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Borrowings

12 Months Ended

Dec. 31, 2024

Borrowings.

C5 Borrowings

Although initially recognised at fair value (net of transaction costs), borrowings are subsequently accounted for on an amortised cost basis using the effective interest method. Under the effective interest method, the difference between the redemption value of the borrowing and the initial proceeds (net of related issue costs) is amortised through the income statement to the date of maturity or, for hybrid debt, over the expected life of the instrument.

C5.1 Core structural borrowings of shareholder-financed businesses


		31 Dec 2024 $m		31 Dec 2023 $m
Subordinated debt
US$750m 4.875% notes		750		750
£435m 6.125% notes 2031		542		551
US$1,000m 2.95% notes 2033		997		996
Senior debt
£250m 5.875% notes 2029		299		301
US$1,000m 3.125% notes 2030		990		988
US$350m 3.625% notes 2032		347		347
Total core structural borrowings of shareholder-financed businesses		3,925		3,933

The senior debt ranks above subordinated debt in the event of liquidation.

C5.2 Operational borrowings


		31 Dec 2024 $m		31 Dec 2023 $m
Borrowings in respect of short-term fixed income securities programmes (commercial paper)		527		699
Lease liabilities under IFRS 16		257		234
Other borrowings		13		8
Total operational borrowings		797		941