Liability management through debt exchanges and buybacks has been one of the big themes of 2004. Last month saw UK commercial property firm Land Securities announce a novel refinancing that makes its debt both cheaper and less of an encumbrance on its day-to-day business.
Historically, Land Securities has followed an unsecured funding strategy and aimed for a single A credit rating. But as last year progressed, a number of Land Securities’ unsecured bonds and debentures had high coupons.
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