Best asset-backed issuer

Land Securities
The company developed a structure that provided unparalleled flexibility

Land Securities’ capital structure The three-tier approach

Land Securities dramatically broke out of a corporate finance straitjacket last October. The UK commercial property company created a new capital structure that bridges the gap between unsecured borrowing and commercial mortgage-backed securitizations/whole business securitizations. Furthermore, it executed a complicated liability management exercise, efficiently refinancing its large debt pile and yet treating its existing bondholders as long-term strategic partners. Alongside arranger Citigroup, Land Securities developed a unique, efficient and flexible funding structure that was carved into secured and unsecured parts.