31 March
2005
£m		  
 
 		  
 
Note (page 29)		  
2005
£m		  
2004
£m
  Secured on the assets of the Group      
396 Class A4 4.821% Bonds 2036 1.1, 2 396  
  6.5055% Secured Notes 2038 1.2, 3   97
59 5.920% Secured Notes 2035 1.3 62 58
215 Class C2 5.098% Bonds 2035 1.1, 2 217  
365 Class B 4.999% Bonds 2033 1.1, 2 365  
174 Class A3 4.851% Bonds 2033 1.1, 2 174  
224 Class A1 Floating Rate Bonds 2032 1.1, 2 224  
314 Class A2 4.949% Bonds 2031 1.1, 2 311  
149 Class D Floating Rate Bonds 2025 1.1, 2 148  
20 7.743% Secured Notes 2025 1.4 20 20
234 Class C1 Floating Rate Bonds 2022 1.1, 2 234  
  5.66% 135 Bishopsgate Securitisation 2018 1.5, 3   2
  8.49% 135 Bishopsgate Securitisation 2018 1.5, 3   7
247 8.875% First Mortgage Debenture Bonds 2035   247 247
197 9.375% First Mortgage Debenture Stock 2028   197 197
13 10.5% First Mortgage Debenture Stock 2019/24   13 13
20 11.375% First Mortgage Debenture Stock 2019/24   20 20
206 6.75% First Mortgage Debenture Bonds 2020 1.6 206 206
103 6.75% First Mortgage Debenture Bonds 2011 1.6 103 103
45 Bank loan 1.7 44 45
  Loan notes   12  
2,981     2,993 1,015
  Unsecured      
572 Class A1 5.260% Unsecured Notes 2035 1.3 584 568
99 Class B 5.793% Unsecured Notes 2035 1.3 98 99
84 Class C Fixed Rate Unsecured Notes 2035 1.3 86 83
  Class C2 6.4515% Unsecured Notes 2032 1.2, 3   74
  Class B 6.0875% Unsecured Notes 2031 1.2, 3   220
  Class A3 5.7125% Unsecured Notes 2031 1.2, 3   147
  Class A2 5.67% Unsecured Notes 2029 1.2, 3   281
212 Class A2 (C) 6.457% Unsecured Notes 2025 1.4 212 212
206 Class B2 6.998% Unsecured Notes 2025 1.4 206 206
21 Class B3 7.243% Unsecured Notes 2025 1.4 21 21
  Class A1 Fixed Rate Unsecured Notes 2024 1.2, 3   321
  5.66% 135 Bishopsgate Securitisation 2018 1.5, 3   22
  8.49% 135 Bishopsgate Securitisation 2018 1.5, 3   87
80 Class A1 6.389% Unsecured Notes 2016 1.4 78 82
80 Class B1 7.017% Unsecured Notes 2016 1.4 76 83
  Class C16.7446% Unsecured Notes 2014 1.2, 3   140
40 Class A2 5.555% Unsecured Notes 2013 1.3 37 42
1,394     1,398 2,688
81 6.30% Senior US Dollar Notes 2015 4 87 85
2 10.25% Bonds 2012   2 2
85 7.35% Senior US Dollar Notes 2007 4 90 88
1,619 Bank loans and overdrafts   2,369 1,156
3,181     3,946 4,019
6,162 Gross debt 5 6,939 5,034
60 Interest rate derivatives (liabilities)   92 49
(10) Interest rate derivatives (assets)   (17) (9)
6,212     7,014 5,074
(151) Cash and short-term deposits 6 (144) (128)
6,061 Net debt   6,870 4,946
  1. These borrowings are obligations of ring-fenced, special purpose companies, with no recourse to other companies or assets in the Group.
31 March
2005
£m		    
2005
£m		  
2004
£m
2,071 1.1 Broadgate Financing PLC 2,069  
  1.2 Broadgate (Funding) PLC   1,280
854 1.3 MSC (Funding) PLC 867 850
619 1.4 BLSSP (Funding) PLC 613 624
  1.5 135 Bishopsgate Financing Ltd   118
309 1.6 BL Universal PLC 309 309
45 1.7 BLU Nybil Ltd 44 45
  1. A total of £2,080 million Bonds were issued by Broadgate Financing PLC on 2 March 2005.
  2. All the outstanding Notes of Broadgate (Funding) PLC and external loans of 135 Bishopsgate Financing Ltd were redeemed on 2 March 2005.
  3. Principal and interest on these borrowings were fully hedged into Sterling at the time of issue.
  4. The principal amount of gross debt at 30 September 2005 was £6,957 million (31 March 2005: £6,209 million; 30 September 2004: £5,096 million). Included in this, the principal amount of secured borrowings and other borrowings of non-recourse companies was £4,391 million (31 March 2005: £4,393 million; 30 September 2004: £3,742 million).
  5. Cash and deposits not subject to a security interest amount to £38 million (31 March 2005: £54 million; 30 September 2004: £42 million).

Maturity analysis of net debt

31 March
2005
£m		  
 
 		  
2005
£m		  
2004
£m
408 Repayable: within one year and on demand 282 153
259 between:    one and two years 332 382
1,328 two and five years 2,147 1,023
533 five and ten years 564 539
795 ten and fifteen years 806 546
580 fifteen and twenty years 597 753
948 twenty and twenty five years 976 752
1,001 twenty five and thirty years 1,235 579
310 thirty and thirty five years   307
5,754   6,657 4,881
6,162 Gross debt 6,939 5,034
50 Interest rate derivatives 75 40
(151) Cash and short-term deposits (144) (128)
6,061 Net debt 6,870 4,946

Maturity of committed undrawn borrowing facilities

31 March
2005
£m		  
 
 		  
2005
£m		  
2004
£m
114 Expiring:     within one year 472 32
95 between:    one and two years 20 21
10 two and three years 110 25
442 three and four years 190 286
132 four and five years 279 672
25 over five years    
818 Total 1,071 1,036

Interest rate profile – including effect of derivatives

31 March
2005
£m		  
 
 		  
2005
£m		  
2004
£m
5,360 Fixed rate 5,938 4,054
100 Capped rate 100 100
601 Variable rate (net of cash) 832 792
6,061 Net debt 6,870 4,946

Comparison of market values and book values at 30 September 2005

 
 
 		 Market
value
£m		 Book
value
£m		  
Difference
£m
Securitisations 3,689 3,549 140
Debentures and unsecured bonds 1,248 965 283
Bank debt and other floating rate debt 2,425 2,425  
Cash and short-term deposits (144) (144)  
  7,218 6,795 423
Other financial (assets) liabilities      
- interest rate derivative assets (17) (17)  
- interest rate derivative liabilities 92 92  
  75 75  
Total 7,293 6,870 423

The differences are shown before any tax relief.