Funding

The Group finances its operations by a combination of retained profits, long and medium term debt capital market issues, commercial paper, bank borrowings and leases, with the objective of ensuring continuity of funding. Our policy is to smooth the debt maturity profile, to arrange funding ahead of requirements and to maintain sufficient undrawn committed bank facilities so that maturing debt may be refinanced as it falls due.

Medium to Long Term Funding
The Group's principal medium to long term funding is through our GBP 15Bn Euro Note Programme.

This information is correct as at 03rd February 2010

Medium Term Notes (MTNs) Offering Circular (PDF 282KB).

Short Term Funding

Tesco maintains a Commercial Paper programme of £2bn Sterling and $4bn U.S. dollars.

Bank Facilities

Tesco currently has bank facilities of £2.6 billion, of which £1.6 billion (arranged July 2005) is committed to July 2014 and £1.00 billion (arranged October 2008) is committed to October 2011.