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21. 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
2014
Restated
2013 2014
Restated
2013 2014
Restated
2013
£m £m £m £m £m £m
Financial liabilities measured at amortised cost:
Bank loans 4,788 3,017 4,707 3,122 4,647 3,077
Redeemable preference shares –1,086 –1,020 – 1,355
Other liabilities 110 731 110 821 110 753
Bonds: 4,272 14,456 4,620 15,986 4,465 15,698
Euro oating rate note due June 2014 –949 –952 –951
4.15% US dollar 1,250 million bond due June 2014 –795 –828 –810
4.625% sterling 350 million bond due September 2014 –304 –319 –320
4.625% sterling 525 million bond due September 2014 –525 –552 –541
5.125% euro 500 million bond due April 2015 413 422 432 461 435 446
5.0% US dollar 750 million bond due September 2015 –494 –543 –521
3.375% US dollar 500 million bond due November 2015 –329 –349 –331
6.25% euro 1,250 million bond due January 2016 1,032 949 1,020 1,091 943 964
0.9% US dollar 900 million bond due February 2016 –592 –592 –592
US dollar oating rate note due February 2016 –461 –460 –461
2.875% US dollar 600 million bond due March 2016 –395 –416 –394
5.75% US dollar 750 million bond due March 2016 –494 –561 –536
4.75% euro 500 million bond due June 2016 302 422 328 474 441 455
5.625% US dollar 1,300 million bond due February 2017 –856 –995 –937
1.625% US dollar 1,000 million bond due March 2017 –658 –665 –655
6.5% euro 400 million bond due July 2017 330 –351 –347 –
1.25% US dollar 1,000 million bond due September 2017 –658 –654 –655
5.375% sterling 600 million bond due December 2017 548 552 611 646 569 571
1.5% US dollar 1,400 million bond due February 2018 –921 –922 –917
5% euro 750 million bond due June 2018 619 633 716 750 644 658
6.5% euro 700 million bond due June 2018 578 –604 –606 –
4.625% US dollar 500 million bond due July 2018 –329 –376 –387
8.125% sterling 450 million bond due November 2018 450 450 558 598 480 483
4.375% US dollar 500 million bond due March 2021 –329 –371 –327
7.875% US dollar 750 million bond due February 2030 –494 –699 –778
6.25% US dollar 495 million bond due November 2032 –326 –399 –442
6.15% US dollar 1,700 million bond due February 2037 –1,119 –1,313 –1,566
Bonds in designated hedge relationships: 10,951 6,287 11,797 6,969 12,232 7,021
2.15% Japanese yen 3,000 million bond due April 2015 17 21 18 22 18 21
5.375% US dollar 900 million bond due January 2015 –592 –641 –633
US dollar oating rate note due February 2016 420 –420 –420 –
5.625% US dollar 1,300 million bond due February 2017 779 – 874 – 836 –
1.625% US dollar 1,000 million bond due March 2017 599 – 607 – 597 –
1.25% US dollar 1,000 million bond due September 2017 599 –594 –597 –
1.5% US dollar 1,400 million bond due February 2018 839 –827 –837 –
4.625% US dollar 500 million bond due July 2018 300 –332 –343 –
5.45% US dollar 1,250 million bond due June 2019 749 823 859 980 833 957
4.375% US dollar 500 million bond due March 2021 300 –322 –296 –
4.65% euro 1,250 million bond due January 2022 1,032 1,055 1,213 1,270 1,194 1,236
5.375% euro 500 million bond due June 2022 413 422 509 530 536 558
2.5% US dollar 1,000 million bond due September 2022 599 658 551 633 557 643
2.95% US dollar 1,600 million bond due February 2023 959 1,053 903 1,050 939 1,054
5.625% sterling 250 million bond due December 2025 250 250 284 308 313 338
6.6324% euro 50 million bond due December 2028 41 42 93 94 81 77
7.875% US dollar 750 million bond due February 2030 450 –603 –698 –
5.9% sterling 450 million bond due November 2032 450 450 519 560 561 598
6.25% US dollar 495 million bond due November 2032 297 –341 –399 –
6.15% US dollar 1,700 million bond due February 2037 1,019 –1,166 –1,416 –
4.375% US dollar 1,400 million bond due February 2043 839 921 762 881 761 906
Long-term borrowings 20,121 25,577 21,234 27,918 21,454 27,904
Notes to the consolidated nancial statements (continued)
Vodafone Group Plc
Annual Report 2014140