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)
Short Term Funding
Tesco maintains Commercial Paper programmes of £2bn and USD 4bn.
Tesco has available committed bank facilities of £5.0bn, of which £2.6bn is in the form of revolving credit facilities maturing 2019.