Land Securities, the UK's biggest property company, should be smiling all the way to the bank. As a result of its landmark secured bond issue completed in November, the winner of the securitisation deal of the year, it will save itself about £25m ($36m) in annual interest costs.

Land Securities, which employed Citigroup as an adviser and arranger for the deal, used the securitisation to complete a radical overhaul of its debt structure, redeeming all of its outstanding bank debt, debentures and unsecured bonds.