ABERDEEN’S council leader has performed the London Stock Exchange “market open” ceremony to mark the local authority’s entry into the bond market.

The 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.

City council leader Jenny Laing, who opened the stock exchange yesterday, said: “The bond represents one of the most significant achievements in our council’s history.

Loading article content

“We became the first local authority in Scotland to turn to the markets in this way and the process underlines our commitment to innovation.

“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.”