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.

Credit rating table

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 November 2022

Liquidity

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; £1.6 billion of medium-term committed facilities; $2.2 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 November 2022.

Medium / long-term liquidity

GSK has a £20 billion Euro Medium Term Note (EMTN) programme and a US shelf registration.

Programme Limit Rating

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.

Bond table

Below is a table of the bonds guaranteed by GSK plc as at 30th November 2022

Issuer Issue currency Issue amount (millions) Issue date Maturity date Programme Coupon ISIN

Capital plc

EUR

750

12/05/2020

12/05/2023

EMTN

0.125%

XS2170609403

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 B.V.

EUR

500

28/11/2022

28/11/2027

EMTN

3.000%

XS2553817680

Capital plc

GBP

308*

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 B.V.

EUR

700

28/11/2022

28/11/2032

EMTN

3.125%

XS2553817763

Capital plc

GBP

650*

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

478*

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

371*

18/12/2012

18/12/2045

EMTN

4.250%

XS0866596975

*Following a tender offer settled on 17th November 2022: £292m of the 2027 notes, £350m of the 2033 notes, £522m of the 2042 notes and £429m of the of the 2045 notes was tendered.

Debt maturity profile

Bond debt maturity profiles (£bn equivalent)

USD and EUR bonds converted to GBP using the spot rates on 30th November 2022 as follows:

 

GBPEUR 1.1595
GBPUSD 1.2011

Total gross bond debt in issue as at 30th November 2022: £18.3bn

 

Contact details

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

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