Charitable borrowing

With so much money sloshing around the system, it’s hardly surprising that even charities are trying to game the bond markets. Wellcome Trust is to issue a £500m bond - the first by a European charitable organisation. The world’s second largest medical charity plans to raise money cheaply on the credit markets and roll the money into higher-yielding investments. At first sight, this may smack of credit market excess. But Wellcome is doing something eminently sensible. Wellcome should have littl...