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 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.
  • The Company also has access to Term Loans provided by the Group’s relationship banks. At 31 March 2022, $4bn of loans were outstanding in respect of funding the acquisition of Alexion Pharmaceutical, Inc..
  • The Company has $4.9bn of revolving committed credit facilities provided by 13 relationship banks. These facilities were undrawn as at 31 March 2022 and will mature in April 2025.
  • 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 31 March 2022

US Commercial Paper



USD 15bn

A-2 / P-2


Euro-Commercial Paper

12 May 2020


EUR 10bn

Issuer rating


Euro Medium Term Note Programme



USD 10bn

A3 / A-

USD 3.3bn

SEC Shelf Registration Statement

May 2021

May 2024


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 31 March 2021 was $5.8bn

1  Notional bond values. FX converted at 31 March 2022 spot rates (USD/EUR 0.895; USD/GBP 0.761). Current portion of leases of $225m are included in 2022, whilst non-current Leases of $724m have been excluded from the chart.

Outstanding bonds

Below is a summary of the bonds issued or guaranteed by AstraZeneca PLC as at 31 March 2022, sorted by maturity date.

Currency Notional (m) Issue date Maturity date Coupon Frequency ISIN
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:

Short-term rating P-2 A-2
Long-term rating A3 A-
Outlook Negative Stable

Key contacts at the respective agencies are:


Analyst: Frederic Duranson

Phone: +44-20-7772-1950


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

Press Releases

FMSB Statement of Commitment

Contact Us

Christer Gruvris

Director of Investor Relations

Jonathan Slade

Group Treasurer

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