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Canary Wharf Bonds Plunge to Lowest Since 2011 on Loss Concerns

Bonds secured by commercial real estate in London’s Canary Wharf district fell to the lowest in three years on concern the debt may be bought back at less than the market price.

The 954.3 million pounds ($1.6 billion) of class A1 securities plunged 5 percent to 111 percent of face value this week after issuer Canary Wharf Finance II Plc said it would redeem 577.9 million pounds of the notes. Investors are awaiting clarity on how much they will receive for the debt.

The securities will be repaid with proceeds from the sale of 10 Upper Bank Street, the headquarters of Clifford Chance LLP, one of the properties previously backing the debt. The Canary Wharf bonds, which rose to as much as 129 percent of face value last year, are backed by six prime properties located in the London Docklands area including the offices of Citigroup Inc. and Morgan Stanley.

The borrower placed 168.7 million pounds into an escrow account managed by Deutsche Bank AG for the bond redemption, according a statement from the issuer last week.

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