TfL closes in on Deutsche Bahn comparison

Transport for London’s (TfL) five year notes issued on Wednesday afternoon — it’s third syndicated trade this year — have tightened by three basis points since pricing. While this still leads TfL trading wide of Deutsche Bahn, its most obvious comparable, bankers insist that TfL remains a better credit, and given time and investor familiarity will be able to trade through Deutsche Bahn.