Like most large businesses, BT Group funds its operations through equity and debt as well as from funds generated from its trading activities. Below are details of BT Group's listed debt (debt quoted and traded on stock exchanges) and credit ratings.
Beware of share or debt fraud
Retail investors are advised to be very wary of any suspicious or unsolicited mail or telephone calls in relation to their BT Group plc (BT) shares or debt.
BT Group does not issue debt directly to retail investors, and none of BT Group’s debt is covered by the Financial Services Compensation Scheme. Further, the target market for BT Group’s debt under MiFID II is not retail investors, and any person subsequently offering, selling or recommending BT Group’s debt should therefore not offer, sell or otherwise make available BT Group’s debt to retail investors.
Ratings represent an evaluation of credit quality, conducted by independent financial analysis firms. Credit ratings and research can help investors assess marketplace value and degree of investment risk.
Standard & Poor's (S&P), Moody's and Fitch are leading global credit rating, research and risk analysis operations. Their highest long-term rating is AAA/Aaa and the lowest is C. Moody's uses numerical modifiers (1, 2, 3) in each rating classification while S&P and Fitch use plus and minus signs.
Short-term ratings by these agencies assess the ability of the company to repay short-term debt obligations. A1/P1/F1 ratings (highest short-term rating) by S&P, Moody's and Fitch respectively indicate a superior ability to repay short-term debt obligations; A2/P2/F2 indicates satisfactory ability and A3/P3/F3 indicates adequate ability to meet the short-term financial liabilities.
The same rating from different firms may not mean exactly the same thing. Each firm will use different techniques and subjective assessment in formulating ratings opinions.
The group funding policy is to raise and invest funds centrally to meet anticipated requirements using a combination of capital market bond issuance, commercial paper borrowing, committed borrowing facilities and investments. These are planned so as to mature at different stages in order to meet short, medium and long-term requirements. When market conditions allow, we believe that it’s prudent to pre-fund larger maturities. Our policy is to raise debt in markets/ currencies where there is strong investor demand and we get the best rate, if that is outside of the UK then we will swap the debt immediately into fixed sterling to mitigate currency risk.
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Sterling bonds
* For the hybrid bond issued 20 June 2023, this date represents the non-call date, not maturity date
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Dollar bonds
* For the hybrid bond issued 23 Nov 2021, this date represents the non-call date, not maturity date
Disclaimer - Important
The information contained on the following pages of the website is restricted and is not for release, publication or distribution in or into the United States ("U.S.") or any other jurisdiction where the communication of such information is restricted by law.
None of the information contained in the following pages of the website constitutes an offer of, or an invitation to purchase, any security, nor any investment advice or services. These materials are provided for information purposes only.
The securities referred to on the following pages of the website have not been nor will they be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. There will be no public offering of the securities referred to on the following pages of the website in the United States.
In addition, certain of the securities referred to on the following pages of the website are in bearer form and are subject to U.S. tax law requirements and may not be offered, sold, or delivered within the United States or its possessions or to a United States person, except in certain transactions permitted by United States tax regulations. Terms used in this paragraph have the meanings given to them by the U.S. Internal Revenue Code of 1986, as amended.
The following pages of the website are not addressed to, or intended for use by: (i) U.S. persons, persons located in the United States or residents of the United States or (ii) persons in any other jurisdictions where the communication or receipt of such information is restricted in such a way that provides that such persons cannot receive it. In particular, such persons or persons acting for the benefit of any such persons are not permitted to visit the following pages of the website. None of the information contained on the pages that follow nor any copy thereof may be taken or transmitted in or into, or distributed, whether directly or indirectly, in or into, the United States or any other jurisdiction as described above. Failure to comply with this may result in a violation of U.S. law, including the Securities Act, or the law of another jurisdiction.
To visit the following pages of the website, you must confirm that you have understood the above sentences and agree to comply with the restrictions and that (i) you are not a U.S. person, not located in the United States and not a resident of the United States, (ii) otherwise you are not a person to whom the communication of the information contained on the website is restricted; (iii) you are not acting for the benefit of any such person and (iv) you will not forward or distribute the information on the following pages to any such persons. By selecting “agree” below, you will be deemed to have made this confirmation.
Disclaimer - Important
The information contained on the following pages of the website is restricted and is not for release, publication or distribution in or into the United States ("U.S.") or any other jurisdiction where the communication of such information is restricted by law.
None of the information contained in the following pages of the website constitutes an offer of, or an invitation to purchase, any security, nor any investment advice or services. These materials are provided for information purposes only.
The securities referred to on the following pages of the website have not been nor will they be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. There will be no public offering of the securities referred to on the following pages of the website in the United States.
In addition, certain of the securities referred to on the following pages of the website are in bearer form and are subject to U.S. tax law requirements and may not be offered, sold, or delivered within the United States or its possessions or to a United States person, except in certain transactions permitted by United States tax regulations. Terms used in this paragraph have the meanings given to them by the U.S. Internal Revenue Code of 1986, as amended.
The following pages of the website are not addressed to, or intended for use by: (i) U.S. persons, persons located in the United States or residents of the United States or (ii) persons in any other jurisdictions where the communication or receipt of such information is restricted in such a way that provides that such persons cannot receive it. In particular, such persons or persons acting for the benefit of any such persons are not permitted to visit the following pages of the website. None of the information contained on the pages that follow nor any copy thereof may be taken or transmitted in or into, or distributed, whether directly or indirectly, in or into, the United States or any other jurisdiction as described above. Failure to comply with this may result in a violation of U.S. law, including the Securities Act, or the law of another jurisdiction.
To visit the following pages of the website, you must confirm that you have understood the above sentences and agree to comply with the restrictions and that (i) you are not a U.S. person, not located in the United States and not a resident of the United States, (ii) otherwise you are not a person to whom the communication of the information contained on the website is restricted; (iii) you are not acting for the benefit of any such person and (iv) you will not forward or distribute the information on the following pages to any such persons. By selecting “agree” below, you will be deemed to have made this confirmation.
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Hybrid bond US$500m NC5.25 Trust Deed (pdf - 683 KB) - 23/11/2021
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Hybrid bond US$500m NC5.25 Agency Agreement (pdf - 318 KB) - 23/11/2021
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Hybrid bond US$500 NC10 Trust Deed (pdf - 712 KB) - 23/11/2021
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Hybrid bond US$500 NC10 Agency Agreement (pdf - 320 KB) - 23/11/2021
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Euro bonds
* For hybrid debt, the date represents the non-call date, not maturity date.
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Japanese Yen bonds
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Certain BT bond documentation available for inspection since 2020
Since 2020, in accordance with prospectus disclosure requirements, our BT bond prospectuses have specified that certain documents are available for inspection at https://www.bt.com/about/investors. BT Group plc financial information can be found at https://www.bt.com/about/investors. British Telecommunications plc financial information can be found at https://www.bt.com/about/investors/financial-reporting-and-news/bt-plc-financial-results. The documentation relating to both tranches of our US$ hybrid bond issued in November 2021 can be found under the ‘Dollar bonds’ tab above. The other specified documents are available here.
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BT EMTN Prospectus Supplement – 12 August 2024 (pdf - 125 KB)
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BT EMTN Prospectus Supplement – 9 August 2024 (pdf - 119 KB)
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BT EMTN Prospectus - 7 June 2024 (pdf - 1.28 MB)
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BT EMTN - Fourteenth Supplemental Trust Deed - 7 June 2024 (pdf - 1.81 MB)
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BT EMTN Prospectus Supplement – 21 March 2024 (pdf - 125 KB) - - New
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BT EMTN Prospectus Supplement – 20 November 2023 (pdf - 136 KB) - - New
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BT EMTN Prospectus Supplement - 25 August 2023 (pdf - 129 KB)
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BT EMTN - Amended and Restated Agency Agreement - 9 June 2023 (pdf - 1.35 MB)
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BT EMTN - Thirteenth Supplemental Trust Deed - 9 June 2023 (pdf - 1.40 MB)
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BT EMTN Prospectus - 9 June 2023 (pdf - 1.17 MB)
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BT EMTN Prospectus Supplement - 2 February 2023 (pdf - 125 KB)
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BT EMTN Prospectus Supplement - 13 December 2022 (pdf - 81 KB)
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BT EMTN Prospectus Supplement – 19 August 2022 (pdf - 139 KB)
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BT EMTN - Twelfth Supplemental Trust Deed - 17 June 2022 (pdf - 887 KB)
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BT EMTN Prospectus - 17 June 2022 (pdf - 824 KB)
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EMTN Prospectus – 24 June 2021 (pdf - 775 KB)
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Articles of Association - British Telecommunications plc (pdf - 606 KB)
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Articles of Association of BT Group plc (pdf - 505 KB) - 26/07/2021 - New
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Hybrid Bond Prospectus – 14 February 2020 (pdf - 899 KB)
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Hybrid Bond Trust Deed – 18 February 2020 (pdf - 908 KB)
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Hybrid Bond Supplemental Trust Deed – 23 December 2021 (pdf - 484 KB)
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Hybrid Bond Agency Agreement – 18 February 2020 (pdf - 211 KB)
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EMTN Deed of Guarantee – 27 March 2019 (pdf - 228 KB)
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EMTN Eleventh Supplemental Trust Deed – 16 July 2019 (pdf - 825 KB)
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EMTN Agency Agreement – 15 June 2018 (pdf - 982 KB)
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EMTN Prospectus – 19 August 2020 (pdf - 459 KB)
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Index linked note
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The Trustee and Paying Agent for the US dollar bonds are:
Delaware Trust Company
251 Little Falls Drive
Wilmington, DE 19808-1674Phone:
Toll free: 1-877-374-6010
Local/International: 302-636-5404The contact details for the Trustee and Principal Paying Agent for all other bonds issued by British Telecommunications plc and BT Finance B.V. are:
Trustee
The Law Debenture Trust Corporation plc
Fifth Floor
100 Wood Street
London EC2V 7EXTelephone +44 (0)20 7606 5451
Fax +44 (0)20 7606 0643
www.lawdebenture.comPrincipal Paying Agent
Citibank N.A.
Citigroup Centre
Canada Square
21st Floor - Paying Agency
London E14 5LBTelephone: +44 (0)20 7500 5000
