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Heathrow bonds

ISIN number Coupon Coupon payment date Scheduled redemption date Notional/nominal value Sterling amount 
(2) (3) (4) (5) (6) (7) (9) (19)
CH0311427584 0.50% 17-May 17-May-24 CHF400m £277m
CA42246QAB47 (7) 3.25% 21 May / 21 Nov 21-May-25 C$500m £266m
XS2242979719 1.50% 12-Oct 12-Oct-25 €750m £681m
CH0467182413 0.46% 15-Oct 15-Oct-26 CHF210m £161m
XS0471436088 6.75% 03-Dec 03-Dec-26 £700m £700m
XS1202083819 (9) 2.65% 01-Oct 01-Oct-27 NOK1,000m £84m
CA42246QAH17 2.69% 13-Apr 13-Oct-27 C$650m £374m
CA42246QAC20 (7) 3.40% 8-Sep / 8 Mar 08-Mar-28 C$400m £226m
XS0383000832 7.08% 4-Feb / 4 Aug 04-Aug-28 £200m £200m
XS1891780691/ 89178069 (18) 4.15% 11-Apr / 11 Oct 11-Oct-28 A$175m £96m
CH1184694722 1.80% 17-May 17-May-27 CHF165m £136m
XS2243322976 2.75% 13-Oct 13-Oct-29 £450m £450m
XS1448391968 (9) 2.50% 07-Dec 07-Dec-29 NOK1,000m £91m
XS1186176571 1.50% 11-Feb 11-Feb-30 €750m £566m
CA42246QAD03 3.87% 4-Mar / 4 Sep 04-Sep-30 C$400m £238m
XS2328823104 1.13% 08-Apr 08-Oct-30 €500m £427m
CA42246QAF50 3.66% 13-Jan / 13-Jul 13-Jan-31 C$500m £291m
XS0383001053 6.45% 10-Jun / 10-Dec 10-Dec-31 £900m £900m
XS0736965855 (10) 0.00% n/a 26-Jan-32 €50m £42m
XS1008233907 (11) 1.37% 28-May / 28-Nov 28-Mar-32 £75m £107m
XS0758021967 (12) 0.00% n/a 02-Apr-32 €50m £42m
XS1641623381 1.88% 12-Jul 28-Jul-32 €500m £443m
CA42246QAG34 3.73% 13-Apr 13-Apr-33 C$625m £363m
XS2648080229 (21) 4.50% 11-Jul 11-Jul-33 €650m £577m
XS1960589155 1.88% 14-Mar 14-Mar-34 €650m £559m
XS1072249128 4.17% 12-Jun / 12-Dec 12-Jun-34 £50m £50m
XS1078358733 (13) 0.00% n/a 01-Jul-34 €50m £40m
XS1008232925 (11) 1.38% 28-May / 28-Nov 28-Jan-39 £59m £75m
XS1958301183 (19) 0.00% n/a 11-Sep-39 €86m £75m
XS0471438456 (14) 3.33% 9 Jun / 9 Dec 09-Dec-39 £460m £809m
XS2093113483 (20) 0.80% 17 Jun /17 Dec 17-Dec-39 ¥10,000m £71m
XS1088823791 (15) 1.24% 22 Mar / 22 Sep 22-Mar-40 £100m £147m
XS0625276257 5.88% 13-May 13-May-41 £750m £750m
XS2356414370 3.50% 15-Jun 25-Jun-41 A$135m £68m
XS1853428248 2.93% 28-Mar / 28 Sept 28-Sep-43 £55m £55m
XS0987355855 4.63% 31-Oct 31-Oct-46 £750m £750m
XS2517940909 4.70% 09-Aug 09-Aug-49 £60m £60m
XS1008235514 (11) 1.37% 28 May / 28 Nov 28-Jan-49 £75m £113m
XS146324583 2.75% 09-Aug 09-Aug-49 £400m £400m
XS2717255660 6.07% 16-May / 16-Nov 16-Nov-56 £70m £70m
XS2717255827 6.07% 16-May / 16-Nov 16-Nov-57 £70m £70m
XS1825514067 (17) 0.15% 1 Jan / 1 Jul 01-Jul-60 £166m £201m
  Sub-total £12,092m
ISIN number Coupon Coupon payment date Scheduled redemption date Notional/nominal value Sterling amount 
XS0746068732 7.125% 14-Feb 14-Feb-24 £600m £600m
XS1092315339 4.221% 06-Aug 06-Aug-26 £155m £155m
XS2317082787 2.625% 16-Mar 16-Mar-28 £350m £350m
XS2264703369 0.101% 11-Jun / 11-Dec 11-Dec-32 £182m £235m
£75m RPI +0.347%   0.347% 19 Mar / 19 Sep 19-Mar-35 £75m £97m
£75m RPI +0.337%   0.337% 19 Mar / 19 Sep 19-Mar-36 £75m £97m
XS1161083487 (16) 1.061% 19 Mar / 19 Sep 21-Sep-36 £180m £262m
£51m RPI +0.419%   0.419% 19 Mar / 19 Sep 19-Mar-38 £51m £66m
£105m 3.460% (18) 3.460% 19 Mar / 19 Sep 19-Mar-38 £105m £105m
£75m RPI + 0.362%   0.362% 19 Mar / 19 Sep 19-Mar-41 £75m £97m
  Sub-total £2,063m
TOTAL BONDS ISSUED BY HEATHROW FUNDING LIMITED £14,155m
ISIN number Coupon Coupon payment date Scheduled redemption date Notional/nominal value Sterling amount 
XS1904681944 4.750% 1 Mar / 1 Sep 01-Mar-24 £300m  £300m
XS1120937617 5.750% 1 Mar / 1 Sep 03-Mar-25 £250m  £250m
XS1622694617 3.875% 1 Mar / 1 Sep 01-Mar-27 £275m  £275m
XS2081020872 4.125% 1 Mar / 1 Sep 01-Sep-29 £300m £300m
  Sub-total £1,125m
  1.  Debt as at 31 December 2023. The bonds are issued by Heathrow Funding Limited but certain bonds were originally issued by LHR Airports Limited (previous BAA plc) and migrated to Heathrow Funding Limited as part of the Group's refinancing completed in 2008.
