UK pilots credit-guaranteed PFI

New Angles

The UK Treasury is piloting a new funding technique in its private financing initiative (PFI) called credit guarantee finance (CGF). This will apply guarantees from monoline insurers and banks to government loans made to individual PFI projects. In many cases, each project funds itself through a wrapped inflation-linked bond issue, but this new method is meant to bring savings to the government while retaining risk transfer benefits.

The PFI programme aims to bring private-sector financing to

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