Network Rail, owner and operator of the UK's rail infrastructure, will this week launch bonds worth at least £1bn (€1.4bn) in the first instalment of a £20bn fundraising programme to invest in the country's railway system.

Barclays Capital, Citigroup, Royal Bank of Scotland and UBS will arrange the forthcoming deal, which will comprise two tranches of long-dated bonds due in 2015 and 2035. A further five banks will work as co-lead managers on the sale, which is expected as soon as mid-week.