PPP boost for bondholders

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Bond investors’ willingness to participate in the funding of the London Underground public private partnership (PPP) was bolstered by the government’s decision to provide a £1.9 billion indemnity backing the debts of the consortia bidding for the contracts. However, some investors remain wary of any new government deals given that two privatised companies – Railtrack and British Energy – have run into trouble in little over one year.

The success of New Labour’s controversial private finance

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