In contrast, Network Rail, which also brought a $1bn five-year last week, did not reach full subscription. Also launched on Monday, by lead managers Barclays Capital, Citigroup and UBS, the UK rail operator paid 30bp over Treasuries, which was in effect flat to IFC on a Libor basis. And as many market observers pointed out, a greater concession was needed for a borrower without a direct government guarantee issuing in Eurodollar format.