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01:20 Nov 9, 2003
English to Chinese translations [PRO] Bus/Financial
English term or phrase:inflation swap
But with the Italian treasury’s inflation-linked bond issue still almost three years in the future, there was no underlying bond to hedge the proposed seven- to 10-year structured product. The answer would be an inflation swap. Unfortunately for JP Morgan’s Vella, the JP Morgan trading desk was not able or willing to provide the swap. Goldman Sachs stepped in, and in February 2001 walked away with the e400 million deal. Poste Vita went on to sell e1 billion of inflation-linked products that year, and a further e1 billion in 2002. Although JP Morgan, and also Credit Suisse First Boston, did subsequently provide inflation swaps for Poste Vita, Goldman remains the biggest counterparty, says Polloni.