Canary Wharf Group has offered to buy back £185 mln of its securitised debt from bond holders at discounts of up to 85% of face value to take advantage of the prices being offered on illiquid corporate debt, the Financial Times reported on Monday. Canary Wharf Finance II, the securitisation through which £2.5 bn of bonds have been issued that back much of the Canary Wharf estate, on Thursday offered to repurchase bonds at substantial discounts from holders in three classes of notes. Morgan Stanley and Lazard are managing the deal, and Deutsche Bank is acting as the tender agent.
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