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Network Rail Prices Tap of Three Inflation-Linked Bonds

Date : 02/21/2013 @ 10:03AM
Source : Dow Jones News
Stock : Hsbc Hldgs.Uk (HSBA)
Quote : 495.1  4.2 (0.86%) @ 11:35AM
Hsbc share price Chart

Network Rail Prices Tap of Three Inflation-Linked Bonds

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   By Ben Edwards 

Network Rail Infrastructure Finance PLC, the U.K. authority responsible for the country's railway network, Thursday increased the size of three of its outstanding index-linked bonds, according to one of the banks running the deal.

Bank of America Merrill Lynch, Deutsche Bank AG and HSBC Holdings PLC are lead managers of the tap, which has the following terms:

2027 Bond: 
Amount:           GBP420 million 
Maturity:         Nov. 22, 2027 
Coupon:           1.75% 
Reoffer Price:    128.513 
Spread:           35 basis points over the 1.25% Nov. 2027 index-linked gilt 
2037 Bond: 
Amount:           GBP195 million 
Maturity:         Nov. 22, 2037 
Coupon:           1.375% 
Reoffer Price:    127.482 
Spread:           35 basis points over the 1.125% Nov. 2037 index-linked gilt 
2047 Bond: 
Amount:           GBP135 million 
Maturity:         Nov. 22, 2047 
Coupon:           1.125% 
Reoffer Price:    124.953 
Spread:           35 basis points over the 0.75% Nov. 2047 index-linked gilt 
Common terms: 
Guarantor:        United Kingdom government 
Debt Ratings:     Aaa (Moody's) 
                  AAA (Standard & Poor's) 
                  AAA (Fitch) 
Denominations:    GBP1,000; GBP50,000 

Write to Ben Edwards at ben.edwards@dowjones.com

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