London & Continental Railways Ltd. has put a £1.6 billion securitization of track access fees out to bid to investment banks, say industry officials. The rail company operates the high-speed rail link between the Channel Tunnel and Central London. This deal will be the company's fourth.
Previos deals have been backed by a U.K. government guarantee; however, the next deal will not feature one. The deal should garner a 20% risk weighting despite the lack of a guarantee, because the track access charges are backed by the government.