Wellcome Trust to launch first UK charity bond 03/07/06
Britain’s largest charitable foundation, the Wellcome Trust, is launching a bond to raise cash for scientific research. It is the first bond to be launched by a UK charity.

The trust hopes to raise between £300 million and £500 million after it issues the 30 year bond next week.

The Charity Commission has approved the move. A statement from the regulator said: “Following extensive discussions with the Wellcome Trust, the Commission is satisfied that the proposal to underwrite the bond issue from the trust’s assets is expedient in the interests of the charity and is prepared to authorise this innovative proposal.”

Both major ratings agencies, Moody’s and Standard & Poor’s, have rated the bond as AAA, indicating it carries the smallest degree of investment risk.

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