Monthly Archives: September 2020

The total Debt of Astra Zeneca

Astra Zeneca is the UK’s largest company. The pharma giant.

It carries debt as a part of its funding strategy.

Currency Notional (m) Issue date Maturity date Coupon Frequency ISIN
USD 1,600 16-Nov-15 16-Nov-20 2.375% Semi-annual US046353AK44
EUR 500 12-May-16 12-May-21 0.25% Annual XS1411403709
EUR 750 24-Nov-14 24-Nov-21 0.875% Annual XS1143486865
USD 250 12-Jun-17 10-Jun-22 3m Libor + 0.62% Quarterly US046353ap31
USD 1,000 12-Jun-17 12-Jun-22 2.375% Semi-annual US046353AQ14
USD 850 17-Aug-18 17-Aug-23 3.50% Semi-annual US046353AR96
USD 400 17-Aug-18 17-Aug-23 3m Libor + 0.665% Quarterly US046353AS79
USD 287 15-Nov-93 15-Nov-23 7.00% Semi-annual US98934KAB61
EUR 900 12-May-16 12-May-24 0.75% Annual XS1411404855
USD 2,000 16-Nov-15 16-Nov-25 3.375% Semi-annual US046353AL27
USD 1,200 06-Aug-20 08-Apr-26 0.70% Semi-annual US046353AV09
USD 750 12-Jun-17 12-Jun-27 3.125% Semi-annual US046353AN82
EUR 800 12-May-16 12-May-28 1.25% Annual XS1411404426
USD 1,000 17-Aug-18 17-Jan-29 4.00% Semi-annual US046353AT52
USD 1,300 06-Aug-20 06-Aug-30 1.375% Semi-annual US046353AW81
GBP 350 13-Nov-07 13-Nov-31 5.75% Annual XS0330497149
USD 2,750 12-Sep-07 15-Sep-37 6.45% Semi-annual US046353AD01
USD 1,000 18-Sep-12 18-Sep-42 4.00% Semi-annual US046353AG32
USD 1,000 16-Nov-15 16-Nov-45 4.375% Semi-annual US046353AM00
USD 750 17-Aug-18 17-Aug-48 4.375% Semi-annual US046353AU26
USD 500 06-Aug-20 06-Aug-50 2.125% Semi-annual US046353AX64

That is:-


That is in UK £ = 16,019m

HM Government Borrowings: August 2020

Another month, guess what, take a lucky guess, it is the same old story, HM Government, spends more money than it receives via taxes and duties.
Now we are in a Covid 19 world. UK’s HM Government needs to fund many new demands.

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In August 2020 , the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is The PSNCR: The Public Sector Net Cash Requirement. There were “only” 14 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

26-Aug-2020 0 3/8% Treasury Gilt 2030 2,750.0000 Million
25-Aug-2020 0 1/8% Treasury Gilt 2026 3,000.0000 Million
25-Aug-2020 1 5/8% Treasury Gilt 2054 1,342.3750 Million
20-Aug-2020 0 1/8% Index-linked Treasury Gilt 2028 3 months 1,374.9990 Million
19-Aug-2020 0 7/8% Treasury Gilt 2029 3,437.5000 Million
18-Aug-2020 0 1/8% Treasury Gilt 2023 4,062.4970 Million
18-Aug-2020 0 5/8% Treasury Gilt 2050 2,477.2500 Million
12-Aug-2020 0 1/8% Treasury Gilt 2028 3,437.4990 Million
11-Aug-2020 0 5/8% Treasury Gilt 2025 3,250.0000 Million
11-Aug-2020 1¾% Treasury Gilt 2057 1,250.0000 Million
05-Aug-2020 0 1/8% Index-linked Treasury Gilt 2048 3 months 562.2500 Million
05-Aug-2020 0 3/8% Treasury Gilt 2030 2,750.0000 Million
04-Aug-2020 0 1/8% Treasury Gilt 2026 4,062.4990 Million
04-Aug-2020 1¼ % Treasury Gilt 2041 2,812.4990 Million


