TfL, Network Rail in train to take duration
A pair of issuers got tightly priced deals away in sterling this week. Network Rail sold a rare 10 year at a level that leads claimed was inside its curve, while Transport for London sold a £350m 20 year, to be used for pre-funding, at its tightest spread to Gilts since it returned to benchmark issuance last year.
Deutsche Bank, HSBC, Lloyds and Nomura on Wednesday priced a September 2033 deal for TfL at 58bp over the 4.25% 2032 Gilt, having put out initial price thoughts of plus 60bp area.
“We effectively completed this year’s funding requirement of £400-£500m with a £400m 2045 transaction in May,”
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