Our debt to you
When it comes to our debt investors, we're in it for the long term
Our investors come in all shapes and sizes, from huge financial institutions to private individuals. We want to build rewarding relationships with every one.
To do this, we need to be fair. We need to be responsible. We also need to think long term, to build a lasting partnership that works as well for you as it does for us.
That's why we commit to being a responsible borrower, only borrowing in a way we believe is sustainable. We promise to put you first, prioritising the timely payments of your interests and your principal. We also promise to follow the highest standards, in line with best practice recommended by the Investment Association.
Our central treasury function manages the debt instruments investors buy from us. It helps us to finance our operations and manage the market risks involved in our work.
The treasury function uses derivatives to swap borrowings and investments from floating to fixed rate, to help us fix future borrowings. It also maintains our policies and procedures, allowing us to monitor, control and report on things like interest rates, liquidity and financial risks.
Operating with authority from the Group Board, our treasury is a cost-reduction centre rather than a profit centre.
We always look for ways to give investors a better experience. For instance, we offer meetings and non-deal-specific roadshows twice a year. This means you get regular access to our Senior Management team. You also get all the same information as equity investors, along with some extra information that's relevant to you. Also, if you're a bank lender, we make sure you have access both to executive and non-executive directors, which gives you a broader perspective.
Most of all, we listen to you. For example, following a bond issue earlier this year, we met with investors to ask: what went well, and how could we have supported you better?
We comply with best practice guidelines from the Investment Association