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  • Debt Issuance Programme overview

  • Image of the Shard from London Bridge station 

    We issue debt under a direct and explicit UK Government guarantee. We have been raising bonds in the capital markets since 2004 to fund capital expenditure and to re-finance existing debt. Our bonds are purchased by both domestic and international investors.

    We own and operate the national and commuter railway network in Great Britain. We are a not-for-dividend company limited by guarantee and all profits are either reinvested back into the railway, used to re-pay debt or to provide a rebate to the UK Government (DfT and Transport Scotland).

    As a company limited by guarantee we have no shareholders or share capital. Instead we have public members who fulfill the traditional role of shareholders holding the board to account for their management of the business and monitoring standards of corporate governance.

    As well as providing the direct and explicit guarantee on Network Rail’s debt the UK Government also specifies high level outputs for the railway and the level of funding they can provide for day-to-day running costs of the railway.

    Our Debt Issuance Programme is comprised of the following: