Debut Australian property swap

The first Australian property derivatives transaction was done on May 21 by London-based property company Grosvenor Group and Dutch bank ABN Amro.

The two-year swap is based on the Australian Property Council/Investment Property Databank (IPD) all-property total return index. The pricing of the deal remains confidential, but its notional value has been confirmed to be about A$10 million ($8.2 million). ABN Amro has warehoused the risk associated with the contract.

"The Australian market is at a

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