Debt Funding
Debt Capital Markets
Network Rail’s 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 £30,000,000,000 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, Network Rail has 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, a Minister of the UK Government |
| Administrator | Network Rail Infrastructure Ltd |
| Programme Size | £30 billion |
| Ratings | S&P AAA negative outlook / 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
If you would like to view the NR Infrastructure Finance Multicurrency Note Programme Information Memorandum, please click here