The London Stock Exchange (LSE) has welcomed English professional rugby union club Wasps to its Order Book for Retail Bonds, with the launch of its 6.50 per cent 2022 debut retail bond, which raised GBP35 million.
Wasps also 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 6,000 sq m 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, says:"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, says: "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, says: "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."