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 2017, the Group reported gross debt of £507 million (31 March 2016: £583 million) and net debt of £186 million (31 March 2016: £426 million), which excluded restricted funds of £103 million (31 March 2015: £26 million). Restricted funds represent cash held at institutions that provide NEX’s matched principal and exchange traded businesses with clearing and settlement services.

At 31 March 2017, 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 £300 million bank facility and a JPY10 billion loan.

As at 31 March 2017, 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 Chief Financial Officer Tel +44 (0) 20 7050 7413
John Chamberlain Group Head of Treasury Tel +44 (0) 20 7818 9665
Alex Dee Head of Investor Relations Tel +44 (0) 20 7050 7420