For the Year Ended 31 March 2010
UNSECURED SENIOR BONDS
The Group has entered a Master Trust Deed dated 30 October 2009 (the Trust Deed) with respect to its senior bonds, which with limited exceptions does not permit the Group to grant any security interest over its assets. The Trust Deed requires the Group to operate within defined performance and debt gearing ratios. The arrangements under the Trust Deed may also create restrictions over the sale or disposal of certain assets unless the senior bonds are repaid or renegotiated.
Throughout the period the Group has complied with all debt covenance requirements as imposed by the bond trustee (see above for requirements).
The unsecured senior bonds rank equally with bank loans (note 25).
At 31 March 2010 the senior bonds had a fair value of $143,443,000 (31 March 2009: nil). See note 38 for details of fair value estimation.