Debt Investors
M&S Group’s funding strategy is to ensure a mix of funding sources offering flexibility and cost effectiveness to match the requirements of the Group. Operating subsidiaries are financed by a combination of retained profits, bank borrowings, medium term notes, leases and committed bank facilities.
The objective is to ensure that the Group has appropriate funds to manage its financial obligations and to achieve its business objectives. In addition it is to ensure that the Group has a reasonable level of funding diversity in terms of investors and maturity.
The Group has a committed syndicated bank revolving credit facility of £1.1bn set to mature on 15 April 2023.
This facility contains only one financial covenant being the ratio of earnings before interest, tax, depreciation and amortisation to consolidated net interest plus IFRS16 depreciation. The Group also has a number of uncommitted facilities available to it.
Treasury policy and financial risk management
Liquidity/funding risk
Interest rate risk
Foreign currency risk
Counterparty risk
The Group has very low retail credit risk due to transactions being principally of a high volume, low value and short maturity. The Group does not have any material exposures to concentrations of credit risk with any one counterparty.
Credit rating
Standard & Poor | Moody’s | |
Long Term Rating | BB+ | Ba1 |
Outlook | Negative creditwatch | Negative |
Lead Analyst | Raam Ratnam | David Beadle |
+44 207 176 7462 | +44 20 7772 5390 |
Marks and Spencer has issued Medium Term Notes (MTN) as follows:
Maturity Date | Issued Amount | Coupon | Interest Paid | Interest Payment Date | Minimum Denominations |
---|---|---|---|---|---|
20211 | £164m | 6.125% | Annually | 6th December | £100,000 and increments of £1,000 |
20231 | £300m | 3.000% | Annually | 8th December | £100,000 and increments of £1,000 |
20251 | £400m | 4.750% | Annually | 12th June | £100,000 and increments of £1,000 |
20261 | £300m | 3.750% | Annually | 19th May | £100,000 and increments of £1,000 |
20271 | £250m | 3.250% | Annually | 10th July | £100,000 and increments of £1,000 |
20372 | US$300m | 7.125% | Semi-annually | 1st June / 1st December | $100,000 and increments of $1,000 |
1 These notes are issued under Marks and Spencer plc’s £3bn European Medium Term Note Programme and all pay interest annually.
Current Offering Circular
- Download Offering Circular Dated 06 November 2020 (PDF)
Historic Offering Circulars
- Download Offering Circular Dated 11 December 2019 (PDF)
- Download Offering Circular Dated 14 November 2018 (PDF)
- Download Offering Circular Dated 14 November 2016 (PDF)
- Download Offering Circular Dated 9 November 2012 (PDF)
- Download Offering Circular Dated 11 November 2011 (PDF)
- Download Offering Circular Dated 11 November 2009 (PDF)
Issuer Financial Statements
- Download Marks and Spencer plc Financial Statements 2020 (PDF)
- Download Marks and Spencer plc Financial Statements 2019 (PDF)
- Download Marks and Spencer plc Financial Statements 2018 (PDF)
Trust Deed
- Third Supplemental Trust Deed 2012 including the amended and restated Trust Deed (PDF)
- Fourth Supplemental Trust Deed 2013 (PDF)
- Fifth Supplemental Trust Deed 2016 (PDF)
Agency Agreement
- Download M&S Agency Agreement (PDF)