About Network Rail
In October 2002 Network Rail took over the running of Britain's rail infrastructure. The company was given a mandate by the government to improve the safety, reliability and efficiency of the railway.

When Network Rail took over the railway network, the company inherited a tired, worn-out infrastructure that had been starved of investment for many years. Network Rail represents a new beginning, a new vision and a new way of delivering Britain's railway. The company is investing in its workforce and introducing new technologies. In the five years since, enormous progress has been made. Under Network Rail's stewardship, the railway is safer, more reliable and more efficient.

Funding strategy
Network Rail's financing requirements are principally met by debt raised from the capital markets. Debt issuance consists of two programmes:

•  A £25 billion multi-currency note programme launched in October 2004 - the main financing vehicle
•  A £4 billion CP programme

The issuer for the debt issuance programme is Network Rail Infrastructure Finance plc. The programmes benefit from direct and explicit support from the UK government in the form of a Financial Indemnity from the Secretary of State for Transport, a minister of the UK government. The administrator of the debt issuance programme is Network Rail Infrastructure Ltd, the operating company of Network Rail. All the money raised from the debt issued by Network Rail Infrastructure Finance plc, after refinancing and service of debt, is on-lent to Network Rail Infrastructure Ltd.

Network Rail also has a £10 billion MTN programme of which, the remaining notes mature by March 31 2009.

In addition to public bond issues in a number of currencies (sterling, US dollars, Australian dollars, Canadian dollars and Swiss francs) Network Rail has issued vanilla and structured bonds in response to reverse enquiries from investors.

Network Rail is considering raising some non-government guaranteed debt to fund future rail investment. However, Network Rail's existing bonds issued under the Debt Issuance Programme will continue to benefit from the government guarantee, as will their refinancing.

AUD activity
Network Rail's multi-currency note programme allows for the issuance of Kangaroo bonds. 

Network Rail debuted in the Kangaroo bond market in July 2005 with a A$850 million five-year transaction. The agency followed with a A$500 million 10-year trade in November 2006.