Securitisation - Winner: BAA

Bookrunners: Citi, Royal Bank of Scotland

The £13.3 billion refinancing of BAA's seven UK airports, jointly arranged by Citi and RBS, was the largest financing of its type ever successfully completed, and the largest secured structured financing for a UK regulated sector.

The deal, completed in August, established the structure envisaged at the time of the Ferrovial takeover of BAA in June 2006. It comprised £7.6 billion of new debt from the loan markets and the European Investment Bank, and

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