June 2007
Best borrowers 2007: Best sovereign/supranational/agency borrower: Network Rail
Three years after the UK rail infrastructure provider’s first issue, the company has fixed itself in investors’ minds with the largest non-government index-linked bond ever. There’s more to come.
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"We have an index-linked asset base and an index-linked revenue stream. It makes sense to have index-linked debt"
Fred Maroudas, Network Rail |
In April 2007, Network Rail launched the largest non-government index-linked bond in any market. This first foray into the sector, which was a 30-year, £1 billion ($1.98 billion) linker, garnered subscriptions of just under £2 billion. The issue is the next step in the UK rail infrastructure company’s continuing maturity as a borrower, a process that began more than three years ago with its first MTN issue, in March 2004. That programme was the biggest non-government bond in sterling at that time.
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