Other BT PLC sections
 

Debt investors

Like most large businesses, BT funds its operations through equity and debt as well as from funds generated from its trading activities. Below are details of BT's listed debt (debt quoted and traded on stock exchanges) and credit ratings.

BT's credit rating

 
  Term   Moody's   Standard & Poor's   Fitch
Long Term Baa2 BBB BBB
Short Term P-2 A-2 F-2

More information on credit ratings 

Ratings represent an evaluation of credit quality, conducted by independent financial analysis firms. Credit ratings and research can help investors assess marketplace value and degree of investment risk.

Standard & Poor's (S&P), Moody's and Fitch are leading global credit rating, research and risk analysis operations. Their highest long-term rating is AAA/Aaa and the lowest is C. Moody's uses numerical modifiers (1, 2, 3) in each rating classification while S&P and Fitch use plus and minus signs.

Short-term ratings by these agencies assess the ability of the company to repay short-term debt obligations. A1/P1/F1 ratings (highest short-term rating) by S&P, Moody's and Fitch respectively indicate a superior ability to repay short-term debt obligations; A2/P2/F2 indicates satisfactory ability and A3/P3/F3 indicates adequate ability to meet the short-term financial liabilities.

The same rating from different firms may not mean exactly the same thing. Each firm will use different techniques and subjective assessment in formulating ratings opinions.

Financing strategy

The group funding policy is to raise and invest funds centrally to meet anticipated requirements using a combination of capital market bond issuance, commercial paper borrowing, committed borrowing facilities and investments. These are planned so as to mature at different stages in order to meet short, medium and long-term requirements. When market conditions allow, we believe that it’s prudent to pre-fund larger maturities. Our policy is to raise debt in markets/ currencies where there is strong investor demand and we get the best rate, if that is outside of the UK then we will swap the debt immediately into fixed sterling to mitigate currency risk. 

Summary charts of BT debt

Net debt
Term debt maturity graph  

Bonds issued since 31 Dec 2019 (also listed in the relevant market table below)
 

Bonds

ISIN

Issue date

Outstanding
(GBP / USD
/ EUR, m)

Coupon

Frequency

Maturity*

Listing

BT Bond 2080 €500mn
(EUR)

XS2119468572

18-Feb-20

500

1.874%

A

18-Aug-25

London

 *  For the hybrid bond issued 18 Feb 2020, this date represents the non-call date, not maturity date

Sterling bonds

 

Bonds

ISIN

Issue date

Outstanding
(GBP, m)

Coupon

Frequency

 Maturity

Listing

BT Bond 2020
£300m

XS0052067583

19-Jul-94

300

8.625%

A

26-Mar-20

London

BT Bond 2028
£600m

XS0097283096

28-Apr-99

600

5.75%

A

07-Dec-28

London

BT Bond 2031
£500m (EMTN)

XS1720922415

21-Nov-17

500

3.125%

A

21-Nov-31

London

BT Bond 2033
£330m (EMTN)

XS1833075259

25-Jun-18

330

3.640%

A

25-Jun-33

London

BT Bond 2037
£500m (EMTN)

XS0306772699

23-Jun-07

500

6.375%

A

23-Jun-37

London

BT Bond 2039
£330m (EMTN)

XS1833075846

25-Jun-18

330

3.883%

A

25-Jun-39

London

BT Bond 2042
£340m (EMTN)

XS1833076497

25-Jun-18

340

3.924%

A

25-Jun-42

London

BT Bond 2047
£250m (EMTN)

XS1720923066

21-Nov-17

250

3.625%

A

21-Nov-47

London

Dollar bonds

 

Bonds

ISIN

Issue date

Outstanding
(USD, m)

Coupon

Frequency

Maturity

Listing

BT Bond 2023
$0.675bn

US111021AM38

04-Dec-18

675

4.50%

S/A

04-Dec-23

London

BT Bond 2028
$0.7bn

US111021AL54

04-Dec-18

700

5.13%

S/A

04-Dec-28

London

BT Bond 2029
$1bn

USG15820DY96

08-Nov-19

1000

3.25%

S/A

08-Nov-29

London

BT Bond 2030
$2.8bn

US111021AE12

15-Dec-00

2,670

8.625%
+ 1%

S/A

15-Dec-30

London

BT Bond 2030
$0.5bn

USG15820DX14

08-Nov-19

500

4.25%

S/A

08-Nov-49

London


Bond listing prospectus - November 2019

Disclaimer - Important 

The information contained on the following pages of the website is restricted and is not for release, publication or distribution in or into the United States ("U.S.") or any other jurisdiction where the communication of such information is restricted by law.

None of the information contained in the following pages of the website constitutes an offer of, or an invitation to purchase, any security, nor any investment advice or services. These materials are provided for information purposes only.

