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GLA investor relations

Investor information for current and prospective bond holders

The latest investor update documents can be found at the bottom of the page.

The following infrastructure projects are the source of the GLA’s external borrowing requirements:

1. Crossrail

In 2011, the GLA commenced a £3.5bn borrowing exercise to raise funds to finance its £4.1bn contribution to the £15.9bn Crossrail project, designed to improve London’s National Rail and London Underground networks and provide transport capacity to meet expected London growth over the next ten to twenty years by creating a new railway connecting Heathrow to the West End, the City, Canary Wharf with spurs to SE London, Essex and Berkshire.

This Crossrail borrowing exercise has now been successfully completed, coming in at £3.35bn, representing a reduced requirement for borrowing of £0.15bn. This borrowing included a £600m issue of quoted Eurobonds through Community Finance Company 1 Plc. Debt service and repayments are forecast to be met in full through ring-fenced Business Rates Supplement receipts.

2. Northern Line Extension (NLE)

The NLE is another large infrastructure project within London, creating two additional rail stops – Kennington to Battersea Power Station via Nine Elms, to support the major redevelopment of Battersea Power Station and the surrounding area.  

The GLA expects a need to raise in total £928m. The GLA has secured an in-principle agreement to borrow £480m from the European Investment Bank and currently plans to raise the remaining £448m through the Public Works Loan Board (PWLB) and, subject to investor demand, index-linked Eurobonds issued by the Community Finance Company 1 Plc.

Debt service and repayments are forecast to be fully funded through:

  1. section 106 developer contributions and Community Infrastructure Levy secured under a Deed of Agreement with the Boroughs of Wandsworth and Lambeth and
  2. the creation of an Enterprise Zone (EZ) enabling incremental RPI linked business rates to be retained locally for a period of 25 years

Additional security exists in the form of a guaranteed refinancing for up to £750m directly from HM Treasury plus an extension of Enterprise Zone revenue collection for up to five years.

A rough indication of the timing and tenor of the planned borrowing is set out in the following matrix:

Tranche tenors relative to 2015/16 (£m)

Year borrowed

<5 yrs

5-10 yrs

10-15 yrs

15-20 yrs

20-25 yrs










































The GLA adopts the CIPFA Prudential Code and must ensure that all its borrowing decisions are within prudent and sustainable levels.

Under the extraordinary protections of the Local Government Act 2003, all GLA securities rank equally and are secured indifferently on all revenues of the GLA, which in addition to the BRS, mean devolved business rates, a range of grants and the GLA Precept – a pan-London Council Tax.

4. Credit Rating

The strength of the GLA’s financing, funding and risk management strategies is confirmed by S&P’s GLA credit rating of ’AA+ with a stable outlook’. This rating was reaffirmed in November 2014.

Please note the GLA can ordinarily only borrow in Sterling (GBP) and currently cannot engage in derivatives other than those embedded in permissible financial instruments.


Our key contacts for existing and prospective investors, lenders and providers of related professional services are as follows:

David Gallie – Assistant Director, Group Finance  +44 (0)20 7983 4968
GLA Financial Statements; GLA Corporate Governance and Management; Organisation of the GLA, its structure, roles and responsibilities; GLA Credit Ratings

Luke Webster – Group Treasury Manager  +44 (0)20 7983 4968
Opportunities for new transactions; GLA borrowing requirements, strategy and preferred structures; GLA treasury management

Martin Mitchell – GLA Group Finance Manager +44 (0)20 7983 4145
Crossrail BRS; GLA Group Budget

This page consolidates the publicly available information of greatest use and interest to investors/lenders. Please contact us if there is content you would like to see included.

Related information

Budget and accounts information

GLA Statements of Accounts (2003-04 to 2013-14)

GLA Group budget and capital spending plan for 2014-15

Other background information

GLA Business Plan 2014/15 to 2015/16