Debt Capital Markets
Our financing requirements are principally met by debt raised from
the capital markets. The Debt Issuance Programme has within it two
active debt issuing programmes:
- A £35,000,000,000 Multicurrency Note Programme – launched in
October 2004 and its main financing vehicle
- A £4,000,000,000 Commercial Paper Programme.
In addition to public bond issues, we have issued private placement
bonds in response to reverse enquiries from investors.
All the
money raised from the bonds issued by Network Rail Infrastructure
Finance plc, after re-financing and service of debt, is on-lent to
Network Rail Infrastructure Ltd
Overview of the debt-funding programme
| Issue |
Network Rail Infrastructure Finance PLC (“NRIF”) |
| UK Government support |
This Programme benefits from direct and explicit support from the UK Government in the form of a Financial Indemnity from the Secretary of State for Transport, acting for and on behalf of the Government of the United Kingdom of Great Britain |
| Administrator |
Network Rail Infrastructure Ltd |
| Programme size |
£35 billion |
| Ratings |
S&P AAA / Moody’s Aaa / Fitch AAA (stable outlook) |
| Use of proceeds |
Funds will be used to finance the activities of NRIL and
to refinance existing debt of the Network Rail group |
| Governing law |
English |
| Risk weighting |
0% risk weighted with FSA |
| Maturity date |
Maximum maturity date is October 2052 |
Dealers on the Multicurrency Note Programme
- UBS Limited
- Barclays Bank Plc
- Citigroup Global Markets Limited
- HSBC Bank Plc
- Goldman Sachs
- Morgan Stanley
- Bank of America Merrill Lynch
- Deutsche Bank
- The Royal Bank of Scotland
Dealers on the Commercial Paper Programme
- UBS Limited
- Barclays Bank Plc
- Citigroup Global Markets Limited
- HSBC Bank Plc
- Goldman Sachs
- Morgan Stanley
- Bank of America Merrill Lynch
- Deutsche Bank
- The Royal Bank of Scotland
Contacting the funding team
If you want more information on debt funding please send an email to
the Funding Team at debtfunding@networkrail.co.uk.
Network Rail Infrastructure Finance Information Memorandum
You can read our Infrastructure Finance Multicurrency Note Programme Information Memorandum online.
You can also download and read: