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.
GSK plc has solicited credit ratings from S&P and Moody’s:
S&P | Moody's | |
---|---|---|
Short-term rating | A-1 | P-1 |
Long-term rating | A | A2 |
Outlook | Stable | Stable |
As at 30th June 2022
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; £5 billion Euro 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 30th June 2022.
Medium / long-term liquidity
GSK has a £20 billion Euro Medium Term Note (EMTN) programme and a US shelf registration.
Programme |
Limit |
Rating (S&P/Moody’s) |
US Commercial Paper Euro Commercial Paper |
$10 billion £5 billion |
A-1 / P-1 A-1 / P-1 |
Euro Medium Term Note programme |
£20 billion |
A / A2 |
US Shelf |
Unlimited |
A / A2 |
Issuing entities listed under EMTN programme:
- GSK plc
- GlaxoSmithKline Capital plc
- GSK Capital K.K.
- GSK Capital B.V.
Issuing entities listed under US shelf programme:
- GSK plc
- GlaxoSmithKline Capital plc
- GlaxoSmithKline Capital Inc.
GSK plc is also a guarantor under Haleon’s £10bn EMTN programme.
Issuing entities listed under Haleon’s EMTN programme:
- GSK Consumer Healthcare Capital UK plc
- GSK Consumer Healthcare Capital NL B.V.
Below is a table of the bonds guaranteed by GSK plc as at 30th June 2022, which will remain guaranteed by GSK plc post-demerger of our Consumer Healthcare Joint Venture:
Issuer |
Issue currency |
Issue amount (millions) |
Issue date |
Maturity date |
Programme |
Coupon |
ISIN |
Capital Inc |
USD |
1,250 |
18/03/2013 |
18/03/2023 |
US Shelf |
2.800% |
US377372AH03 |
Capital plc |
EUR |
750 |
12/05/2020 |
12/05/2023 |
EMTN |
0.125% |
XS2170609403 |
Capital Inc |
USD |
1,250 |
15/05/2018 |
15/05/2023 |
US Shelf |
3.375% |
US377372AL15 |
Finance (No.3) plc |
USD |
280 |
22/06/2020 |
22/06/2023 |
Exchangeable |
0.000% |
US36259RAA05 |
Capital plc |
EUR |
500 |
23/09/2019 |
23/09/2023 |
EMTN |
0.000% |
XS2054626788 |
Capital plc |
USD |
1,250 |
01/10/2020 |
01/10/2023 |
US Shelf |
0.534% |
US377373AL97 |
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 |
GBP |
750 |
12/05/2020 |
12/10/2028 |
EMTN |
1.250% |
XS2170601848 |
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 plc |
GBP |
750 |
12/05/2020 |
12/05/2035 |
EMTN |
1.625% |
XS2170609072 |
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 |
Below is a table of the bonds guaranteed by GSK plc as at 30th June 2022, which will cease to be guaranteed by GSK plc on demerger of our Consumer Healthcare Joint Venture:
Issuer |
Issue currency |
Issue amount (millions) |
Issue date |
Maturity date |
Programme/ Documentation |
Coupon |
ISIN |
CH Capital LLC |
USD | 700 | 24/03/2022 | 24/03/2024 | 144A / RegS | 3.024% | US36264FAA93 |
CH Capital LLC |
USD | 300 | 24/03/2022 | 24/03/2024 | 144A / RegS | SOFR + 0.89% | US36264GAB59 |
CH Capital plc |
USD | 1,750 | 24/03/2022 | 24/03/2025 | 144A / RegS | 3.125% | US36264GAA76 |
CH Capital B.V. |
EUR | 850 | 29/03/2022 | 29/03/2026 | CH EMTN | 1.250% | XS2462324745 |
CH Capital LLC |
USD | 2,000 | 24/03/2022 | 24/03/2027 | 144A / RegS | 3.375% | US36264FAB76 |
CH Capital plc |
GBP | 300 | 29/03/2022 | 29/10/2028 | CH EMTN | 2.875% | XS2462325049 |
CH Capital LLC |
USD | 1,000 | 24/03/2022 | 24/03/2029 | 144A / RegS | 3.375% | US36264FAC59 |
CH Capital B.V. |
EUR | 750 | 29/03/2022 | 29/03/2030 | CH EMTN | 1.750% | XS2462324828 |
CH Capital LLC |
USD | 2,000 | 24/03/2022 | 24/03/2032 | 144A / RegS | 3.625% | US36264FAD33 |
CH Capital B.V. |
EUR | 750 | 29/03/2022 | 29/03/2034 | CH EMTN | 2.125% | XS2462325122 |
CH Capital plc |
GBP | 400 | 29/03/2022 | 29/03/2038 | CH EMTN | 3.375% | XS2462446696 |
CH Capital LLC |
USD | 1,000 | 24/03/2022 | 24/03/2052 | 144A / RegS | 4.000% | US36264FAE16 |
Bond debt maturity profiles (£bn equivalent)
USD and EUR bonds converted to GBP using the spot rates on 30th June 2022 as follows:


GBPEUR 1.1643
GBPUSD 1.2109
Total gross bond debt in issue remaining with GSK post demerger of our Consumer Healthcare Joint Venture as at 30th June 2022: £21.1bn
Total gross bond debt in issue which will cease to be guaranteed by GSK plc on demerger of our Consumer Healthcare Joint Venture as at 30th June 2022: £9.9bn
Timothy Woodthorpe
Senior Vice President and Group Treasurer
Email: cf.treasury@gsk.com
GSK Investor Relations
Email: GSK.Investor-Relations@gsk.com
Tel: +44 (0)20 8047 5000