Cambridge joins UK bond market elite with £350m bond near EIB spread
The University of Cambridge issued its first bond on Wednesday to an exceptionally strong reception from investors in the UK and beyond, writes Jon Hay. The university had been planning the transaction since 2007, but it was only this week that the outcome became known — £350m of 40 year debt at 3.75%.
That long term, fixed rate funding is what will matter to Cambridge but in the bond market, keen speculation had surrounded how tight a spread over Gilts Cambridge would be able to achieve, relative to the other strong credits in the sterling market.
The bond was a unique
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