University of Leeds funds new strategy amid dire sector warning

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By Mike Turner
21 Jul 2020

The University of Leeds tapped its debut bond for another £50m on Tuesday, becoming the first UK university to come to the capital markets since the Institute for Fiscal Studies (IFS) warned of mass bankruptcies across the sector in a damning report earlier this month.

The Aa3 rated issuer opened books on the tap of its £250m 3.125% December 2050 notes at Gilts plus 85bp area via sole lead Barclays. The deal was priced in line with guidance.

“We have a manageable debt level, and conservative financial profile,” said Jane Madeley, the university's chief ...

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