Debt holder information

The Group’s policy is to ensure that it has constant access, even in periods of market turmoil, to an appropriate level of cash, other forms of marketable securities and committed credit lines to enable it to finance its ongoing operations, proposed acquisitions and other reasonable unanticipated events on cost effective and attractive terms.

At 31 March 2016, the Group reported gross debt of £664 million (31 March 2015: £549 million) and net debt of £148 million (31 March 2015: £68 million), which excluded restricted funds of £59 million (31 March 2015: £43 million). Restricted funds represent cash held at institutions that provide ICAP’s matched principal and exchange traded businesses with clearing and settlement services.

At 31 March 2016, the Group’s core debt facilities comprised €365 million and £125 million of bonds issued under the £1 billion Global Medium Term Note (GMTN) programme, a £425 million bank facility and a JPY10 billion loan.

As at 31 March 2016, no commercial paper was in issuance under the Group's £500 million European Commercial Paper (ECP) programme.

The Group is currently rated investment grade by Fitch and Moody’s. The Board views the retention of investment grade ratings as an important component of both its business model, where matched principal trades involve Group subsidiaries as trade counterparty, and also its ability to raise capital on attractive terms and has, therefore, developed its risk appetite to be consistent with this objective.

Contacts:

Stuart Bridges Group Finance Director Tel +44 (0) 20 7050 7121
John Chamberlain Group Head of Treasury Tel +44 (0) 20 7000 5758
Alex Dee Head of Investor Relations Tel +44 (0) 20 7050 7123