Investor Information

Credit Investors

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Introduction

Financing strategy

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.

Katherine Horrell

Group Treasurer

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 6 August 2015

Moody’s

S&P

Fitch

Lead analyst

Graham Taylor

Tania Tsoneva

 

+44 (0)20 7772 5206

+44 (0)20 7176 3489

Centrica plc

Baa1 (s) / P-2 (s)

BBB+ (s) / A-2 (s)

A- / F2 (s)

British Gas Trading Limited

NR

BBB+ (s) / -- (s)

NR

Where:

  • (s) stable
  • NR not rated
Bond Overview

Currency

Maturity

Notional Principal

Coupon (%)

Issue Date

Download

USD

2015

70,000,000

Floating Rate Note

31 Mar 2010

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JPY

2015

15,000,000,000

0.3200%

9 September 2014

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JPY

2015

15,000,000,000

0.3200%

10 September 2014

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GBP

2015

51,000,000

Floating Rate Note

11 September 2014

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EUR

2015

100,000,000

Floating Rate Note

12 September 2014

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GBP

2016

300,000,000

5.500%

24 Oct 2006

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USD

2017

200,000,000

Floating Rate Note

14 Apr 2014

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GBP

2018

400,000,000

7.000%

£300m 19 Sep 2008, £100m 29 Jan 2009

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USD

2020

80,000,000

Floating Rate Note

25 Sept 2013

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GBP

2022

500,000,000

6.375%

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

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HKD

2022

450,000,000

3.68%

22 Feb 2012

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USD

2023

750,000,000

4.000%

11 Oct 2013

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GBP

2026

200,000,000

6.400%

£150m 04 Sep 2006, £50m 24 Mar 2010

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USD

2027

70,000,000

5.900%

16 Apr 2010

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GBP

2029

750,000,000

4.375%

13 March 2012

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EUR

2032

50,000,000

Zero Coupon (4.2% Accrual Yield)

05 Jan 2012

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GBP

2033

770,000,000

7.000%

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

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USD

2043

600,000,000

5.375%

11 Oct 2013

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GBP

2044

550,000,000

4.250%

£500m 12 Sept 2012
£50m 5 Sept 2013

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GBP

2075 NC 10

450,000,000

5.250%

8 April 2015

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EUR

2076 NC 6

750,000,000

3.000%

8 April 2015

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Bond Maturity Profile

Bond Maturity Profile

 

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