Bridge to bond

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A bridge to bond facility is an interim borrowing facility used during the period when a bond issue is in process, but has not yet been completed.

Rapid start for National Express

"The National Express treasury team's year got off to a rapid start, having pre-funded its £350m bond maturing in January through the use of a £350m bridge to bond and subsequent issuance of a £400m seven-year bond in November 2016, paying a coupon of 2.5%."
The Treasurer magazine, February 2018, p25 - Deals of the Year.

See also