Missing links

Oil

Tom Fallon, group treasurer of Warrington-based United Utilities, which owns and operates electricity and water networks in the northwest region of England, has developed a healthy skepticism of inflation derivatives and index-linked bonds over the years. Like many finance experts at UK utility companies, which typically have inflation-linked assets, the thought of raising index-linked capital very much appeals, but Fallon is holding back, for the moment at least.

He cites a fear of

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