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Unsecured senior notes

12 Months Ended

Mar. 31, 2015

Unsecured senior notes

Unsecured senior notes

Unsecured senior notes

21.  Unsecured senior notes

In November 2014, the Company issued unsecured senior notes included floating rate and fixed rate notes with varying maturities for an aggregate principal amount of US$8.0 billion. These notes are senior unsecured obligations and interest is payable in arrears, quarterly for the floating rate notes and semiannually for the fixed-rate notes, which are listed on the Hong Kong Stock Exchange. The proceeds from issuance of the unsecured senior notes were used to refinance the US$8.0 billion syndicated loan (Note 20).

The following table provides a summary of the Company's unsecured senior notes as of March 31, 2015:

			Amounts			Effective interest rate
			(in millions of RMB)
	US$300 million floating rate notes due 2017			1,843			0.85	%
	US$1,000 million 1.625% notes due 2017			6,136			1.73	%
	US$2,250 million 2.500% notes due 2019			13,770			2.64	%
	US$1,500 million 3.125% notes due 2021			9,174			3.24	%
	US$2,250 million 3.600% notes due 2024			13,795			3.66	%
	US$700 million 4.500% notes due 2034			4,276			4.59	%
​	​	​	​		​	​	​	​
				48,994
	Unamortized discount			144
​	​	​	​		​	​	​	​
	Total senior unsecured notes			49,138
​	​	​	​		​	​	​	​
​	​	​	​		​	​	​	​

The effective interest rates for the senior unsecured notes include the interest charged on the notes as well as amortization of the debt discounts and debt issuance costs.

The senior unsecured notes contain covenants including, among others, limitation on liens, consolidation, merger and sale of the Company's assets. In addition, the notes rank senior in right of payment to all of the Company's existing and future indebtedness expressly subordinated in right of payment to the notes and rank at least equally in right of payment with all of the Company's existing and future unsecured unsubordinated indebtedness (subject to any priority rights pursuant to applicable law).

As of March 31, 2015, the future principal payments for the Company's senior unsecured notes will be due according to the following schedule:

			Principal amounts
			(in millions of RMB)
	Within 1 year			—
	Between 1 to 2 years			—
	Between 2 to 3 years			7,985
	Between 3 to 4 years			—
	Between 4 to 5 years			13,820
	Thereafter			27,333
​	​	​	​		​
				49,138
​	​	​	​		​
​	​	​	​		​

As of March 31, 2015, the fair value of the Company's senior unsecured notes, based on Level 2 inputs, was US$8,008 million (RMB49,184 million).

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 505



-SubTopic 10



-Section 50



-Paragraph 3



-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644



Reference 2: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 210



-SubTopic 10



-Section S99



-Paragraph 1



-Subparagraph (SX 210.5-02.19,20,22)



-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682



Reference 3: http://www.xbrl.org/2003/role/presentationRef



-Publisher SEC



-Name Regulation S-X (SX)



-Number 210



-Section 02



-Paragraph 19, 20, 22



-Article 5

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