We operate a central treasury function, whose activities are carried out under delegated authority from the Group Board and maintains policies and procedures to monitor, control and report on interest rate, liquidity, credit and other financial risks. The function operates as a cost reduction rather than a profit centre.
We use a variety of financial instruments, including derivatives, to finance our operations and to manage market risks from those operations. Derivative instruments are used by Treasury to swap borrowings and investments from floating to fixed rate and to fix future borrowings.
Our financial policy has been recently restructured on a secured basis, with a tiered covenant regime that provides the necessary flexibility to run the business, whilst providing increased protection to debt holders if gearing rises materially.
The majority of our borrowings are secured against a pool of our assets (the Security Group), a strategy which sets us apart from our immediate peers. Take a look at this structure.
Our debt is made up of a combination of secured notes, secured bank facilities and a non-restricted group facility. We have outlined our debt maturity profile here.
Full details of our outstanding debt along with individual ratings are shown here.
Our credit rating is regularly reviewed by Fitch Ratings and Standard & Poor's, here you will find an overview of our ratings assigned to the debt of Land Securities Capital Markets PLC.
In November 2004, we put in place a new debt structure to improve our operational and financial flexibility which created our Security Group. You can read more about this structure and its tiered covenant regime here.
We maintain a £750m unsecured ECP programme issued out of Land Securities Group PLC, full details of which are shown here.
In July 2009, we issued a non recourse note backed by the rental payments from H.M. Government for our premises at 102 Petty France, London SW1. Full details of this note are shown here.
Our goal is be regarded as the most transparent and responsive company in the property sector. We have listed your key debt investor contacts here.