A3 Borrowings

Terms and debt repayment schedule

The principal economic terms and conditions of outstanding borrowings, along with fair value and carrying value, were as follows:

CurrencyYear of final
repayment
Fair
value
Carrying
value
Fair
value
Carrying
value
2016
£m
2016
£m
2015
£m
2015
£m
Borrowings in fair value hedge relationships2,293.02,373.02,218.02,252.1
5.375% 150m bondGBP2018169.6162.5175.1167.0
4.55% 250m bondUSD2018183.9185.6181.3183.0
5.375% 350m bondUSD2019263.2269.3259.1265.8
4.25% 500m bondEUR2020455.9455.1427.5424.1
5.75% 375m bondGBP2022449.5434.5457.9432.4
1.129% 52m bondEUR202738.441.0
5.625% 300m bondGBP2027382.7411.1391.2408.1
5.02% JPY 10bn dual currency loanJPY/USD202981.496.175.486.3
2.058% 30m bondEUR203023.725.1
5% 200m bondGBP2035244.7292.7250.5285.4
Borrowings designated at fair value through profit or loss338.0338.0333.7333.7
6.875% 400m bondUSD2028338.0338.0333.7333.7
Borrowings measured at amortised cost4,830.14,267.04,798.54,059.6
6.125% 425m bondGBP2015447.6425.9
Short-term bank borrowings – fixedGBP2016127.5127.5117.5117.5
1.97%+RPI 200m IL loanGBP2016269.9267.4271.9264.1
1.30%+LIBOR 5bn bondJPY201731.732.029.228.8
2.46%+RPI 50m IL loanGBP202065.759.367.058.5
2.10%+RPI 50m IL loanGBP202064.759.365.858.5
1.93%+RPI 50m IL loanGBP202064.559.465.558.6
1.90%+RPI 50m IL loanGBP202064.559.565.558.7
1.88%+RPI 50m IL loanGBP202064.259.365.258.6
1.84%+RPI 50m IL loanGBP202064.459.665.358.8
1.73%+RPI 50m IL loanGBP202064.259.665.158.8
1.61%+RPI 50m IL loanGBP202063.959.764.858.9
0.80%+LIBOR 100m loanGBP202298.3100.0
0.47%+RPI 100m IL loanGBP2023105.0105.2105.0103.8
0.49%+RPI 100m IL loanGBP2025101.1101.2101.699.9
0.013%+RPI 25m IL bondGBP202524.225.2
0.1275%+RPI 100m IL loanGBP202696.4100.0
1.29%+RPI 50m (amortising) IL loanGBP202958.654.259.355.4
1.23%+RPI 50m (amortising) IL loanGBP202954.652.559.155.8
1.12%+RPI 50m (amortising) IL loanGBP202957.653.758.255.0
1.10%+RPI 50m (amortising) IL loanGBP202957.453.758.054.9
0.75%+RPI 50m (amortising) IL loanGBP202955.254.455.653.7
0.76%+RPI 50m (amortising) IL loanGBP203055.054.355.453.6
1.15%+RPI 50m (amortising) IL loanGBP203056.254.156.853.4
1.11%+RPI 50m (amortising) IL loanGBP203056.254.256.853.5
0.178%+RPI 35m IL bondGBP203033.635.3
0.709%+LIBOR 100m (amortising) loanGBP203295.6100.097.7100.0
0.691%+LIBOR 150m (amortising) loanGBP2032142.9150.0146.2150.0
3.375%+RPI 50m IL bondGBP2032107.672.8110.972.0
0.573%+LIBOR 100m (amortising) loanGBP203393.7100.096.1100.0
0.511%+LIBOR 150m (amortising) loanGBP2033140.0150.0
0.01%+RPI 100m (amortising) IL loanGBP203394.799.7
0.01%+RPI 75m (amortising) IL loanGBP203471.174.7
1.9799%+RPI 100m IL bondGBP2035171.4136.4174.9135.0
1.66%+RPI 35m IL bondGBP203751.643.652.943.0
2.40%+RPI 70m IL bondGBP2039113.585.0117.283.8
1.7829%+RPI 100m IL bondGBP2040172.8135.0177.4133.6
1.3258%+RPI 50m IL bondGBP204178.967.380.766.7
1.5802%+RPI 100m IL bondGBP2042166.6134.5171.7133.2
1.5366%+RPI 50m IL bondGBP204382.567.185.066.5
1.397%+RPI 50m IL bondGBP204681.867.385.066.6
1.7937%+RPI 50m IL bondGBP204991.167.095.066.3
Commission for New Towns (amortising) loan – fixedGBP205352.528.755.629.3
1.847%+RPI 100m IL bondGBP2056180.8131.6186.8129.9
1.815%+RPI 100m IL bondGBP2056179.4131.0185.5129.3
1.662%+RPI 100m IL bondGBP2056173.1130.8178.8129.1
1.591%+RPI 25m IL bondGBP205642.432.643.632.2
1.5865%+RPI 50m IL bondGBP205685.665.386.964.5
1.556%+RPI 50m IL bondGBP205684.565.086.964.2
1.435%+RPI 50m IL bondGBP205682.064.884.263.9
1.3805%+RPI 35m IL bondGBP205656.745.358.244.7
1.702%+RPI 50m IL bondGBP205786.163.588.762.6
1.585%+RPI 100m IL bondGBP2057165.1125.9172.1124.2
Book overdrafts (see note 16)GBP201631.531.524.324.3
7,461.16,978.07,350.26,645.4

IL

RPI

Index-linked debt – this debt is adjusted for movements in the Retail Prices Index with reference to a base RPI established at trade date
The UK general index of retail prices (for all items) as published by the Office for National Statistics (Jan 1987 = 100)

Borrowings are unsecured. Funding raised in currencies other than sterling is swapped to sterling to match funding costs to income and assets.