Drawing on the whole business securitisation techniques that have been developed over the past two years in the water industry, Artesian Finance has brought the benefits of index-linked financing to smaller water company borrowers that might not otherwise have been possible. By setting up a special purpose vehicle to issue a series of index-linked bonds under the auspices of the sponsor and monoline insurer, regulated water companies are able to leverage up and tap the capital markets for long-term sterling with palatable upfront costs.