M25 refinancing: A choice decision?

In:

Infrastructure, Transport

Region:

Europe

Max Thompson

Managing Editor

The M25 motorway refinancing earlier this year was the UK’s largest since the Intercity Express deal in 2015. However, was the public bond market the right route given the deal priced higher than hoped for earlier in the year when a sub-100bp level looked more likely?

Exclusive subscriber content…

If you are a TXF subscriber, please login to continue reading

Not yet a subscriber? Join us today to continue accessing content without any restrictions

View our subscription options

Or to request access to TXF Intelligence contact us

Request Access

Video

07 April 2026

Crisis in the Gulf: Sullivan & Worcester on trade under...

TXF speaks to Sullivan & Worcester partner Robert Parson about trade disputes, credit escalation and the flight to size as the crisis in the Gulf continues.

Linxon’s Reisacher on working with ECAs in challenging times

Interview

08 April 2026

Linxon’s Reisacher on working with ECAs in challenging times

Stefan Reisacher, CEO of EPC contractor Linxon, discusses how to work with ECAs in challenging conditions. Contractors need to improve communications with sub-suppliers - from...

Must See

KEXIM adapts to support the project cycle

Interview

02 April 2026

KEXIM adapts to support the project cycle

TXF spoke with Sang-Jin Ju, KEXIM’s executive director of project finance, to outline the ECA’s activity and how its adapting support to Korean EPCs in overseas PPP markets amid increased competition from Turkish, Chinese and Indian contractors.

Video

07 April 2026

Crisis in the Gulf: Sullivan & Worcester on trade under pressure

TXF speaks to Sullivan & Worcester partner Robert Parson about trade disputes, credit escalation and the flight to size as the crisis in the Gulf continues.

Interview

08 April 2026

Linxon’s Reisacher on working with ECAs in challenging times

Stefan Reisacher, CEO of EPC contractor Linxon, discusses how to work with ECAs in challenging conditions. Contractors need to improve communications with sub-suppliers - from bidding to investment decisions and beyond.