4 RBC Capital Markets concluded that:
■ LCR put in place an appropriate capital structure in light of the nature of its cash flows and risk appetite;
■ The bonds and loans put in place to fund Section 2 of the Link were negotiated and processed in an efficient and effective manner, taking into account the options realistically available to LCR; and
■ The cost of funds (measured in terms of the interest rate margins achieved) can be justified in light of the complex structure and other constraints (particularly timetable constraints in relation to the possible issuance of a 49 year Gilt instead of GGBs).