Granddesigns
Land Securities
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
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