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Aberdeen City Council launches and prices GBP370m bond issue

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Aberdeen City Council has priced index linked bonds for an aggregate principal amount of GBP370 million, which will help secure investment in the city to deliver its capital and infrastructure programme.

The bond is the first of its kind by a Scottish local authority and according to council leader Jennifer Laing (pictured), demonstrates the strength of commitment to both Aberdeen and the council by investors.
 
"This is a remarkable achievement by this Council in securing this investment in the future of our city,” says Laing. “Having already secured a credit rating from Moody's Investors Service at Aa2, the issue of the bond sees another step forward by the council in delivering a stable and fiscally prudent financial strategy that is both affordable and sustainable for the future as demonstrated by investor confidence.
 
"To continue to compete on an international stage, it is vital that we deliver world class facilities for Aberdeen's citizens, businesses and visitors. Today's announcement is a major boost towards that objective."
 
Finance, policy and resources committee convener Councillor Willie Young says: "The bond issue is part of our strategy to maintain a diversified funding portfolio that provides us with greater financial flexibility. 
 
“This flexibility will help Aberdeen anchor its status as both a global energy hub as well as ensuring that we have the infrastructure required to attract world class businesses as we seek to broaden and diversify our economic base."
 
The proceeds from the bond issue will be used to drive a capital programme which includes investment in vital infrastructure throughout the city. This includes the comprehensive City Centre Masterplan, school and housing developments, roads construction, digital enhancements and a variety of key projects designed to act as a catalyst for economic growth.

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