London Stock Exchange welcomes Wasps bond to the Order Book for Retail Bonds
London Stock Exchange welcomes Wasps, the English professional rugby union club and owner of the UK’s leading sports, exhibition and conferencing arena, to its Order Book for Retail Bonds, with the launch of its 6.50% 2022 debut retail bond, which raised £35 million.
Wasps owns and operates the Ricoh Arena, its new home which includes a 32,600-seater stadium, a concert venue of 40,500 capacity, hosting acts such as Coldplay, Take That and Bruce Springsteen, a 6,000sqm indoor facility that can host up to 12,000 people, as well as a casino, two restaurants, 121 room hotel and over twenty retail, food and beverage outlets onsite.
Gillian Walmsley, Head of Fixed Income Products at London Stock Exchange said:
"We’re delighted to welcome Wasps to London Stock Exchange this morning to open trading and celebrate the launch of their retail bond. The successful fundraising and early closure of the book demonstrates the continued and strong appetite amongst private investors to use ORB to help diversify their portfolios through a liquid and transparent market."
David Armstrong, Group Chief Executive of Wasps said:
"We are delighted at the success of our debut Retail Bond which was fully subscribed and reached our maximum target of £35 million. This is the first time a sports club has accessed the market in this way and the response from investors, both institutional and private, has been very positive."
Ian Dixon, Debt Capital Markets at Investec said:
"One of Investec’s Debt Capital Market’s retail bond strategies is to seek alternative issuers to provide diversification for Retail Bond Investors. The success of the Wasps Retail Bond demonstrates the continued strong demand from investors for diversity and stable yields. It sets a precedent for more alternative companies to access the market and raise funds in this way."