Wellcome Trust to issue bonds for investment cash

Foundation says order book is massively oversubscribed

The Wellcome Trust has announced it is issuing £275m of 12-year bonds to raise cash to invest in other assets.

The £12.2bn charitable foundation, the largest in the UK, said it had been given the highest possible credit rating of Aaa/AAA, and that its initial order book for these bonds had been three and a half times oversubscribed.

The bond issue is the second for the trust, which issued more than £300m of bonds in 2006.

Danny Truell, chief investment officer of the Wellcome Trust, said: "We are delighted at the continued strong investor interest in the trust and the strength of its portfolio.

"It has been our widely publicised strategy to review market conditions regularly and to access the bond markets when circumstances are appropriate.

"It is testament to the strength of our financial position that we have seen such strong demand for this bond."

The bond will be issued by Wellcome Trust Finance, and will be guaranteed by the Wellcome Trust.


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