 16-Nov-15 16-Nov-20 2.375% Semi-annual US046353AK44
EUR 500 12-May-16 12-May-21 0.25% Annual XS1411403709
EUR 750 24-Nov-14 24-Nov-21 0.875% Annual XS1143486865
USD 250 12-Jun-17 10-Jun-22 3m Libor + 0.62% Quarterly US046353ap31
USD 1,000 12-Jun-17 12-Jun-22 2.375% Semi-annual US046353AQ14
USD 850 17-Aug-18 17-Aug-23 3.50% Semi-annual US046353AR96
USD 400 17-Aug-18 17-Aug-23 3m Libor + 0.665% Quarterly US046353AS79
USD 287 15-Nov-93 15-Nov-23 7.00% Semi-annual US98934KAB61
EUR 900 12-May-16 12-May-24 0.75% Annual XS1411404855
USD 2,000 16-Nov-15 16-Nov-25 3.375% Semi-annual US046353AL27
USD 750 12-Jun-17 12-Jun-27 3.125% Semi-annual US046353AN82
EUR 800 12-May-16 12-May-28 1.25% Annual XS1411404426
USD 1,000 17-Aug-18 17-Jan-29 4.00% Semi-annual US046353AT52
GBP 350 13-Nov-07 13-Nov-31 5.75% Annual XS0330497149
USD 2,750 12-Sep-07 15-Sep-37 6.45% Semi-annual US046353AD01
USD 1,000 18-Sep-12 18-Sep-42 4.00% Semi-annual US046353AG32
USD 1,000 16-Nov-15 16-Nov-45 4.375% Semi-annual US046353AM00
USD 750 17-Aug-18 17-Aug-48 4.375% Semi-annual US046353AU26

Credit ratingsLOL赛事竞猜

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:

Short-term rating P-2 A-2
Long-term rating A3 BBB+
Outlook Stable Stable

Key contacts at the respective agencies are:


Analyst: Frederic Duranson

Phone: +44-20-7772-1950


Analyst: Nicolas Baudouin

Phone: +33-1-4420- 6672

Treasury risk management policiesLOL赛事竞猜

The Company operates with a centralised Treasury structure so that key Treasury risks are managed at a Group level.

Investment policy

  • Security and liquidity
  • Financial counterparty limits

Foreign Exchange Policy

  • Foreign Exchange exposures managed centrally
  • Transactional currency exposures substantially hedged

Interest Rate Policy

  • Level of floating rate debt matched to cash
  • Significant portion of financial liabilities at fixed interest rates

Credit Risk

  • Cash managed centrally
  • Derivatives positions fully collateralised

Liquidity Policy

  • Prudent level of available cash and unutilised credit facilities
  • Group funding centrally managed

Debt IR presentationsLOL赛事竞猜

Debt investor update, 14 February 2020

Debt investor update, 7 August 2019

Debt investor update, 21 February 2019

Debt investors update, 14 August 2018

Debt investor update, USA, 19-23 March 2018


Craig Marks

Senior Director of Investor Relations

Jonathan Slade

Group Treasurer

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    Our Annual Report provides a wide range of information about our global business.

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    Our pipeline forms a robust portfolio of investigational therapies in varied stages of clinical development

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    Answers to frequently asked shareholder questions.