A13 Thames Gateway Bonds, UK

To design, build, finance and operate a 20km section of the A13 road between Limehouse, London and Wennington, Essex

The investment in the A13 Thames Gateway PFI project (the “Project”) is a proportion of the Road Management Services (A13) PLC Index-Linked Guaranteed Secured Bonds 2028 (the “Bonds”). The Bonds were issued in 2000 to finance the Project and have the benefit of an unconditional and irrevocable financial guarantee from the monoline MBIA UK in respect of all payments of interest and principal.

The Bonds are repayable in 2028, are a senior secured debt investment, and have the benefit of direct RPI-linkage.

The Project is a £220m 30-year PFI concession to design, build, finance and operate a 20km section of the A13 road between Limehouse, London and Wennington, Essex on behalf of Transport for London (“TfL”). The project forms part of TfL’s policy to improve transport links and access throughout East London along an axis from the M25 to the City of London. The design reflects an integrated transport strategy, focusing on greater use of public transport, cycling and walking as well as reducing accidents and congestion.