TfL builds new line with strong demand on quick return

02 Aug 2012

Transport for London (TfL) sold its second benchmark bond in a month on Tuesday, following a six year hiatus from the bond markets. The trade was printed well inside initial guidance and its success could encourage other borrowers with links to the UK government to become more active in the bond markets.

The transport operator sold a £500m 10 year note on Tuesday at 88bp over Gilts.

"TfL faced its greatest test this week, returning to the markets so quickly, but the opportunity was fruitful and they seized the gold medal," said James Cunniffe, director on syndicate at HSBC.

Lead managers, Deutsche ...

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