Network Rail, the UK rail infrastructure operator, has launched one of the biggest sterling bonds of the year with a £1bn (€1.45bn) deal led by Dresdner Kleinwort Wasserstein, HSBC and UBS.

Network Rail got roughly £1.3bn of orders from investors, who were attracted by the company's triple-A rating and a guarantee from the UK secretary of state for transport which has lowered its risk rating from 20% to zero, bond market sources said.