The Global Borrowers and Bond Investors Forum

Emanuela Cernoia-Russo

Head of Capital Markets and Asset and Liability Management, Corporate Finance

Transport for London


Emanuela Cernoia-Russo is head of capital markets and ALM at Transport for London (TfL). She joined TfL in 2003 as a member of the corporate finance team. She contributed to the restructuring / termination of a number of existing PFI/PPP contracts (including the London Underground PPP) and was a member of the TfL team leading the negotiations with government for the funding and governance arrangements for the £16bn Elizabeth line project. Since 2010 she has been responsible for TfL’s £10bn borrowing programme, investors and credit rating agencies’ relations, credit and compliance. Since September 2013, Emanuela has been director of TfL Trustee Company limited, the company overseeing the activities of the TfL Pension Fund. Before joining TfL, she held a number of banking roles with Merrill Lynch, WestLB and the European Bank for Reconstruction and Development. Emanuela holds a university degree in business administration from Bocconi University (Milan, Italy) and a master in public administration from Harvard University.


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Tue 20 - Wed 21 Jun 2017

London