We are committed to helping credit investors make informed decisions about the company.
Centrica’s Treasury department exists to ensure that the Group’s financing needs are met, to maintain the Group’s liquidity position and credit rating agency relationships, and to manage key financial risks such as interest rate and foreign exchange risk. The function prioritises reduction of risk in these areas. The financial strategy is designed to be prudent, consistent with the overall business strategy and flexible to respond to sudden unexpected changes in the economic environment.
Our debt needs are met through a combination of capital market and bank financings. In the capital markets we have a $10bn Euro Medium Term Note Programme (EMTN) under which a number of benchmark sized sterling bonds and some smaller private placements have been issued. In addition, we have $1.35bn of US 144a bonds, and €750m and £450m of hybrid capital outstanding. We also utilise a $3bn US Commercial Paper Programme. To view our latest EMTN prospectus or the offering circular for our 144a bond, click on the appropriate link on the right. Bank finance is primarily sourced from a large group of relationship banks that also provide a significant level of committed back up lines. The combination of these facilities provides the prudence and flexibility which are key to the financial strategy.
Credit investors are important to Centrica. We see the sterling and US markets as being central to the Group’s financing.
We do understand that our debt holders would appreciate a point of contact on developments that could influence credit analysis. Please take this opportunity to contact Katherine Horrell, Group Treasurer, if you have any specific query. Katherine would also appreciate any feedback on how we can best keep you informed in the future.
Centrica’s treasury team maintains frequent contact with Moody’s Investor Service (Moody’s) and Standard and Poor’s (S&P) to ensure that the agencies are kept informed of significant developments in the Group.
Senior members of Centrica’s management team also meet with these agencies formally, usually at least once in each financial year, to discuss strategic plans and the anticipated performance of the Group.
|As at 20 March 2015||Moody’s||S&P||Fitch|
|Lead analyst||Helen Francis||Tania Tsoneva||–|
|+44 (0)20 7772 5422||+44 (0)20 7176 3489||–|
|Centrica plc||Baa1 (s) / P-2 (s)||A- (n) / A-2 (s)||A- / F2 (s)|
|British Gas Trading Limited||NR||A- (n) / -- (s)||NR|
|Currency||Maturity||Notional Principal||Coupon (%)||Issue Date||Download|
|USD||2015||70,000,000||Floating Rate Note||31 Mar 2010||Bond due maturity in 2015 (USD) PDF (0.12Mb)|
|JPY||2015||15,000,000,000||0.3200%||9 September 2014||Bond due maturity in 2015 (JPY) PDF (0.08Mb)|
|JPY||2015||15,000,000,000||0.3200%||10 September 2014||Bond due maturity in 2015 (JPY) PDF (0.10Mb)|
|GBP||2015||51,000,000||Floating Rate Note||11 September 2014||Bond due maturity in 2015 (GBP) PDF (0.08Mb)|
|EUR||2015||100,000,000||Floating Rate Note||12 September 2014||Bond due maturity in 2015 (EUR) PDF (0.08Mb)|
|GBP||2016||300,000,000||5.500%||24 Oct 2006||Bond due maturity in 2016 (GBP) PDF (2.15Mb)|
|USD||2017||200,000,000||Floating Rate Note||14 Apr 2014||Bond due maturity in 2017 (GBP) PDF (0.02Mb)|
|GBP||2018||400,000,000||7.000%||£300m 19 Sep 2008, £100m 29 Jan 2009||Bond due maturity in 2018 (GBP) PDF (0.39Mb)|
|USD||2020||80,000,000||Floating Rate Note||25 Sept 2013||Publication of Final Terms in respect of Centrica plc's Euro Medium Term Note Programme also published on 24 Sept PDF (0.15Mb)|
|GBP||2022||500,000,000||6.375%||£400m 10 Mar 2009, £40m 12 Mar 2010, £60m 15 Mar 2010||Bond due maturity in 2022 (GBP) PDF (4.21Mb)|
|HKD||2022||450,000,000||3.68%||22 Feb 2012||Bond due maturity in 2022 (HKD) PDF (0.03Mb)|
|USD||2023||750,000,000||4.000%||11 Oct 2013||Prospectus in respect of Centrica's US$750,000,000 4.000 per cent. Senior Notes Due 2023 and US $600,000,000 5.375 per cent. Senior Notes Due 2043 PDF (6.50Mb)|
|GBP||2026||200,000,000||6.400%||£150m 04 Sep 2006, £50m 24 Mar 2010||Bond due maturity in 2026 (GBP) PDF (2.50Mb)|
|USD||2027||70,000,000||5.900%||16 Apr 2010||Bond due maturity in 2027 (USD) PDF (1.01Mb)|
|GBP||2029||750,000,000||4.375%||13 March 2012||Bond due maturity in 2029 (GBP) PDF (0.17Mb)|
|EUR||2032||50,000,000||Zero Coupon (4.2% Accrual Yield)||05 Jan 2012||Bond due maturity in 2032 (EUR) PDF (0.17Mb)|
|GBP||2033||770,000,000||7.000%||£450m 19 Sep 2008, £150m 20 Feb 2009, £70m 01 Apr 2009, £100m 08 Jun 2009||Bond due maturity in 2033 (GBP) PDF (0.39Mb)|
|USD||2043||600,000,000||5.375%||11 Oct 2013||Prospectus in respect of Centrica's US$750,000,000 4.000 per cent. Senior Notes Due 2023 and US $600,000,000 5.375 per cent. Senior Notes Due 2043 PDF (6.50Mb)|
|GBP||2044||550,000,000||4.250%||£500m 12 Sept 2012
£50m 5 Sept 2013
|Drawdown Prospectus published 24 Sept PDF (0.22Mb)|
|GBP||2075 NC 10||450,000,000||5.250%||8 April 2015||Currency Maturity Notional Principal Coupon Issue Date PDF (0.92Mb)|
|EUR||2076 NC 6||750,000,000||3.000%||8 April 2015||Currency Maturity Notional Principal Coupon Issue Date PDF (0.92Mb)|
* Note: Hybrid debt shown at first call rate
+44 (0)1753 494 165