2,750.0000 Million+3,000.0000 Million+1,342.3750 Million+1,374.9990 Million+3,437.5000 Million+4,062.4970 Million+2,477.2500 Million+3,437.4990 Million+3,250.0000 Million+1,250.0000 Million+562.2500 Million+2,750.0000 Million+4,062.4990 Million+2,812.4990 Million = £36569.368 Million

That is £36.569368 Billion

On another way of looking at it, is in the 31 days in August 2020, HM Government borrowed:- £1.179657032 Billion each day for the 31 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond mature from 2023 through to 2057. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together….”

Royal Dutch Shell September Dividend.

Today, Royal Dutch Shell pays out its quarterly dividend.

it is 12.09p a share.

Shell PLC is a dual listed company


Royal Dutch Shell plc’s capital as at 31 August 2020, consists of 4,101,239,499 A shares and 3,706,183,836 B shares, each with equal voting rights. Royal Dutch Shell plc holds no ordinary shares in Treasury.


4,101,239,499 A shares x 12.09p = £495,839,855.4291
3,706,183,836 B shares x 12.09p = £448,077,625.7724

[£495,839,855.4291]+[£448,077,625.7724]= £943,917,481.2015

That is £943million of cash

Norway’s wealth fund loses £16bn in first half of 2020 after Covid panic

Norway’s sovereign wealth fund – the world’s largest – made a £16bn loss in the first half of the year and warned that financial markets could face further volatility as the Covid pandemic was still out of control.

The £895bn fund said it suffered a 3.4% drop in returns in the first six months of 2020, equivalent to a 188bn kroner (£16bn) decline, when its investments were hit by the early-March market sell-off sparked by panic about the coronavirus outbreak.

While investor confidence had been restored by “massive” state support packages, the fund’s deputy chief executive, Trond Grande, said financial markets were not reflecting the real economic impact of the virus, which he said was not under control “in any shape or form”.

He said: “We have already seen some sort of V-shaped recovery in the financial markets. I think there is a slight disconnect between the real economy and the financial markets.”

He also warned that there could be further market volatility, particularly if there was a surge in coronavirus cases later this year.

“We could be in for some turbulence this fall as things unfold and whether or not the coronavirus pandemic recedes, or gains some force,” Grande said, and the full impact on sectors such as travel and leisure was yet to be seen.

The fund’s deputy also noted that state support for national economies may not be sustainable long-term.

A further drop in share prices would cause further pain for the sovereign wealth fund, which was founded in 1996 and invests the country’s oil revenues abroad to shield its economy from market turmoil. The fund owns nearly 1.5% of all globally listed shares, with stakes in over 9,000 companies.

The Norwegian fund’s shareholdings in oil and gas companies suffered the biggest declines in the first six months of 2020. The stocks lost 33.1% of their value as oil prices plunged amid coronavirus travel restrictions, which dramatically reduced demand.

Its bank investments also performed poorly, with financial stocks declining nearly 21% over in first six months of the year. Lender profits were hit by lower interest rates and provisions for future defaults on loans, as a number of countries plunged into economic recessions due to Covid-19. Norway’s returns were also impacted by a drop in shareholder payouts, after regulators pressure banks to either scrap or reduce dividends at the start of the year.

The worst performers in its portfolio included Royal Dutch Shell, HSBC and JP Morgan.

Amazon was one of the strongest performers, alongside Microsoft and Apple. Overall, the tech sector delivered a 14.2% return for the fund thanks to strong demand for online services around remote working, education, shopping and entertainment during the pandemic.

The UK – which accounts for the fund’s largest equity holdings at 6.9% – was the worst regional performers, after the fund’s share of London-listed stocks losing 24.3% of their value over the period.

It comes after the UK reported a 20.4% drop in gross domestic product in the second quarter, which was the worst of any G7 nation in the three months to June. It also marked the deepest recession since records began.