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Source: Mike Peel

The proceeds of Manchester¡¯s ?300 million bond issue will be used for ¡°general corporate purposes, including the continuation of its ?1bn campus master-plan¡±.

The announcement follows similar announcements last year by the University of Cambridge and De Montfort University.

This week, Times Higher Education reported that Durham University¡¯s governing council has also given the go-ahead to a potential bond issue in light of the scarcity of capital funding from public sources.

Manchester¡¯s 40-year bonds, which offer a return of 4.25 per cent, have been assigned the second highest possible rating of Aa1 by ratings agency Moody¡¯s ¨C the same as De Montfort¡¯s ?110 million issue. Cambridge¡¯s ?350 million issue, announced last October, was given the highest rating of AAA.

Dame Nancy Rothwell, Manchester¡¯s president and vice-chancellor, said: ¡°We are delighted by the success of this issue, and by the strong support shown by investors in the university and its mission.

¡°The proceeds will allow us to further our ambition to be a truly world-class university by delivering a single, outstanding campus for the University of Manchester, with our beautiful old buildings standing alongside the very best modern facilities for our research and our students.¡±

paul.jump@tsleducation.com