ABN and Merrill launch first industrial property swap

Dutch bank ABN Amro and US bank Merrill Lynch have this week launched the first industrial property derivative.

The deal is a total return swap with a notional of £10 million and is based on the industrial sector of the UK commercial property index maintained by the UK property information services provider IPD.

Both banks declined to give details of pricing. ABN Amro said it expected more industrial-sector deals, but that there was "specific interest in the office and retail sectors".

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