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106 Vodafone Group Plc Annual Report 2010
Notes to the consolidated nancial statements continued
22. Borrowings continued
The fair value and carrying value of the Group’s long-term borrowings is as follows:
Sterling equivalent
nominal value Fair value Carrying value
2010 2009 2010 2009 2010 2009
£m £m £m £m £m £m
Financial liabilities measured at amortised cost:
Bank loans 4,149 4,993 4,183 5,159 4,183 5,159
Redeemable preference shares 1,174 1,237 1,098 1,453 1,242 1,453
Other liabilities 385 4,314 385 4,186 385 4 ,122
Bonds: 11,455 6,976 11,961 6,559 12,675 8,064
US dollar floating rate note due June 2011 230 245 230 227 230 245
5.5% US dollar 750 million bond due June 2011 494 – 518 – 524 –
Euro floating rate note due January 2012 1,158 1,203 1,157 1,136 1,161 1,218
US dollar floating rate note due February 2012 329 350 329 322 329 350
5.35% US dollar 500 million bond due February 2012 329 – 351 – 352 –
3.625% euro 1,250 million bond due November 2012 1,113 – 1,157 – 1,149 –
6.75% Australian dollar 265 million bond due January 2013 160 – 161 – 167 –
Czech krona floating rate note due June 2013 19 18 19 18 19 18
Euro floating rate note due September 2013 757 786 756 714 758 788
5.0% US dollar 1,000 million bond due December 2013 658 – 704 – 718 –
6.875% euro 1,000 million bond due December 2013 891 – 1,024 – 936 –
Euro floating rate note due June 2014 1,113 1,157 1,099 1,029 1,114 1,158
4.15% US dollar 1,250 million bond due June 2014 823 – 856 – 852 –
5.125% euro 500 million bond due April 2015 445 463 496 470 475 495
3.375% US dollar 500 million bond due November 2015 329 – 327 – 330 –
5% euro 750 million bond due June 2018 668 694 721 699 694 721
7.875% US dollar 750 million bond due February 2030 494 525 589 577 814 876
6.25% US dollar 495 million bond due November 2032 326 346 328 333 453 485
6.15% US dollar 1,700 million bond due February 2037 1,119 1,189 1,139 1,034 1,600 1,710
Bonds in fair value hedge relationships: 9,395 11,823 10,085 11,982 10,147 12,951
5.875% euro 1,250 million bond due June 2010 – 1,157 – 1,195 – 1,258
5.5% US dollar 750 million bond due June 2011 – 525 – 544 – 575
5.35% US dollar 500 million bond due February 2012 – 350 – 357 – 385
3.625% euro 1,000 million bond due November 2012 – 925 – 919 – 967
6.75% Australian dollar 265 million bond due January 2013 –128 – 127 – 140
5.0% US dollar 1,000 million bond due December 2013 – 699 – 713 – 786
6.875% euro 1,000 million bond due December 2013 – 925 – 1,005 – 973
4.625% sterling 350 million bond due September 2014 350 350 367 352 388 381
4.625% sterling 525 million bond due September 2014 525 525 550 526 532 519
2.15% Japanese yen 3,000 million bond due April 2015 21 21 22 22 22 22
5.375% US dollar 900 million bond due January 2015 592 630 636 632 650 711
5.0% US dollar 750 million bond due September 2015 494 525 529 516 543 598
6.25% euro 1,250 million bond due January 2016 1,113 1,157 1,278 1,208 1,168 1,182
5.75% US dollar 750 million bond due March 2016 494 525 536 527 556 614
4.75% euro 500 million bond due June 2016 445 463 477 448 503 512
5.625% US dollar 1,300 million bond due February 2017 856 909 919 904 960 1,070
5.375% sterling 600 million bond due December 2017 600 – 634 – 628 –
4.625% US dollar 500 million bond due July 2018 329 350 328 315 349 392
8.125% sterling 450 million bond due November 2018 450 450 553 535 487 483
5.45% US dollar 1,250 million bond due June 2019 823 – 857 – 849 –
4.65% euro 1,250 million bond January 2022 1,113 –1,129 –1,145 –
5.375% euro 500 million bond June 2022 445 463 481 433 525 534
5.625% sterling 250 million bond due December 2025 250 250 254 234 285 287
6.6324% euro 50 million bond due December 2028 45 46 64 46 54 50
5.9% sterling 450 million bond due November 2032 450 450 471 424 503 512
Long-term borrowings 26,558 29,343 27,712 29,339 28,632 31,749
During the year ended 31 March 2010 fair value hedge relationships relating to bonds with nominal value US$2,750 million (£1,810 million), €4,750 million (£4,125 million)
and AUD 265 million (£161 million) were de-designated.
Fair values are calculated using quoted market prices or discounted cash flows with a discount rate based upon forward interest rates available to the Group at the end of
reporting period date.