Dealers Look To Close First Property Index Swap

The first property derivative transaction using the Investment Property Databank index could be completed in the next two to three weeks, according to market officials.

  • 30 Jul 2004
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The first property derivative transaction using the Investment Property Databank index could be completed in the next two to three weeks, according to market officials. The structure of the trade could not be determined by press time, but it would likely be a swap on the IPD index, with counterparties exchanging a LIBOR spread and the returns of the index, explained the officials. The IPD index covers 75% of the total property assets of U.K. institutions and listed property companies. The trade is expected to be completed after changes to property derivative tax guidelines, due this month, are published by the Inland Revenue, the U.K. tax authority.

Paul McNamara, director and head of research at Prudential Property Investment Managers, and also chairman of the Property Derivatives Users Association, declined comment on the reported trade, but noted that the publication of the tax guidelines could spur counterparty interest. "It's clear that there are parties waiting to see the published form of the Inland Revenue tax regulations," he said.

Officials suggested Deutsche Bank, working with Eurohypo Real Estate Investment Banking, could be involved in the trade. Ed Stacey, managing director at Eurohypo in London, declined comment.

 

  • 30 Jul 2004

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 358,996.09 1352 9.05%
2 JPMorgan 321,264.04 1464 8.10%
3 Bank of America Merrill Lynch 318,428.16 1105 8.03%
4 Goldman Sachs 237,263.73 791 5.98%
5 Barclays 231,619.97 897 5.84%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 35,007.57 165 6.53%
2 Deutsche Bank 34,880.53 120 6.51%
3 Bank of America Merrill Lynch 31,805.65 97 5.93%
4 BNP Paribas 27,920.60 169 5.21%
5 SG Corporate & Investment Banking 24,398.89 138 4.55%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 19,745.92 80 8.85%
2 Morgan Stanley 16,334.63 83 7.32%
3 Citi 15,972.34 95 7.16%
4 UBS 15,487.17 60 6.94%
5 Goldman Sachs 14,053.61 76 6.30%