The securities referred to on the following pages of the website have not been nor will they be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. There will be no public offering of the securities referred to on the following pages of the website in the United States.

In addition, certain of the securities referred to on the following pages of the website are in bearer form and are subject to U.S. tax law requirements and may not be offered, sold, or delivered within the United States or its possessions or to a United States person, except in certain transactions permitted by United States tax regulations. Terms used in this paragraph have the meanings given to them by the U.S. Internal Revenue Code of 1986, as amended.

The following pages of the website are not addressed to, or intended for use by: (i) U.S. persons, persons located in the United States or residents of the United States or (ii) persons in any other jurisdictions where the communication or receipt of such information is restricted in such a way that provides that such persons cannot receive it. In particular, such persons or persons acting for the benefit of any such persons are not permitted to visit the following pages of the website. None of the information contained on the pages that follow nor any copy thereof may be taken or transmitted in or into, or distributed, whether directly or indirectly, in or into, the United States or any other jurisdiction as described above. Failure to comply with this may result in a violation of U.S. law, including the Securities Act, or the law of another jurisdiction.

To visit the following pages of the website, you must confirm that you have understood the above sentences and agree to comply with the restrictions and that (i) you are not a U.S. person, not located in the United States and not a resident of the United States, (ii) otherwise you are not a person to whom the communication of the information contained on the website is restricted; (iii) you are not acting for the benefit of any such person and (iv) you will not forward or distribute the information on the following pages to any such persons. By selecting “agree” below, you will be deemed to have made this confirmation.

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Euro bonds
 

Bonds

ISIN

Issue date

Outstanding
(EUR, m)

Coupon

Frequency

Maturity

Listing

BT Bond 2021
€1.5bn (EMTN)

XS1377680381

10-Mar-16

1,500

0.63%

A

10-Mar-21

London

BT Bond 2022
€575mn (EMTN)

XS1637332856

23-Jun-17

575

0.50%

A

23-Jun-22

London

BT Bond 2023
€1.1bn (EMTN)

XS1377681272

10-Mar-16

1,100

1.13%

A

10-Mar-23

London

BT Bond 2023
€500mn (EMTN)

XS1886402814

26-Sep-18

500

0.875%

A

26-Sep-23

London

BT Bond 2024
€575mn (EMTN)

XS1637334803

23-Jun-17

575

1.00%

A

23-Jun-24

London

BT Bond 2024
€1.1bn (EMTN)

XS1720922175

21-Nov-17

1,100

1.00%

A

21-Nov-24

London

BT Bond 2025
€650mn (EMTN)

XS2051494222

12-Sep-19

650 0.500% A 12-Sep-25 London

BT Bond 2026
€1.3b (EMTN)

XS1377679961

10-Mar-16

1,300

1.75%

A

10-Mar-26

London

BT Bond 2027
€1.15bn (EMTN)

XS1637333748

23-Jun-17

1,150

1.50%

A

23-Jun-27

London

BT Bond 2028
€500mn (EMTN)

XS1886403200

26-Sep-18

500

2.125%

A

26-Sep-28

London

BT Bond 2029
€750mn (EMTN)

XS2051494495

12-Sep-19

750 1.125% A 12-Sep-29 London
Index linked note

 

Index Linked
Note
 

 

ISIN 

 

Issue date 

 

Outstanding
(GBP, m)

 

Coupon 

 

Frequency 

 

Maturity 

 

Listing 

 

RPI Linked Notes
2025 £250m
(EMTN)

XS0110081782

25-Apr-00

250

3.500%
RPI linked

S/A

25-Apr-25

London

CPI Linked Notes
2033 £330m
(EMTN)

XS1833077545

25-Jun-18

330

1.613%
CPI linked

A

25-Jun-33

London

CPI Linked Notes
2039 £330m
(EMTN)

XS1833078196

 25-Jun-18

330

1.739%
CPI linked

A

25-Jun-39

London

CPI Linked Notes
2042 £340m
(EMTN)

XS1833078600

 25-Jun-18

340

1.774%
CPI linked

A

25-Jun-42

London

Trustee and Paying Agent information

The Trustee and Paying Agent for the US dollar bonds are:

Delaware Trust Company
251 Little Falls Drive
Wilmington, DE 19808-1674

Phone:
Toll free: 1-877-374-6010
Local/International: 302-636-5404

The contact details for the Trustee and Principal Paying Agent for all other bonds issued by British Telecommunications plc and BT Finance B.V. are:

Trustee

The Law Debenture Trust Corporation plc
Fifth Floor
100 Wood Street
London EC2V 7EX

Telephone +44 (0)20 7606 5451
Fax +44 (0)20 7606 0643
www.lawdeb.co.uk

Principal Paying Agent

Citibank N.A.
Citigroup Centre
Canada Square
21st Floor - Paying Agency
London E14 5LB

Telephone: +44 (0)20 7500 5000