Granddesigns

Land Securities

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As bright young things at investment banks compete furiously to push the bleeding edge of CDO and derivative technology, investors could be forgiven for ignoring the sleepy long-dated property debenture market. But the white heat of innovation blazes here too.

UK property company Land Securities is refinancing its £1.8 billion of mortgage debentures and unsecured bonds, by offering noteholders the chance to swap existing paper for around £2.4 billion of secured debt.

The new debt structure, built