Network Rail begins inflation-linked debt push

UK railway operator Network Rail issued a 30-year index-linked sterling bond at the end of April – the first step in a three-year, £6.6 billion plan to shift a third of its debt into linkers by 2009. Pricing and size are not yet available; the company said it would release these details at the end of next week.

Samantha Pitt, Network Rail’s head of corporate finance, says the next linker may be produced within months. “The first issue was based on consultation with investors, who wanted the 20-

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