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Debt Investors

Treasury management

The Group’s multinational operations expose it to a variety of financial risks that include the effects of changes in foreign currency exchange rates (foreign exchange risk), market prices, interest rates, credit risks and liquidity. The Group’s financing and financial risk management activities are centralised into Group Treasury to achieve benefits of scale and control.

The Group’s policy is to align interest costs and operating profit of its major currencies in order to provide some protection against the translation exposure on foreign currency profits after tax. The Group may undertake borrowings and other hedging methods in the currencies of the countries where most of its assets are located.

The Group’s objectives for managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an efficient capital structure to optimise the cost of capital.

The Group monitors net debt (total borrowings less cash and cash equivalents, short-term available for sale financial assets and financing derivative financial instruments) and at 31 December 2022, the Group had net debt of £7,984m (2021: £8,378m).

Commercial paper

Particulars US commercial paper Euro commercial paper
Issuer Reckitt Benckiser Treasury Services PLC Reckitt Benckiser Treasury Services PLC
Guarantor Reckitt Benckiser Group PLC Reckitt Benckiser Group PLC
Program size USD 8.0 billion EUR 3.0 billion

J.P. Morgan Securities LLC

Bank of America Merrill Lynch

MUFG Securities Americas Inc.

Societe Generale

RBC Capital Markets


Citigroup Global Markets Inc.

BNP Paribas

Mizuho Securities USA Inc.


Merrill Lynch, Pierce, Fenner & Smith Inc.

Issuing and Paying Agent Citibank, N.A. Deutsche Bank

Outstanding bonds

Details of the Group's EMTN Programme can be found here

Issued by: Reckitt Benckiser Treasury Services PLC ("RBTS")

Issuer Issue date Currency Coupon (%) Amount (mn) Maturity Documentation
RBTS Jun-17 USD 2.750 2,000 Jun-24 Standalone
RBTS Jun-17 USD 3.000 2,500 Jun-27 Standalone
RBTS Sep-23 EUR 3.625 650 Sep-28 EMTN
RBTS May-20 GBP 1.750 500 May-32 Standalone
RBTS Sep-23 EUR 3.875 750 Sep-33 EMTN
RBTS Sep-23 GBP 5.625 300 Dec-38 EMTN

Issued by: Reckitt Benckiser Treasury Services (Nederland) BV ("RBTS(N)")

Issuer Issue date Currency Coupon (%) Amount (mn) Maturity Documentation
RBTS(N) May-20 EUR 0.375 850 May-26 Standalone
RBTS(N) May-20 EUR 0.750 850 May-30 Standalone

Issued by: Mead Johnson Nutrition Company ("MJN")

Issuer Issue date Currency Coupon (%) Amount ($mn) Maturity Documentation
MJN Nov-15 USD 4.125 750 Nov-25 Standalone
MJN Jun-10 USD 5.900 300 Nov-39 Standalone
MJN May-14 USD 4.600 500 Jun-44 Standalone

Note: All the above bonds are guaranteed by Reckitt Benckiser Group plc


Credit ratings

Agency Short Term Rating Long Term Rating Long Term Outlook Last Change Date
Moody's  P2 A3 Positive 13 April 2023
S&P A2 A- Stable 17 Dec 2020


Reckitt 103-105 Bath Road Slough, Berkshire, SL1 3UH United Kingdom

Tom Greene - Group Treasurer

+44 (0)1753 217 800

Richard Joyce - Investor Relations

+44 (0) 1753 217 800