Debt Investors

Funding strategy

  • 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 2021, of which $3.4bn will mature in April 2024.
  • In respect of AstraZeneca’s announcement on 12 December 2020 to acquire Alexion Pharmaceuticals, Inc., the Company executed a further $17.5bn of committed bank facilities. $12.5bn of these facilities were cancelled in June and July 2021, $4 billion was drawn under the term loan facilities during July 2021 leaving the remaining $1bn of revolving credit facility undrawn.
  • 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 2021

US Commercial Paper



USD 15bn

A-2 / P-2


Euro-Commercial Paper

12 May 2020


EUR 10bn

Issuer rating


Euro Medium Term Note Programme



USD 10bn

A3 / A-

USD 4.1bn

SEC Shelf Registration Statement




A3 / A-

USD 14.8bn

Debt maturity profile

AstraZeneca chooses to hold a significant cash balance to meet operational funding needs. Gross cash and investments position as at 31 March 2021 was $7.8bn

1  Notional bond values. FX converted at 31 March 2021 spot rates (USD/EUR 0.853; USD/GBP 0.727). Current portion of leases of $216m are included in 2021, whilst non-current Leases of $463m have been excluded from the chart.

Outstanding bonds

Below is a summary of the bonds issued or guaranteed by AstraZeneca PLC as at 3 June 2021, sorted by maturity date.

Currency Notional (m) Issue date Maturity date Coupon Frequency ISIN
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 1,400 28-May-21 26-May-23 0.300% Semi-annual US046353AY48
USD 850 17-Aug-18 17-Aug-23 3.500% 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 7.000% Semi-annual US98934KAB61
EUR 900 12-May-16 12-May-24 0.750% Annual XS1411404855
USD 1,600 28-May-21 28-May-24 0.700% Semi-annual US04636NAC74
USD 2,000 16-Nov-15 16-Nov-25 3.375% Semi-annual US046353AL27
USD 1,200 6-Aug-20 8-Apr-26 0.700% Semi-annual US046353AV09
USD 1,250 28-May-21 28-May-26 1.200% Semi-annual US04636NAA19
USD 750 12-Jun-17 12-Jun-27 3.125% Semi-annual US046353AN82
EUR 800 12-May-16 12-May-28 1.250% Annual XS1411404426
USD 1,250 28-May-21 28-May-28 1.750% Semi-annual US04636NAE31
USD 1,000 17-Aug-18 17-Jan-29 4.000% Semi-annual US046353AT52
EUR 800 3-Jun-21 3-Jun-29 0.375% Annual XS2347663507
USD 1,300 6-Aug-20 6-Aug-30 1.375% Semi-annual US046353AW81
USD 750 28-May-21 28-May-31 2.250% Semi-annual US04636NAB91
GBP 350 13-Nov-07 13-Nov-31 5.750% Annual XS0330497149
USD 2,750 12-Sep-07 15-Sep-37 6.450% Semi-annual US046353AD01
USD 1,000 18-Sep-12 18-Sep-42 4.000% 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
USD 500 6-Aug-20 6-Aug-50 2.125% Semi-annual US046353AX64
USD 750 25-May-21 28-May-51 3.000% Semi-annual US046353AZ13

Credit ratings

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 A-
Outlook Negative Stable

Key contacts at the respective agencies are:


Analyst: Frederic Duranson

Phone: +44-20-7772-1950


Analyst: Marketa Horkova

Phone: +44 207 176 3743

Treasury risk management policies

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

Liquidity Policy

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

Investment policy

  • Security and liquidity
  • Financial counterparty limits

Foreign Exchange Policy

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

Interest Rate Policy

  • Aim to broadly match level of floating rate debt to cash over time
  • Significant portion of financial liabilities at fixed interest rates

Credit Risk

  • Cash managed centrally
  • Derivatives positions fully collateralised

Debt IR presentations

Debt investor update, 11 February 2021

Debt investor update, 30 July 2020

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

Press Releases

Contact Us

Christer Gruvris

Director of Investor Relations

Jonathan Slade

Group Treasurer

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