Bondholder information
In July 2006, we became the only UK domiciled non-public sector organisation with an AAA credit rating and the first UK charity to issue a listed bond. The £550m proceeds from the issue are being used for investments that, over the long term, will enable us to fund a wide range of scientific and medical research with the ultimate aim of improving human health worldwide.
We were pleased to receive the International Financing Review award for the 2006 Sterling Bond of the Year for 'demonstrating the relevance of the capital markets to the sector and capturing the imagination of the investor community'.
Following our inaugural issue, it has been our strategy to review regularly market conditions and correspondingly, on occasion, access the bond markets again when circumstances are appropriate. The circumstances were felt to be appropriate in late spring 2009 as benchmark gilts rallied and the Trust's credit spread show signs of relative strength, given its continued AAA (stable)/Aaa (stable) ratings.
Our initial book was more than three and a half times oversubscribed given strong demand for high quality fixed income product. Reflecting this, we priced with the tightest credit spread over benchmark gilts in investment grade, primary, Sterling markets since December 2007.
Details of bond issues
Date of issue: |
Jul 2006 |
May 2009 |
Size: |
£ 550.00 MM |
£ 275.00 MM |
Coupon: |
4.625% |
4.750% |
Tenor: |
30 years |
12 years |
Issuer: |
Wellcome Trust Finance plc | |
Issuer rating: |
AAA/Aaa |
AAA/Aaa |
Structure: |
Senior, Unsecured Bonds | |
Guarantor: |
The Wellcome Trust Ltd, as trustee of the Wellcome Trust | |
Parent rating: |
AAA/Aaa |
AAA/Aaa |
The most recent research reports on the Wellcome Trust published by major rating agencies Moody's and Standard and Poor's are included below:
