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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 December 2023, $2bn of loans were outstanding in respect of funding the acquisition of Alexion Pharmaceutical, Inc..
  • The Company has $6.9bn of revolving committed credit facilities provided by 13 relationship banks. These facilities were undrawn as at 31 December 2023.  $2bn will mature in February 2025 and $4.9bn in April 2029.
  • 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 December 2023

US Commercial Paper



USD 15bn

A-1 / P-1


Euro-Commercial Paper

12 May 2020


EUR 10bn

Issuer rating


Euro Medium Term Note Programme

June 2023

June 2024

USD 10bn

A2 / A

USD 4.9bn

SEC Shelf Registration Statement

May 2021

May 2024


A2 / A

USD 20.1bn

Debt maturity profile

AstraZeneca chooses to hold a significant cash balance to meet operational funding needs. Gross cash and investments position as at 31 December 2023 was $6bn

1  Notional bond values. FX converted at 31 December 2023 spot rates (USD/EUR 0.903; USD/GBP 0.784). Current portion of leases of $271m are included in 2024, whilst non-current Leases of $857m have been excluded from the chart.

Outstanding bonds

Below is a summary of the bonds issued or guaranteed by AstraZeneca PLC as at 27 February 2024, sorted by maturity date.

Issuer Currency Notional (m) Issue date Maturity date Coupon Frequency ISIN Note


EUR 900 12-May-16 12-May-24 0.75% Annual XS1411404855 1

AZ Finance LLC

USD 1,600 28-May-21 28-May-24 0.70% Semi-annual US04636NAC74  


USD 2,000 16-Nov-15 16-Nov-25 3.375% Semi-annual US046353AL27  


USD 1,200 06-Aug-20 08-Apr-26 0.70% Semi-annual US046353AV09  

AZ Finance LLC

USD 1,250 28-May-21 28-May-26 1.20% Semi-annual US04636NAA19  

AZ Finance LLC

USD 1,250 26-Feb-24 26-Feb-27 4.80% Semi-annual US04636NAK90  


EUR 750 03-Mar-23 03-Mar-27 3.625% Annual XS2593105393 2


USD 750 12-Jun-17 12-Jun-27 3.125% Semi-annual US046353AN82  

AZ Finance LLC

USD 1,100 03-Mar-23 03-Mar-28 4.875% Semi-annual US04636NAF06  


EUR 800 12-May-16 12-May-28 1.25% Annual XS1411404426 3

AZ Finance LLC

USD 1,250 28-May-21 28-May-28 1.75% Semi-annual US04636NAE31  


USD 1,000 17-Aug-18 17-Jan-29 4.00% Semi-annual US046353AT52  

AZ Finance LLC

USD 1,250 26-Feb-24 26-Feb-29 4.85% Semi-annual US04636NAL73  


EUR 800 03-Jun-21 03-Jun-29 0.375% Annual XS2347663507 4

AZ Finance LLC

USD 650 03-Mar-23 03-Mar-30 4.90% Semi-annual US04636NAG88  


USD 1,300 06-Aug-20 06-Aug-30 1.375% Semi-annual US046353AW81  

AZ Finance LLC

USD 1,000 26-Feb-24 26-Feb-31 4.90% Semi-annual US04636NAM56  

AZ Finance LLC

USD 750 28-May-21 28-May-31 2.25% Semi-annual US04636NAB91  


GBP 350 13-Nov-07 13-Nov-31 5.75% Annual XS0330497149 4


EUR 750 03-Mar-23 03-Mar-32 3.75% Annual XS2593105476 5

AZ Finance LLC

USD 500 03-Mar-23 03-Mar-33 4.875% Semi-annual US04636NAH61  

AZ Finance LLC

USD 1,500 26-Feb-24 26-Feb-34 5.00% Semi-annual US04636NAN30  


USD 2,750 12-Sep-07 15-Sep-37 6.45% Semi-annual US046353AD01  


USD 1,000 18-Sep-12 18-Sep-42 4.00% 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 06-Aug-20 06-Aug-50 2.125% Semi-annual US046353AX64  


USD 750 25-May-21 28-May-51 3.00% Semi-annual US046353AZ13  


1 Swapped to approximately USD 1,026m at approximately 2.67%, semi-annual payments

2 Swapped to approximately USD 791m at approximately 4.91%, semi-annual payments

3 Swapped to approximately USD 912m at approximately 3.06%, semi-annual payments

4 In a net investment hedge relationship. For more details, please refer to note 28 of our Annual Report and Form 20-F Information 2023.

5 Swapped to approximately USD 791m at approximately 4.83%, semi-annual payments

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-1 A-1
Long-term rating A2 A
Outlook Stable Stable

Key contacts at the respective agencies are:


Analyst: Martin Hallmark

Phone: +44 20 7772 1953


Analyst: Paulina Grabowiec

Phone: +44 20 7176 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 predominately cash collateralised

Debt IR presentations

Press Releases

FMSB Statement of Commitment

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Christer Gruvris

Director of Investor Relations

Jonathan Slade

Group Treasurer

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