Aberdeen City Council marks entry into bond market

Aberdeen City Council leader Jenny Laing performing the market open ceremony at the London Stock Exchange. Picture: PA

Aberdeen City Council completed a £370 million bond issue in November in a first for a Scottish council.

The finance will be used to support a £1 billion “transformational” capital programme which includes major projects such as the new Aberdeen Exhibition and Conference Centre and the city centre masterplan.

Aberdeen City Council leader councillor Jenny Laing opened the London Stock Exchange on Tuesday.

She said: “It is a great honour for Aberdeen City Council to lead the ‘market open’ at the London Stock Exchange.

“The bond represents one of the most significant achievements in our council’s history.

“We became the first local authority in Scotland to turn to the markets in this way and the process underlines our commitment to innovation - not just in finance but in every aspect of what we do on a daily basis.

“The success of the bond, which was oversubscribed, is a reflection on the confidence investors have placed in Aberdeen City Council and Aberdeen as a whole.

“The message is quite clear - Aberdeen is ready for an exciting new chapter.

“We are in the midst of the largest period of transformation our city has ever seen, with the finance raised through the bond helping us to deliver an array of major projects.”

She was joined at the ceremony by Aberdeen City Council finance convener councillor Willie Young and officers led by chief executive Angela Scott.

Nikhil Rathi, chief executive officer of London Stock Exchange plc, said: “Becoming the first Scottish council to list a bond, Aberdeen City Council has taken the lead in accessing the capital markets to support Aberdeen’s future growth and development.

“We are delighted to welcome Aberdeen City Council to open trading today to celebrate the landmark bond listing.”