Merrill Lynch and Axa Real Estate Investment Managers have executed the first French property derivatives swap.The total-return swap is linked to the index on French commercial property, run by the London-based Investment Property Databank.
Cyrus Korat, head of structured credit trading at Merrill Lynch, said the French deal followed the rapid growth of activity in UK property derivatives. He added that property derivatives products were generating a lot of interest in mainland Europe.
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