Oxford and Cambridge Provide a Brexit Refuge for Investors

(Bloomberg) -- Brexit turbulence is producing big wins for holders of bonds issued by the U.K.’s two most famous universities -- Oxford and Cambridge.

Notes from the centuries-old academic rivals have surged this month because investors are ditching risky assets and seeking shelter in government debt and bonds issued by the safest of borrowers. The price gains have been super-charged in the universities’ notes because both have sold multi-decade bonds, which are extra sensitive to changes in market rates.

Cardiff and Southampton universities’ bonds are also among the top gainers this month, alongside century notes from Wellcome Trust, the U.K.’s richest charity.

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