Metronet, the consortium that will take over two-thirds of London’s underground rail system, has launched a £1.03bn bond to finance upgrades to the ailing government-owned Tube network. Proceeds will partly fund Metronet’s projected £7bn spending on the Tube over the next seven and a half years.

Metronet SSL will sell £165m of index-linked bonds guaranteed by US financial insurer Ambac Financial Services and £350m of fixed-rate bonds backed by Financial Security Assurance. While Metronet BCV will

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