Russian LPN tax could derail Eurobond train

A new withholding tax suggested by Russia’s deputy finance minister Sergei Shatalov in a letter to the Russian Federal Tax Service could make Eurobond issuance much less attractive to Russian companies.

  • 03 Feb 2012

The suggestion involves a 20% withholding tax levied on interest payments on Russian Eurobonds issued via SPVs registered in foreign jurisdictions.

The proposal, reported by local media and now the subject of discussion among analysts, would hit the loan participation note structure, which uses such an SPV to take ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 20 Feb 2017
1 JPMorgan 19,181.02 86 7.20%
2 Citi 17,776.15 84 6.67%
3 Bank of America Merrill Lynch 17,204.49 82 6.46%
4 Deutsche Bank 16,868.52 64 6.33%
5 Barclays 13,437.17 55 5.04%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Feb 2017
1 BNP Paribas 5,411.83 21 11.84%
2 Deutsche Bank 4,560.65 12 9.98%
3 Citi 2,650.33 16 5.80%
4 Credit Agricole CIB 2,636.94 11 5.77%
5 Barclays 2,445.52 14 5.35%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 21 Feb 2017
1 Credit Suisse 1,052.39 15 9.44%
2 Deutsche Bank 975.14 10 8.75%
3 Bank of America Merrill Lynch 875.05 8 7.85%
4 Citi 847.97 7 7.61%
5 HSBC 818.64 12 7.34%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Feb 2017
1 JPMorgan 5,718.36 39 11.74%
2 Bank of America Merrill Lynch 4,411.34 37 9.06%
3 Credit Suisse 3,673.68 24 7.54%
4 Citi 3,657.00 24 7.51%
5 Jefferies LLC 3,166.33 8 6.50%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Feb 2017
1 BNP Paribas 4,850.62 22 8.14%
2 Deutsche Bank 4,604.83 14 7.73%
3 Citi 3,901.74 19 6.55%
4 Credit Suisse 3,324.36 14 5.58%
5 JPMorgan 2,951.33 13 4.95%