The Wellcome Trust’s £750 million Notes offering


Linklaters has advised on the issue of £750 million Bonds due 2118 (the “Bonds”) by The Wellcome Trust, the UK’s largest charitable foundation and one of the world’s largest funders of medical research.

J.P. Morgan acted as lead manager and Bank of America Merrill Lynch and Morgan Stanley acted as co-managers in respect of the issue of the Bonds.

The issue of the Bonds priced at a spread over 2068 Gilts of 80 basis points. The final coupon of 2.517 per cent. is the all time lowest for a 100 year Sterling bond, the lowest coupon for a 100 year corporate bond in any currency, and the lowest coupon for a Sterling corporate bond with a tenor of longer than fifty years. The initial order book was £3.4 billion and, as a result, was 4.5 times over-subscribed.

Linklaters advised the Managers on the transaction with a team led by Capital Markets partner Richard Levy (picture) and associate Johnny Davidson.

Involved fees earner: Richard Levy – Linklaters; Johnny Davidson – Linklaters;

Law Firms: Linklaters;

Clients: Wellcome Trust;