Our financial indemnity from UK Government including our unique pre-funding structure
Network Rail Infrastructure Finance Plc (NRIF) is a special purpose vehicle through which all debt under the Debt Issuance Programme (DIP) is issued. All debt issued by NRIF is直接地和explicitly由代表大不列颠及北爱尔兰联合王国政府行事的运输国务大臣提供的财政赔偿。
The financial indemnity is a direct UK sovereign obligation of the crown and cannot be cancelled for any reason (prior to its termination date in October 2052). This UK Government guarantee is:
- unconditional
- 不可撤销的
- unlimited.
此次下跌的信用评级与英国主权债务评级相同。所有债务的风险权重均为0%，我们的大多数基准债券都符合英国央行的回购资格。
The chart below outlines the structure of this government guarantee:
For a full description of the financial indemnity, please see our information memorandum:
Network Rail Infrastructure Finance MCN information memorandum（PDF格式）
The key features of the UK Government guarantee are that:
- It is granted directly to investors not to NRIF (or “UKRAIL” as it is known in the market) as issuer.
- 我们债券的投资者对英国政府有直接要求。
- It is designed to survive any future restructuring of the rail industry or change in government.
- 其目的是以发行货币支付，因此投资者不承担货币风险。
- It has a unique pre-funding structure designed so investors are paid in full on time (more detail below).
Network Rail Infrastructure Limited (NRIL) is the operating company which holds the licence to run the rail infrastructure and NRIF on-lends the proceeds via an inter-company loan. Therefore the structure of NRIL can change however the guarantee structure will remain in place until expiration in October 2052.
独特的预融资结构
DIP具有独特的预融资结构，NRIF需要在付款日期前6个工作日和21个工作日，将所有息票和本金付款预融资到指定的预融资账户中。商业票据赎回也在到期前6个工作日预先提供资金。这样做的目的是让投资者得到全额和按时支付的货币最初的债务发行。下图总结了预融资结构。
如果NRIF未能在规定的预融资日期预融资，则可向财务赔偿提供者（英国政府运输大臣）提交索赔通知，英国政府有义务在息票/本金支付日期前全额支付。因此，投资者承担的风险是英国政府支付风险。与其他政府担保发行人相比，这是英国国营铁路公司债务发行计划的一个独特特点。总结如下：亚搏彩票软件官网
