Eurotunnel has hired MBIA, a monoline insurer, to guarantee part of its forthcoming sterling and euro securitisation, which will result in £400m (€634m) of the bonds being rated AAA.

A banker at lead manager Dresdner Kleinwort Wasserstein (DrKW) said that MBIA, which is also wrapping the forthcoming Welsh Water securitisation, would guarantee principal and interest on some of the existing A and BBB-rated securities.