Multinational law firm Pinsent Masons has advised University College London (UCL) on its debut issue of £300m 1.625% sustainability bonds due 2061 – the first publicly listed sustainability bonds in the higher education sector.

The bonds are rated Aa3 by Moody’s and were priced at a spread of 0.50% over the relevant reference gilt.

UCL will allocate an amount equivalent to the net proceeds of the bonds to the acquisition, financing, or refinancing of new or existing eligible sustainable projects in accordance with its sustainability finance framework.

The team at Pinsent Masons was led by debt capital markets and sustainability bond finance expert Alexis Hayworth, with governance advice from partner and higher education expert Gayle Ditchburn and assistance from higher education finance solicitor Katy McBride.