Our financing strategy is to provide cost efficient and dependable financial resources to the Group. The Group's policy is to borrow centrally across a diversified selection of currencies using a mixture of long-term and short-term capital market issues and borrowing facilities. In respect of certain emerging markets, we may elect to borrow on a non-recourse basis. In FY19 our cost of debt excluding financing for the Liberty deal was 2.5%.
Our mid to long-term debt is primarily financed via corporate bond programmes and short-term funding requirements are met through our commercial paper programme. We use derivative instruments to manage our currency and interest rate risk and collateral support agreements to mitigate the credit risk of banking counterparts.
We have two bond programmes to meet our medium to long-term funding requirements; a €30 billion euro medium-term note (EMTN) programme and a US shelf programme. Please click here to see our debt issuance programme