GSK plc has solicited credit ratings from S&P and Moody’s:
| S&P | Moody's | |
|---|---|---|
| Short-term rating | A1 | P1 |
| Long-term rating | A+ | A2 |
| Outlook | Negative | Negative |
As at 10 December 2018
GSK’s policy is to borrow centrally in order to meet anticipated funding requirements. The strategy is to diversify liquidity sources using a range of facilities and to maintain broad access to financial markets.
Short-term liquidity
GSK has access to short-term finance under a $10 billion US commercial paper programme; £1.9 billion of medium-term committed facilities; $2.5 billion of 364 day committed facilities as well as the use of cash and cash equivalents and liquid investments.
The committed facilities were undrawn as at 31 December 2018.
Medium / long-term liquidity
GSK has a £20 billion European Medium Term Note (EMTN) programme and a US shelf registration.
| Programme | Limit | Rating (S&P/Moody's) |
|---|---|---|
| US Commercial Paper | $10 billion | A1/P1 |
| Euro Medium Term Note programme | £20 billion | A+ / A2 |
| US Shelf | Unlimited | A+ / A2 |
Issuing entities listed under EMTN programme:
- GlaxoSmithKline plc
- GlaxoSmithKline Capital plc
- GSK Capital K.K.
Issuing entities listed under US shelf programme:
- GlaxoSmithKline plc
- GlaxoSmithKline Capital plc
- GlaxoSmithKline Capital Inc.
Below is a table of the bonds guaranteed by GSK plc as at 31 December 2018
|
Issuer |
Issue currency |
Issue amount (millions) |
Issue date |
Maturity date |
Programme |
Coupon |
ISIN |
|
Capital plc |
EUR |
1,500 |
02/12/2014 |
02/12/2019 |
EMTN |
0.625% |
XS1147600305 |
|
Capital plc |
EUR |
750 |
21/05/2018 |
21/05/2020 |
EMTN |
EURIBOR + 0.200% |
XS1822824642 |
|
Capital plc |
EUR |
1,200 |
12/09/2017 |
12/09/2020 |
EMTN |
0.000% |
XS1681518962 |
|
Capital plc |
USD |
1,250 |
15/05/2018 |
14/05/2021 |
US Shelf |
3.125% |
US377373AE54 |
|
Capital plc |
USD |
750 |
15/05/2018 |
14/05/2021 |
US Shelf |
LIBOR + 0.350% |
US377373AF20 |
|
Capital plc |
USD |
2,000 |
09/05/2012 |
08/05/2022 |
US Shelf |
2.850% |
US377373AD71 |
|
Capital plc |
USD |
1,500 |
25/03/2019 |
01/06/2022 |
US Shelf |
2.875% |
US377373AJ42 |
|
Capital Inc |
USD |
1,250 |
18/03/2013 |
18/03/2023 |
US Shelf |
2.800% |
US377372AH03 |
|
Capital Inc |
USD |
1,250 |
15/05/2018 |
15/05/2023 |
US Shelf |
3.375% |
US377372AL15 |
|
Capital plc |
USD |
1,000 |
25/03/2019 |
01/06/2024 |
US Shelf |
3.000% |
US377373AG03 |
|
Capital plc |
EUR |
1,000 |
02/12/2014 |
02/12/2024 |
EMTN |
1.375% |
XS1147605791 |
|
Capital Inc |
USD |
1,000 |
15/05/2018 |
15/05/2025 |
US Shelf |
3.625% |
US377372AM97 |
|
Capital plc |
EUR |
750 |
16/06/2005 |
16/06/2025 |
EMTN |
4.000% |
XS0222383027 |
|
Capital plc |
EUR |
1,000 |
21/05/2018 |
21/05/2026 |
EMTN |
1.250% |
XS1822828122 |
|
Capital plc |
EUR |
700 |
12/09/2017 |
12/09/2026 |
EMTN |
1.000% |
XS1681519184 |
|
Capital plc |
GBP |
600 |
18/12/2012 |
20/12/2027 |
EMTN |
3.375% |
XS0866588527 |
|
Capital Inc |
USD |
1,750 |
15/05/2018 |
15/05/2028 |
US Shelf |
3.875% |
US377372AN70 |
|
Capital plc |
USD |
1,000 |
25/03/2019 |
01/06/2029 |
US Shelf |
3.375% |
US377373AH85 |
|
Capital plc |
EUR |
500 |
12/09/2017 |
12/09/2029 |
EMTN |
1.375% |
XS1681520356 |
|
Capital plc |
EUR |
750 |
21/05/2018 |
21/05/2030 |
EMTN |
1.750% |
XS1822829799 |
|
Capital plc |
GBP |
1,000 |
19/12/2001 |
19/12/2033 |
EMTN |
5.250% |
XS0140516864 |
|
Capital Inc |
USD |
500 |
06/04/2004 |
15/04/2034 |
US Shelf |
5.375% |
US377372AB33 |
|
Capital Inc |
USD |
2,750 |
13/05/2008 |
15/05/2038 |
US Shelf |
6.375% |
US377372AE71 |
|
Capital plc |
GBP |
700 |
06/03/2008 |
09/03/2039 |
EMTN |
6.375% |
XS0350820931 |
|
Capital plc |
GBP |
1,000 |
10/04/2007 |
10/04/2042 |
EMTN |
5.250% |
XS0294624373 |
|
Capital Inc |
USD |
500 |
18/03/2013 |
18/03/2043 |
US Shelf |
4.200% |
US377372AJ68 |
|
Capital plc |
GBP |
800 |
18/12/2012 |
18/12/2045 |
EMTN |
4.250% |
XS0866596975 |
