18. Financial liabilities – borrowings

The Group’s current and non-current borrowings are as follows:


All figures in £ millions	2017		2016
Non-current
6.25% Global dollar bonds 2018 (nominal amount $550m)		—		469
4.625% US dollar notes 2018 (nominal amount $300m)		—		254
1.875% euro notes 2021 (nominal amount €500m)		463		453
3.75% US dollar notes 2022 (nominal amount $117m; 2016: nominal amount $500m)		85		407
3.25% US dollar notes 2023 (nominal amount $94m; 2016: nominal amount $500m)		69		402
1.375% euro notes 2025 (nominal amount €500m)		445		435
Finance lease liabilities		4		4

		1,066		2,424

Current
Due within one year or on-demand:
Bank loans and overdrafts		15		39
Finance lease liabilities		4		5

		19		44

Total borrowings		1,085		2,468

Included in the non-current borrowings above is £10m of accrued interest (2016: £18m). Included in the current borrowings above is £nil of accrued interest (2016: £nil).

The maturity of the Group’s non-current borrowing is as follows:


All figures in £ millions	2017		2016
Between one and two years		3		726
Between two and five years		549		454
Over five years		514		1,244

		1,066		2,424

The carrying amounts and market values of borrowings are as follows:


	2017							2016
All figures in £ millions	Effective interest rate			Carrying value		Market value		Effective interest rate			Carrying value		Market value
Bank loans and overdrafts		n/a			15		15		n/a			39		39
6.25% Global dollar bonds 2018		n/a			—		—		6.46	%		469		468
4.625% US dollar notes 2018		n/a			—		—		4.69	%		254		250
1.875% euro notes 2021		2.04	%		463		467		2.04	%		453		454
3.75% US dollar notes 2022		3.94	%		85		87		3.94	%		407		396
3.25% US dollar notes 2023		3.36	%		69		67		3.36	%		402		381
1.375% euro notes 2025		1.44	%		445		445		1.44	%		435		432
Finance lease liabilities		n/a			8		8		n/a			9		9

					1,085		1,089					2,468		2,429

The market values stated above are based on clean market prices at the year end or, where these are not available, on the quoted market prices of comparable debt issued by other companies. The effective interest rates above relate to the underlying debt instruments.

The carrying amounts of the Group’s borrowings before the effect of derivatives (see notes 16 and 19 for further information on the impact of derivatives) are denominated in the following currencies:


All figures in £ millions	2017		2016
US dollar		172		1,559
Sterling		1		13
Euro		911		892
Other		1		4

		1,085		2,468

The Group has $1.75bn (£1.3bn) of undrawn capacity on its committed borrowing facilities as at 31 December 2017 (2016: $1.75bn (£1.4bn) undrawn). In addition, there are a number of short-term facilities that are utilised in the normal course of business.

All of the Group’s borrowings are unsecured. In respect of finance lease obligations, the rights to the leased asset revert to the lessor in the event of default.

The maturity of the Group’s finance lease obligations is as follows:


All figures in £ millions	2017		2016
Finance lease liabilities – minimum lease payments
Not later than one year		4		5
Later than one year and not later than two years		3		3
Later than two years and not later than three years		1		1
Later than three years and not later than four years		—		—
Later than four years and not later than five years		—		—
Later than five years		—		—
Future finance charges on finance leases		—		—

Present value of finance lease liabilities		8		9

The present value of the Group’s finance lease obligations is as follows:


All figures in £ millions	2017		2016
Not later than one year		4		5
Later than one year and not later than five years		4		4
Later than five years		—		—

		8		9

The carrying amounts of the Group’s lease obligations approximate their fair value.