ABN AMRO Eyes Offices Swap

ABN AMRO is planning to arrange a property swap on the U.K. office sector, in a follow up to the firm's novel retail sector property swap last week.

  • 23 Nov 2005
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ABN AMRO is planning to arrange a property swap on the U.K. office sector, in a follow up to the firm's novel retail sector property swap last week. Rawle Parris, executive director in structured credit, said he has fielded inquires from end users and brokers to swap exposure to the office sector and the Investment Property Databank All Property Index. "Offices is a sector people have strong views on," Parris said. "More and more fund managers will be interested once they get permission for derivative mandates sorted out."

In the trade, ABN will take a portion of the basis risk onto their books. This can be partially hedged in the market because U.K. property sectors are highly correlated, said Charles Longden, global head of credit trading. "It's possible to reduce risk," he said. Longden also noted he thinks structured notes linked to sectors of the IPD will take-off as more banks launch property derivates trading desks. ABN set up a platform in September and the 15-month, GBP30 million (USD51 million), retail/IPD swap was its first offering.

  • 23 Nov 2005

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4 Goldman Sachs 171,499.26 554 6.03%
5 Barclays 169,046.60 646 5.94%

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4 BNP Paribas 19,315.94 110 5.26%
5 Credit Agricole CIB 18,706.93 106 5.09%

Bookrunners of all EMEA ECM Issuance

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1 JPMorgan 13,488.13 59 8.47%
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3 UBS 11,302.86 45 7.09%
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5 Goldman Sachs 10,434.21 54 6.55%