Will these structures stand the test of time?
Credit Suisse is the latest bank to attempt to cash in on demand for commercial property derivatives. It has exclusive rights to develop a series of swap products based on the indices of the National Council of Real Estate Investment Fiduciaries (NCREIF), a US organization that provides real estate performance information to institutional investors, such as pension funds, that have direct investments in real estate.
NCREIF’s main NPI index calculates the capital appreciation return and yield of the US commercial property market every quarter.
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