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Univ issues first bond

On 1 May, Univ became the first Oxford College to issue a bond.

The £40m issue was struck with an interest rate of just below 3.1 percent and will mature in fifty years, at which time the bond will need to be repaid.  “We were struck by the level of interest rates and it seemed to be an opportunity to bring in external capital for the long-term on good terms,” said Frank Marshall, Univ’s Estates Bursar.

While this decision is an innovation for the College it is very much in keeping with its long-term financial strategy, which seeks to acquire high quality long term yield assets for its general endowment. The College expects to match this unique capital acquisition with its current fiscal efforts to address the ever-changing challenges to the educational landscape both in Oxford, the UK, and the world. Ten other UK universities have issued bonds since 2012 to support their long-term educational aims, but Univ is the first Oxford College to do so.

Financial Times subscribers can access a recent article which discusses the College’s issuance.

Published: 8 May 2015

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