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SBD Global/May 31, 2013/Finance
Jockey Club Raises $38M In Bond Auction, Marking Second-Largest U.K. Retail Bond
Published May 31, 2013
MAKING HISTORY: The BBC reported it was the first time "such a bond had been offered in British sport." Such was the interest that the original closing deadline was extended by 10 days "to allow further applications." The Jockey Club said the sum raised was "a great sign of trust in the strength of our 263-year-old brand" (BBC, 5/30). In London, James Moore noted the bond raised almost £18.6M ($28.2M) "by the original deadline," and added nearly £6.2M ($9.4M) "during the extension" (INDEPENDENT, 5/30). THIS IS MONEY's Lee Boyce reported there were 2,100 applicants with the average investment sitting at £11,783 ($18,000). The most popular investment amounts were £10,000 ($15,200), then £5,000 ($7,600) and £2,000 ($3,000) -- while 61 applications "were made for the maximum" £100,000 ($152,000) of Racecourse Bonds. According to statistics, 93% of the applicants chose the 7.75% gross interest blended offer, while 7% opted for a 4.75% gross interest cash-only offer (THIS IS MONEY, 5/30).