Tips & Ideas 

McKay hedges its bets

Property developer McKay Securities has seen 32p wiped off net asset value (NAV) at its half-year results thanks to an unrealised £14.4m negative movement in interest rate hedging instruments, resulting in a pre-tax loss of £12m and meaning the hedges are now £37m underwater. The group's interest charge increased by £0.35m to £2.9m and with a long period of low interest rates looking likely, the structure is now "under review".

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