Going underground



The corporate bond market was kick-started by American rail companies borrowing money to finance new tracks. In those days, bondholders found it difficult to evaluate the credit quality of the railway operators because of the sheer distances involved. Today, Europe’s most high-profile railway infrastructure project, Eurotunnel, continues to befuddle investors. This time, the problem is a complicated capital structure and a poor reputation in the debt capital markets.

The summer saw yet another fi

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