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
The week on Risk.net, March 10-16 2018Receive this by email