Canary Wharf offers to buy back debt at pennies on the pound

FT Alphaville reports:

Canary Wharf Group, the London Docklands property developer, has offered to buy back £185m of its securitised debt from bond holders at discounts of up to 85% of face value to take advantage of prices being offered on illiquid corporate debt. Canary Wharf Finance II, the securitisation through which £2.5bn of bonds have been issued, on Thursday offered to repurchase bonds at substantial discounts from holders in three classes of notes.