A medieval institution entered the modern financial era yesterday, when Cambridge Universityused the public bond markets, rather than philanthropy, for the first time in its 800-year history.
Britain’s richest and second-oldest university issued a 40-year, £350m bond, taking advantage of low yields to fund a new laboratory for stem-cell research and accommodation for postgraduates.
The university – ranked fifth in the world in the latest Shanghai Jiao Tong rankings – has in the past relied on benefactors to fund development.
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