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 30 June 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 30 June 2021

US Commercial Paper

N/A

N/A

USD 15bn

A-2 / P-2

None

Euro-Commercial Paper

12 May 2020

N/A

EUR 10bn

Issuer rating

None

Euro Medium Term Note Programme

May-21

May-22

USD 10bn

A3 / A-

USD 4.3bn

SEC Shelf Registration Statement

May 2021

May 2024

Unlimited

A3 / A-

USD 21.8bn

Debt maturity profile

AstraZeneca chooses to hold a significant cash balance to meet operational funding needs. Gross cash and investments position as at 30 June 2021 was $15.6bn

1  Notional bond values. FX converted at 30 June 2021 spot rates (USD/EUR 0.840; USD/GBP 0.722). Current portion of leases of $198m are included in 2021, whilst non-current Leases of $492m have been excluded from the chart.

Outstanding bonds

Below is a summary of the bonds issued or guaranteed by AstraZeneca PLC as at 30 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:

  Moody's
S&P
Short-term rating P-2 A-2
Long-term rating A3 A-
Outlook Negative Stable


Key contacts at the respective agencies are:

Moody’s

Analyst: Frederic Duranson

Phone: +44-20-7772-1950

S&P

Analyst: Paulina Grabowiec

Phone: +44 207 176 7051

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, 29 July 2021


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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