Network Rail launches 30-year sterling linker

The bond is due on November 22, 2037, and was priced at 1.275%, 26 basis points over the 1.124% UK inflation-linked 30-year gilt, also due in November 2037. The bond attracted more than £1.9 billion in orders, leading Network Rail to increase its issue size from £500 million to £1 billion, making it the largest non-gilt index-linked bond in UK history.

Network Rail discussed its issuance plans with Risk News last week (see Network Rail begins inflation-linked debt push.)

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