  2. If Class A bonds are not redeemed on the Scheduled Redemption Date, they remain outstanding until their legal maturity date which is 2 years later than the Scheduled Redemption Date. During this two year period, the coupon paid would be based on a floating rate plus 4% per annum. For Class B bonds the legal maturity date is the same as the Scheduled Redemption Date. The legal maturity date of the Class A bonds is 2 years after the Scheduled Redemption Date to cater solely for the possibility that Heathrow Airport Limited might default on repayment of its inter-company loan from Heathrow Funding due to be repaid by the relevant Scheduled Redemption Date to provide Heathrow Funding Limited with the funds to repay the related bond. As such, the Group does not have the right to extend the Scheduled Redemption Date.
  3. The nominal value outstanding of certain bonds issued before August 2008 is lower than the original issue size due to certain bondholders either voting against the refinancing proposals or being ineligible to participate in the refinancing completed in August 2008.
  4. The Euro-denominated issues with scheduled redemption dates of 23 May 2022, 12 October 2025, 11 February 2030, 26 January 2032, 2 April 2032, 24 March 2032, 1 July 2034 and 11 September 2039 were converted into sterling at a rate of 0.817, 0.9008, 0.832, 0.8389, 0.885, 0.861, 0.806 and 0.872 respectively.
  5. The US dollar-denominated issue with scheduled redemption date of 15 July 2021 was converted into sterling at a rate of 0.6213.
  6. The CHF-denominated issue with the scheduled redemption date of 17 May 2024 and October 2026 was converted into sterling at a rate of 0.69213 and 0.766.
  7. The CAD dollar-denominated issues with scheduled redemption dates of 3 July 2019, 17 June 2021, 21 May 2025, 8 March 2028, 4 September 2030 and 13 January 2031 were converted into sterling at a rate of 0.547, 0.532, 0.566, 0.596 and 0.728 respectively.
  8. This is an index-linked bond where, in addition to the coupon payable of 1.65%, the change in the retail prices index from the time of issue will be added to the notional/nominal value of the bond. The notional value of this bond was £222m as at 31 December 2020 which includes accretion of £42 million on its effective original issue value of £180 million.
  9. The Norwegian Krone denominated issues with the scheduled redemption date of 1 October 2027 and 7 December 2029 were converted into sterling at a rate of 0.08439 and 0.091158 respectively.
  10. This is a zero coupon bond where a yield of 4.25% per annum from the time of issue will be accrued on the notional/nominal value of the bond.
  11. These are index-linked bonds where, in addition to the coupons payable of 1.366%, 1.382% and 1.372%, the change in the retail prices index from the time of issue will be added to the notional/nominal value of the bond. As at 31 December 2020, the notional values of these bond was £88m, £58m and £88m, which includes accretion of £13m, £8m and £13m on their effective original issues of £75m, £50m and £75m, respectively.
  12. This is a zero coupon bond where a yield of 4.12% per annum from the time of issue will be accrued on the notional/nominal value of the bond.
  13. This is a zero coupon bond where a yield of 3% per annum from the time of issue will be accrued on the notional/nominal value of the bond.
  14. This is an index-linked bond where, in addition to the coupon payable of 3.334%, the change in the retail prices index from the time of issue will be added to the notional/nominal value of the bond. As at 31 December 2020, the notional value of this bond was £629m which includes accretion of £169m on its effective original issue value of £460m.
  15. This is an index-linked bond where, in addition to the coupon payable of 1.238%, the change in the retail prices index from the time of issue will be added to the notional/nominal value of the bond. The notional value of this bond was £115m as at 31 December 2020, which includes accretion £15 million on its effective original issue of £100 million.
  16. This is an index-linked bond where, in addition to the coupon payable of 1.061%, the change in the retail prices index from the time of issue will be added to the notional/nominal value of the bond. The notional value of this bond was £205m as at 31 December  2020, which includes accretion £25 million on its effective original issue of £180 million.
  17. This is an index-linked bond where, in addition to the coupon payable of 0.147%, the change in the retail prices index from the time of issue will be added to the notional/nominal value of the bond. The notional value of this bond was £166m as at 31 December 2020, which includes accretion £6 million on its effective original issue of £160 million.
  18. The AUD-denominated issue with the scheduled redemption date of 11 Oct 2028 was converted into sterling at a rate of 0.54847.
  19. This is a zero coupon bond where a yield of 2.167% per annum from the time of issue will be accrued on the notional/nominal value of the bond.
  20. The YEN-denominated issue with the scheduled redemption date of 17 Dec 2039 was converted into sterling at a rate of 141.4427.
  21. The EUR-denominated issue with the scheduled redemption date of 11 Jul  2033 was converted into sterling at a rate of 0.86

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