27. Borrowings
(a) Analysis by carrying amounts and fair value
| Carrying amount | Fair value | ||||
| 2022 US$m | 2021 US$m | 2022 US$m | 2021 US$m | ||
| Current: | |||||
| Bonds: | |||||
| £400m 3.50% Euronotes 2021 | — | 562 | — | 556 | |
| Commercial paper | — | 25 | — | 25 | |
| Bank overdrafts | 3 | 10 | 3 | 10 | |
| Lease obligations (note 29) | 54 | 58 | 54 | 58 | |
| 57 | 655 | 57 | 649 | ||
| Non-current: | |||||
| Bonds: | |||||
| £400m 2.125% Euronotes 2024 | 520 | 567 | 523 | 573 | |
| £400m 0.739% Euronotes 2025 | 525 | 551 | 497 | 543 | |
| €500m 1.375% Euronotes 2026 | 554 | 618 | 561 | 624 | |
| US$500m 4.25% Notes 2029 | 500 | 500 | 523 | 563 | |
| US$750m 2.75% Notes 2030 | 724 | 738 | 712 | 760 | |
| €500m 1.56% Euronotes 2031 | 553 | — | 546 | — | |
| £400m 3.25% Euronotes 2032 | 536 | 562 | 543 | 618 | |
| Bank loans | 1 | 2 | 1 | 2 | |
| Lease obligations (note 29) | 126 | 144 | 126 | 144 | |
| 4,039 | 3,682 | 4,032 | 3,827 | ||
| Total borrowings | 4,096 | 4,337 | 4,089 | 4,476 | |
The effective interest rates for bonds approximate to the coupon rates indicated above. Other than lease obligations, borrowings are unsecured. Further information on the methodology used in determining fair values is given in note 31.
(b) Analysis by maturity
| 2022 US$m | 2021 US$m | |
| Less than one year | 57 | 655 |
| One to two years | 44 | 49 |
| Two to three years | 549 | 35 |
| Three to four years | 544 | 589 |
| Four to five years | 564 | 564 |
| Over five years | 2,338 | 2,445 |
| 4,096 | 4,337 |
(c) Analysis by currency
| 2022 US$m | 2021 US$m | |
| US dollar | 3,573 | 3,599 |
| Pound sterling | 432 | 545 |
| Euro | 53 | 95 |
| Other | 38 | 98 |
| 4,096 | 4,337 |
The above analysis takes account of the effect of cross-currency swaps and forward foreign exchange contracts and reflects the way in which the Group manages its exposures.
(d) Undrawn committed bank borrowing facilities
| 2022 US$m | 2021 US$m | |
| Facilities expiring in: | ||
| Less than one year | — | — |
| One to two years | 400 | 400 |
| Two to three years | 250 | 300 |
| Three to four years | 1,950 | — |
| Four to five years | — | 1,950 |
| 2,600 | 2,650 |
These facilities are at variable interest rates and are in place for general corporate purposes, including the financing of acquisitions and the refinancing of other borrowings.
(e) Covenants and leverage ratio
There is one financial covenant in connection with the borrowing facilities. Benchmark EBIT must exceed three times net interest expense before financing fair value remeasurements. The calculation of the financial covenant excludes the effects of IFRS 16. The Group monitors this, and the Net debt to Benchmark EBITDA leverage ratio, and has complied with this covenant throughout the year.