Inflation Derivatives House of the Year - Royal Bank of Scotland

Risk Awards 2008

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Pension funds looking for inflation-linked paper were let down by government issuers last year. The UK cut its programme for the 2007 fiscal year to £15 billion from £17.2 billion. Scandinavian issuers also trimmed their volumes, and some countries that had been expected to issue long-dated linkers - such as Germany - didn't come to market at all. So, investors were overjoyed in April when Network Rail stepped into the breach, announcing plans to issue around £10 billion in new inflation-linked

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