OXFORD University has raised £750m after issuing a bond and said it can now 'confidently' plan for the future.
The 100-year maturity on the bond, with an interest rate of 2.54 per cent, is the longest of any other universities that have issued bonds.
The University decided to raise the money - the first ever bond it has issued - as conditions in the financial markets permit borrowing at historically low rates.
The money will go towards a 'consistent stream' of capital projects to extend its teaching and research - which are yet to be decided.
Projects in the last five years include The Blavatnik School of Government, the Weston Library and the Andrew Wiles Building.
Pro-vice-chancellor for planning and resources, David Prout, said it was a 'fantastic global vote of confidence in Oxford.'
The triple A rated university has hired JPMorgan to arrange investor meetings this week in London and Edinburgh.
Bond credit rating service Moody's rated the bond as AAA.
The Vice-Chancellor of Oxford University, Professor Louise Richardson said: "The rating we have received and the scale and duration of the bond that has been issued is a gratifying testament to the belief of the outside world in the extraordinary institution that has been developed over the centuries by our predecessors, as well as in the calibre of the research and education taking place here today.
"It is our responsibility to ensure that we use the opportunities accorded us by this bond to pass on to our successors an even stronger university."
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel