Unsecured senior notes (Tables)

12 Months Ended

Mar. 31, 2023

Bank borrowings are analyzed as follows:


	As of March 31,
	2022		2023
	RMB		RMB
	(in millions)
Current portion:
Short-term other borrowings (i)		8,841		7,466
Non-current portion:
US$4.0 billion syndicated loan denominated in US$ (ii)		25,331		27,393
Long-term other borrowings (iii)		12,913		24,630
		38,244		52,023

(i)

As of March 31, 2022 and 2023, the Company had short-term borrowings from banks which were repayable within one year or on demand and charged interest rates ranging from 0.6% to 12.5% and 1.6% to 12.5% per annum, respectively. As of March 31, 2022 and 2023, the weighted average interest rate of these borrowings was 2.8% and 2.7% per annum, respectively. The borrowings are primarily denominated in RMB.

(ii)

As of March 31, 2022 and 2023, the Company had a US$4.0 billion syndicated loan, which was initially entered into with a group of eight lead arrangers. The loan was priced at 85 basis points over LIBOR with maturity in May 2024. Certain related floating interest payments are hedged by certain interest rate swap contracts entered into by the Company. The proceeds of the loan were used for general corporate and working capital purposes (including acquisitions). In May 2023, the loan terms were modified such that the interest rate of the loan was adjusted to 80 basis points over Secured Overnight Financing Rate (“SOFR”) with a credit adjustment spread and the maturity of the loan was extended to May 2028 in July 2023.

(iii)

As of March 31, 2022 and 2023, the Company had long-term borrowings from banks with weighted average interest rates of 4.1% and 3.8% per annum, respectively. The borrowings are primarily denominated in RMB.

Schedule of future principal payments due

As of March 31, 2023, the borrowings will be due according to the following schedule:


	Principal amounts
	RMB
	(in millions)
Within 1 year		7,466
Between 1 to 2 years		30,057
Between 2 to 3 years		4,787
Between 3 to 4 years		2,570
Between 4 to 5 years		4,490
Beyond 5 years		10,159
		59,529

Unsecured senior notes

Unsecured senior notes

Summary of the unsecured senior notes

The following table provides a summary of the Company’s unsecured senior notes as of March 31, 2022 and 2023:


	As of March 31,					Effective
	2022		2023			interest rate
	RMB		RMB
	(in millions)
US$700 million 2.800% notes due 2023		4,439		4,800			2.90	%
US$2,250 million 3.600% notes due 2024		14,256		15,410			3.68	%
US$2,550 million 3.400% notes due 2027		16,091		17,397			3.52	%
US$1,500 million 2.125% notes due 2031		9,469		10,234			2.20	%
US$700 million 4.500% notes due 2034		4,400		4,754			4.60	%
US$1,000 million 4.000% notes due 2037		6,300		6,807			4.06	%
US$1,000 million 2.700% notes due 2041		6,256		6,761			2.80	%
US$1,750 million 4.200% notes due 2047		11,014		11,898			4.25	%
US$1,500 million 3.150% notes due 2051		9,448		10,206			3.19	%
US$1,000 million 4.400% notes due 2057		6,290		6,795			4.44	%
US$1,000 million 3.250% notes due 2061		6,296		6,803			3.28	%
Carrying value		94,259		101,865
Unamortized discount and debt issuance costs		668		665
Total principal amounts of unsecured senior notes		94,927		102,530
Less: current portion of principal amounts of unsecured senior notes		—		(4,801	)
Non-current portion of principal amounts of unsecured senior notes		94,927		97,729

Schedule of future principal payments due

As of March 31, 2023, the future principal payments for the Company’s unsecured senior notes will be due according to the following schedule:


	Principal amounts
	RMB
	(in millions)
Within 1 year		4,801
Between 1 to 2 years		15,431
Between 2 to 3 years		—
Between 3 to 4 years		—
Between 4 to 5 years		17,488
Thereafter		64,810
		102,530