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The Independent Online
Stagecoach, the Perth-based bus operator, yesterday claimed a first in completing the securitisation of pounds 545m of debt associated with its controversial takeover of the Porterbrook rail leasing company. Although the group will keep the debts on its balance sheet, there will be no recourse to Stagecoach, which will bear an average fixed cost of around 7.4 per cent on the funds raised. The main securitisation vehicle has issued pounds 443m of triple-A rated bonds backed by Government-guaranteed leasing revenues payable by Porterbrook's 16 train operating company customers. Earlier this year, Nomura used securitised debt to buy Angel Train Contracts, a rival rail leasing group.

Investment column, page 26

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