Best borrowers 2007: Best sovereign/supranational/agency borrower: Network Rail

Three years after the UK rail infrastructure provider’s first issue, the company has fixed itself in investors’ minds with the largest non-government index-linked bond ever. There’s more to come.

	Euromoney’s borrower awards 2007
Overall awards
Best sovereign/supranational/agency borrower	Best bank borrower
Best insurance borrower	Best ABS
Best CDO borrower	Best covered bond issuer
Best corporate borrower	Best high-yield/leveraged finance borrower
Latin America regional awards
Best sovereign borrower	Best corporate borrower
Best financial borrower
Central & Eastern Europe regional awards
Best sovereign borrower	Best corporate borrower
Best financial borrower
Asia regional awards
Best sovereign borrower	Best corporate borrower
Best financial borrower
Middle East and northern Africa regional awards
Best borrower

"We have an index-linked asset base and an index-linked revenue stream. It makes sense to have index-linked debt" Fred Maroudas, Network Rail

In April 2007, Network Rail launched the largest non-government index-linked bond in any market. This first foray into the sector, which was a 30-year, £1 billion ($1.98