Transport for London Raises Bonds for First Time Since 2015

Transport for London pulled in more than £2.6 billion ($3.5 billion) of orders for its first bond sale in a decade, weeks after strikes by Tube workers shut down most of the city’s underground network.

The transport operator priced £350 million of 16-year notes at 62 basis points over gilts, tighter than initial talk of about 80 basis points, according to people familiar with the matter. The deal, expected to be rated AA- by both S&P Global Ratings and Fitch Ratings, marks TfL’s first sterling debt transaction since 2015.