The Greater London Authority (GLA) is seeking to raise £600 million in a sale of bonds, Financial Times reports. The bond issue has been finalised through a new vehicle developed with Lloyds Bank Corporate Markets.

The authority intends to use the proceeds from the sale for the £14.8 billion Crossrail project. The GLA had previously raised £800 million by the first tranche of its borrowing through the government’s Public Works Loan Board.

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