Equity malaise spurs long-dated swapping

The European interest rate swaps market has seen a return of long-dated hedging programmes. Traders report a substantial increase in transactions at the long end of the swaps curve over the past six weeks, as investors seek to reallocate their exposure away from equities and towards interest rate products.

UBS Warburg, Morgan Stanley and Merrill Lynch were seen as the main players in the market, increasing their swaps activity to meet the demands of their clients.

Many claim the increased

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