The other two-thirds, we have, on average, five to six years remaining on the length there. So that will be — kind of over time, we’ll see Oi is not a significant impact today that we’re seeing, but that may start unfolding this year and into next as we negotiate with the three players who kind of carved up the Oi. It will probably extend into a multiyear period in terms of getting through Oi. So that’s kind of what’s happening in Latin America relative to the churn issues. Yes. On the balance sheet, a couple of things that I would say. I mean, we have longstanding percentage policies when it comes to fixed and floating. We run 80-20. We’re pretty much there at the end of 2022. We expect to stay in and around that range. I mean, we can be opportunistic.
I think you saw it at the very end of 2021 just before interest rates began to rise. We were fairly aggressive in terms of terming out floating rate balances. We got our floating rate percentage down to closer to 10%. With about 90% or just over 90% on fixed, we did that very purposefully to take advantage of the low rates, both in the US bond market and the euro market. And that was just ahead of purchasing the data center business on December 28, 2021. So we can be flexible there. In terms of managing the balance sheet going forward, we have about $3 billion in bonds that we’ll refinance this year. We’ll look at a variety of opportunities to do that. That could come in the form of getting into the US capital markets that we can do that or parts of that in the European markets.
And of course, we’ll be balancing short-term and long-term rates. We could stay on the shorter end of the curve and with the expectation that rates may come down in the next couple of years, and then we go out longer when the rates are more attractive. We can also secure some of the debt that’s on the balance sheet to the extent we refinance it and maybe carve off some savings from that perspective as well. So there are a lot of opportunities in terms of looking at the market. There’s a lot to consider in terms of where we expect rates to head. But as I said earlier in one of my last comments, we do expect that rates will probably peak here in the US this year, maybe even drift down later in the year. And we’ll continue to watch the markets and interest rates and economy to see what we expect to be happening next year.
But we’ll be looking at the full curve and all the different capital opportunities that we have in front of us to make the very best decisions going forward.
Eric Luebchow: Great. Thanks, Rod.
Rod Smith: You’re welcome.
Operator: Your next question comes from the line of Batya Levi from UBS. Please go ahead.
Batya Levi: Great. Thank you. Just following up on India and specifically for Vodafone. Can you size the partial payments that they’re making right now, if there’s been a change in the pacing? And if there are any adjustments to the pricing of their contract with you? And just going back to evaluating strategic options for India. It’s been a challenging market, but potentially there is some improvement. How do you sort of underwrite what valuation you would take versus the — your long-term growth assumptions in that region? Thank you.
