2.33 Bywest researched funders in both the bank and bond finance markets and chose bank finance. Bywest opted for bank finance as the bank offered the same repayment period as bond finance and better margins. In addition, the Trust and KPMG felt that arrangers of bond finance would have difficulty with the uncertainties surrounding the new contract terms being developed by the NHS for this deal. Subsequently the NHS has used bond financing with the new contract terms with deals at Dudley and West Berkshire. Bank finance may also give the Trust an opportunity to benefit from refinancings, which are less likely with bond financing.