Debt investors

GSK’s treasury department monitors and manages the Group’s external and internal funding requirements and financial risks in support of our strategic objectives.

GSK operates on a global basis, primarily through subsidiary companies, and we manage our capital to ensure that our subsidiaries are able to operate as going concerns and to optimise returns to shareholders through an appropriate balance of debt and equity.
  

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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 30 September 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 30 September 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 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

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

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

Bond debt maturity profile (£bn equivalent)

USD and EUR bonds converted to GBP using the closing spot rates on 30 September as follows:

GBPEUR 1.12

GBPUSD 1.30

Total gross bond debt in issue as at 30 September: £21.3bn

Sarah-Jane Hall
Senior Vice President and Group Treasurer
cf.treasury@gsk.com

GSK Investor Relations
GSK.Investor-Relations@gsk.com
+44 (0)20 8047 5000

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