U.K. Tax Authority Opens Door For Property Index Swaps

The Inland Revenue, the U.K. tax authority, published legislation last week clarifying a favorable tax treatment of property derivatives.

  • 03 Sep 2004
Email a colleague
Request a PDF

The Inland Revenue, the U.K. tax authority, published legislation last week clarifying a favorable tax treatment of property derivatives. The legislation is an amendment to the 2002 Finance Act, which has been eagerly awaited by potential market participants, who are already preparing deals in expectation of the ruling (DW, 7/30).

"There are plenty of deals in the wings," said Phil Nicklin, real estate tax partner at Deloitte in London. The amended legislation includes a paragraph on the tax treatment of total-return swaps on a property index, which Nicklin believes will be the most common property derivative. An example of a deal would be a swap in which one party pays a LIBOR spread and receives the returns of the Investment Property Databank index.

  • 03 Sep 2004

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 13 Mar 2017
1 JPMorgan 94,925.33 384 8.39%
2 Citi 87,531.58 331 7.74%
3 Bank of America Merrill Lynch 84,341.49 288 7.46%
4 Barclays 75,288.19 241 6.66%
5 Goldman Sachs 68,504.71 208 6.06%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 May 2017
1 Deutsche Bank 19,381.65 47 8.82%
2 Bank of America Merrill Lynch 18,968.25 36 8.63%
3 HSBC 18,103.95 50 8.24%
4 BNP Paribas 8,911.57 55 4.05%
5 SG Corporate & Investment Banking 8,885.00 54 4.04%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 May 2017
1 JPMorgan 8,714.26 35 8.36%
2 UBS 8,283.47 33 7.95%
3 Goldman Sachs 7,736.57 37 7.42%
4 Citi 6,897.11 46 6.62%
5 Bank of America Merrill Lynch 6,215.31 24 5.96%