Debt investors

The Group finances its operations through a combination of retained profits, long and medium term debt capital market issues, commercial paper, bank borrowings and leases, with the objective of ensuring continuity of funding.

Our policy is to smooth the debt maturity profile, to arrange funding ahead of requirements and to maintain sufficient undrawn committed bank facilities so that maturing debt may be refinanced as it falls due.

Medium to Long Term Funding

The Group's principal medium to long term funding is through our £15bn Euro Note Programme.

Medium Term Notes (MTNs)

Interest Rate Supplement Principal Outstanding Currency Maturity
 
4.000% 200m GBP 2016
GBP 2016 125m at 4.00% PDF 0.48MB
GBP 2016 50m at 4.00% PDF 0.83MB
 
5.875% 1.039bn EUR 2016
EUR 2016 1.5bn at 5.875% PDF 0.52MB
 
5.500% 850m USD 2017
USD 2017 850mn at 5.50% PDF 1.06MB
 
2.700% 500m USD 2017
USD 2017 500m at 2.7% PDF 21.7MB
 
1.250% 500m EUR 2017
EUR 2017 500m at 1.250% PDF 0.15MB
 
3.375% 750m EUR 2018
EUR 2018 750m at 3.375% PDF 0.40MB
 
5.500% 350m GBP 2019
GBP 2019 350m at 5.500% PDF 0.20MB
 
1.375% 1.25bn EUR 2019
EUR 2019 1,250m at 1.375% PDF 0.15MB
 
2.125% 500m EUR 2020
EUR 2020 500m at 2.125% PDF 0.16MB
 
6.125% 900m GBP 2022
GBP 2022 900m at 6.125% PDF 0.06MB
 
5.000% 389m GBP 2023
GBP 2023 350m at 5.00% PDF 0.42MB
GBP 2023 65m at 5.00% PDF 0.68MB
 
2.500% 750m EUR 2024
EUR 2024 750m at 2.500% PDF 0.16MB
 
3.322% 210m GBP 2025
GBP 2025 160m at 3.322% PDF 0.01MB
GBP 2025 50m at 3.322% PDF 0.41MB
 
6.000% 200m GBP 2029
GBP 2029 200m at 6.00% PDF 0.54MB
 
5.500% 200m GBP 2033
GBP 2033 200m at 5.50% PDF 0.20MB
 
1.982% 196m GBP 2036
GBP 2036 175m at 1.982% PDF 1.66MB
GBP 2036 21m at 1.982% PDF 0.04MB
 
6.150% 1.15bn USD 2037
USD 2037 1.15bn at 6.15% PDF 1.06MB
 
4.875% 173m GBP 2042
GBP 2042 300m at 4.875% PDF 0.81MB
 
5.125% 600m EUR 2047
EUR 2047 600m at 5.13% PDF 0.52MB
 
5.200% 279m GBP 2057
GBP 2057 500m at 5.20% PDF 0.48MB

Short Term Funding

Tesco maintains Commercial Paper programmes of £2bn and USD 4bn.

Bank Facilities

Tesco has available committed bank facilities of £5.0bn, of which £2.6bn is in the form of revolving credit facilities maturing 2019.

Property bonds