Debt Investor Relations
This section of the website provides both existing and potential investors with details of Alliance & Leicester's funding and debt issuance programs.
FundingCredit Ratings
Debt Issuance Programmes
Contacts
Funding
Alliance & Leicester Group Treasury is an active participant in money and capital markets with a wide range of financial and institutional counterparties and investors. The sources of funding comprise:
- Money market deposits from Central Banks, Banks, Supranationals, Corporate organisations, Public Sector and Institutional bodies.
- Issues of certificates of deposit and commercial paper.
- Issues of domestic commercial paper in France and the United States.
- Issues of fixed and floating rate notes in the Eurobond market, both stand alone and since 1998 under the Medium Term Note programme.
- Issues of extendible floating rate notes in the United States.
- Issues of residential mortgage backed notes through Fosse Master Issuer plc
- Issues of Covered Bonds
The Group also maintains committed standby facilities from a number of international commercial banks.
The Group continues to diversify its funding and international borrowing presence through its use of the following programmes:
- USD40 billion Euro Medium Term Note (“EMTN”) programme.
- USD 2 billion Euro Commercial Paper (“ECP”) programme.
- USD 4 billion U.S. Domestic Commercial Paper (“USCP”) programme.
- EUR 3 billion French Commercial Paper (“FCP”) programme.
- USD 7.5 billion Extendible Floating Rate Note programme.
- Residential Mortgage Backed Note Programme
- EUR 10 billion Global Covered Bond Programme
Funding Objectives
The Group aims to continue its strategic funding programme using the EMTN facility and to continue to build up its presence in all the international capital markets by issuing regularly in a range of maturities, currencies, products and markets in a consistent manner.
We have a dedicated funding team whose objective it is to manage the cost of funding and to access the widest range of funding markets, investors and products. They have the authority to operate flexibly, thereby also being able to create value for bondholders and depositors and allowing Alliance & Leicester to execute transactions in a responsive and effective manner.
Diversification of our investor base is a key strategy in the Group’s borrowing activities. We communicate our funding strategy and build credibility with institutional investors and intermediaries, in both the bond markets and money markets.
The performance of our public notes, both in the primary and secondary markets is of the utmost importance to us; consequently we closely monitor our existing issues and work with dealers who are willing to support our issues.
Credit Ratings
| Ratings | Moody’s | S&P | Fitch |
| Long Term | Aa3 | AA | AA- |
| Short term | P-1 | A-1+ | F1+ |
| Outlook | Stable | Stable | Ratings watch negative |
To read the reports from the Credit ratings agencies click the appropriate link below:
Standard and Poor's update - 10 October 2008 (30k)
Moody's report - 20 October 2008 (40k)
Fitch IBCA report - 14 October 2008(19k)
Debt Issuance Programmes
| Programme | Size |
Duration |
| Euro Medium Term Note (EMTN) | US $ 40 Billion |
> 1 year |
| Euro Commercial Paper (ECP) | US $ 2 Billion |
1 day - 364 days |
| U.S. Domestic Commercial Paper (DCP) | US $ 4 Billion |
1 day - 365 days |
| French Commercial Paper (FCP) | Euro 3 Billion |
1 day - 365 days |
| London CDs | > 7 days | |
| Residential Mortgage Backed Notes | >1 year | |
| Global Covered Bond Programme | Euro 10 billion | >1 year |
Dealers on the programmes
| EMTN |
|
| Barclays Capital | +44 (0) 207 773 9090 |
| BNP PARIBAS | +44 (0) 207 595 8601 |
| HSBC | +44 (0) 207 991 5859 |
| JP Morgan | +44 (0) 207 779 3469 |
| Morgan Stanley | +44 (0) 207 677 7720 |
| Daiwa Securities SMBC Europe | +44 (0) 207 597 7551 |
| Royal Bank of Scotland | +44 (0) 207 085 6413 |
| UBS Ltd | +44 (0) 207 567 2479 |
| ECP |
|
| Alliance & Leicester plc | +44 (0) 116 282 7680 |
| Barclays Capital | +44 (0) 207 773 9075 |
| Credit Suisse Securities Europe Ltd | +44 (0) 207 888 9968 |
| Deutsche Bank | +44 (0) 207 545 1048 |
| Morgan Stanley | +44 (0) 207 677 4318 |
| UBS Ltd | +44 (0) 207 329 0203 |
| FCP |
|
| Alliance & Leicester plc | +44 (0) 116 282 7860 |
| BNP Paribas | 00 331 416 9734 |
| Calyon | 00 331 4189 5678/56 |
| ING Bank N.V | 00 312 0563 8181 |
| Societe Generale | 00 331 4213 3581 |
| U.S DCP |
|
| Banc of America Securities | 00 704 386 4820 |
| Lehman Brothers | 00 212 526 6845 |
| Merrill Lynch | 00 212 449 4855 |
| Morgan Stanley | 00 212 761 2664 |
We are a direct issuer of London CDs and a dealer on the French CP and ECP programmes and can give dealing information and firm prices via Money Market Sales & Marketing on:
+44 (0) 116 282 7680.
Documentation
Euro Medium Term Note (EMTN)
To download and view EMTN guidelines, please read and indicate acceptance of the following disclaimer:
Disclaimer
The Prospectus is not provided for, or directed at, U.S. persons or persons in the United States. If you are a U.S. person or are viewing this page from the United States, you should exit this section of the website. By clicking the box below, you hereby represent and warrant that you are not located in the United States and are not a U.S. person.
Please note that the information contained in the Prospectus may be addressed to and/or targeted at persons who are residents of particular countries (specified in the Prospectus) only and is not intended for use and should not be relied upon by any person outside these countries and/or to whom the offer contained in the Prospectus is not addressed. Prior to relying on the information contained in the Prospectus, you must ascertain from the Prospectus whether or not you are part of the intended addressees of the information contained therein.
In particular, the Prospectus does not constitute an offer of securities for sale in the United States. The securities described herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended, or under any relevant securities laws of any state of the United States of America and may not be offered or sold to U.S. persons or to persons within the United States of America. If you are a non-U.S. person or are viewing this page from outside the United States, you are required to inform yourself about and to observe all applicable securities and other laws and regulations in the jurisdictions in which you are resident, located and/or organised. Your right to access this service is conditional upon complying with the above requirement.
French Commercial Paper (FCP)
Please note that to view information on FCP you will be directed to an external web site which is not under the control of Alliance & Leicester. Further details
Residential Mortgage Backed Notes
To download and view details on our securitisation programme please view the securitisation section of the Web site.
Global Covered Bond Programme
To download and view details on our Covered Bond programme please view the Covered Bond section of the Web site
Contacts
Group Treasury
Alliance & Leicester
Carlton Park
Narborough
Leicester LE19 0AL
Group Treasurer - Ian Hares
Email: ian.hares@alliance-leicester.co.uk
Tel: +44 (0) 870 907 2299
Moira d'Arcy - Head of Treasury Investor Relations
Email: moira.darcy@alliance-leicester.co.uk
Tel: +44 (0) 116 272 6919
Money Markets - Mike Power
Email: michael.power@alliance-leicester.co.uk Tel: +44 (0) 116 272 6895
Capital Markets - Jeremy Onions
Email: jeremy.onions@alliance-leicester.co.uk
Tel: +44 (0) 116 272 6909
Head of Treasury Documentation - Chris Annis
Email: chris.annis@alliance-leicester.co.uk
Tel: +44 (0) 870 907 2312
Securitisation/Covered Bond - Tom Ranger
Email: Thomas.Ranger@alliance-leicester.co.uk Tel: +44 (0) 116 272 6565