Credit investors

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 $670m of US 144a bonds, and €750m and £450m of hybrid capital outstanding.. We also utilise a $3bn US Commercial Paper Programme. View our latest EMTN prospectus or the offering circular for our 144a bond. 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 the opportunity to contact the treasury team at the email address below, if you have any specific query. The team would also appreciate any feedback on how we can best keep you informed in the future.

Email: creditinvestor@centrica.com

  • Ratings

    Senior unsecured: long/short term ratings

    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 5 August 2019

     

    Moody’s

    S&P

    Lead analyst

    Joanna Fic, Tel: +44 (0)20 77725571

    Matan Benjamin, Tel: +44 (0)20 71760106

    Centrica plc

    Baa1 (n) / P-2 (n)

    BBB (s) / A-2 (s)

    British Gas
    Trading Ltd

    NR

    BBB (s) / --

    Key:
    (s) - stable outlook
    (n) - negative outlook
    NR - not rated

  • Bond Overview

    Currency Maturity Notional Principal Coupon (%) Issue Date Download

    USD

    2020

    80,000,000

    Floating Rate Note

    25 Sept 2013

    Download PDF

    GBP

    2022

    246,240,000

    6.375%

    £400m 10 Mar 2009 
    £40m 12 Mar 2010
    £60m 15 Mar 2010

    Download PDF

    HKD

    2022

    450,000,000

    3.68%

    22 Feb 2012

    Download PDF

    USD

    2023

    302,000,000

    4.000%

    11 Oct 2013

    Download PDF

    GBP

    2026

    51,650,000

    6.400%

    £150m 04 Sep 2006
    £50m 24 Mar 2010

    Download PDF

    USD

    2027

    70,000,000

    5.900%

    16 Apr 2010

    Download PDF

    GBP

    2029

    552,110,000

    4.375%

    13 March 2012

    Download PDF

    EUR

    2032

    50,000,000

    Zero Coupon (4.2% Accrual Yield)

    05 Jan 2012

    Download PDF

    GBP

    2033

    770,000,000

    7.000%

    £450m 19 Sep 2008
    £150m 20 Feb 2009
    £70m 01 Apr 2009
    £100m 08 Jun 2009

    Download PDF

    USD

    2043

    366,880,000

    5.375%

    11 Oct 2013

    Download PDF

    GBP

    2044

    550,000,000

    4.250%

    £500m 12 Sept 2012
    £50m 5 Sept 2013

    Download PDF

    GBP

    2075
    NC 10

    450,000,000

    5.250%

    8 April 2015

    Download PDF

    Download Deed of Undertaking

    EUR

    2076
    NC 6

    750,000,000

    3.000%

    8 April 2015

    Download PDF

    Download Deed of Undertaking

     

  • Bond Maturity Profile

    Bond Maturity Profile

     

     

  • Investor Presentations

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    This document is not a prospectus for any securities. Investors should only subscribe for any securities on the basis of information in a relevant prospectus and term sheet, and not on the basis of any information provided herein.

    This presentation has been prepared by Centrica plc (the "Company") and may be amended and supplemented and may not be relied upon for the purposes of entering into any transaction. The information contained herein has been obtained from sources believed to be reliable. Although the Company has taken all reasonable care to ensure that the information herein is accurate and correct, no representation, warranty or undertaking, express or implied, is given by or on behalf of the Company or any of its directors, officers, employees, shareholders, affiliates, agents, advisers, other representatives (collectively, "Representatives") or any other person as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein or any other material discussed at the presentation. Neither the Company nor any Representatives nor any other person shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or any other material discussed at the presentation or their contents or otherwise arising in connection with the presentation. The views reflected herein are solely those of the Company and are subject to change without notice. All estimates, projections, valuations and statistical analyses are provided to assist the recipient in the evaluation of the matters described herein and may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results, and to the extent that they are based on historical information, they should not be relied upon as an accurate prediction of future performance. Certain analysis is presented herein and is intended solely for purposes of indicating a range of outcomes that may result from changes in market parameters. It is not intended to suggest that any outcome is more likely than another, and it does not include all possible outcomes or the range of possible outcomes, one of which may be that the investment value declines to zero.

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    No action has been taken or will be taken that would permit a public offering of any securities in any jurisdiction in which action for that purpose is required. No offers, sales, re-sales or delivery of any securities or distribution of any offering material relating to any such securities may be made in or from any jurisdiction except in circumstances which will result in compliance with any applicable laws and regulations.

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  • 30/05/2019 Euro Medium Term Note Programme Base Prospectus

    PDF - 1.19 mb

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  • 14/10/2013 US$ Senior Note Programme

    PDF - 6.63 mb

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