TfL has two public market borrowing programmes a Medium Term Note (MTN) Programme and a Commercial Paper (CP) Programme. Documentation relating to these is available
for downloading, subject to compliance with the terms below.
IMPORTANT: You must read our Terms in the box below before continuing. They apply to the documents at the bottom of this page, and you are therefore advised to read the Terms carefully
before reading, accessing or making any other use of the documents. In accessing the documents, you agree to be bound by these terms and conditions, including any modifications to them, any
time you receive any information from us as a result of such access.
The information contained on the following pages of the website is restricted and is not for release, publication or distribution in or into the United States ("U.S.") or any other
jurisdiction where the communication of such information is restricted by law.
None of the information contained in the following pages of the website constitutes an offer of, or an invitation to purchase, any security, nor any investment advice or services. These
materials are provided for information purposes only.
The debt and other securities referred to on the following pages of the website have not been nor will they be registered under the U.S. Securities Act of 1933, as amended (the
"Securities Act"), or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered, sold or delivered within the United
States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act and applicable state securities laws. There will be no public offering of the securities referred to on the following pages of the
website in the United States.
In addition, certain of the securities referred to on the following pages of the website are in bearer form and are subject to U.S. tax law requirements and may not be offered, sold,
or delivered within the United States or its possessions or to a United States person, except in certain transactions permitted by United States tax regulations. Terms used in this paragraph
have the meanings given to them by the U.S. Internal Revenue Code of 1986, as amended.
The following pages of the website are not addressed to, or intended for use by: (i) U.S. persons, persons located in the United States or residents of the United States or (ii)
persons in any other jurisdictions where the communication or receipt of such information is restricted in such a way that provides that such persons cannot receive it. In particular, such
persons or persons acting for the benefit of any such persons are not permitted to visit the following pages of the website. None of the information contained on the pages that follow nor
any copy thereof may be taken or transmitted in or into, or distributed, whether directly or indirectly, in or into, the United States or any other jurisdiction as described above. Failure
to comply with this may result in a violation of U.S. law, including the Securities Act, or the law of another jurisdiction.
To visit the following pages of the website, you must confirm that you have understood the above sentences and agree to comply with the restrictions and that (i) you are not a U.S.
person, not located in the United States and not a resident of the United States, (ii) otherwise you are not a person to whom the communication of the information contained on the website
is restricted; and (iii) you are not acting for the benefit of any such person. By ticking the "I have read and agree to be bound by these terms" box below, you will be deemed to have made