Awards 2011: Deal of the year: ITV and Credit Suisse longevity swap

Deal of the year: ITV and Credit Suisse longevity swap

The last 16 months have seen a lull in large longevity hedges by pension schemes. That was until ITV entered into a £1.7 billion longevity swap with Credit Suisse to fully hedge the longevity risk for 12,000 of its pensioner members. Under the contract, the company will make fixed monthly payments to Credit Suisse which, in turn, will make payments to the scheme that broadly match the value of benefits being paid out. The deal, concluded in August, was the third largest of its kind so f