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
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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
  • 14 Aug 2017
1 Citi 277,535.88 1017 9.04%
2 JPMorgan 248,534.46 1144 8.10%
3 Bank of America Merrill Lynch 241,815.62 851 7.88%
4 Goldman Sachs 183,141.94 602 5.97%
5 Barclays 180,728.08 692 5.89%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 15 Aug 2017
1 HSBC 28,409.71 115 7.09%
2 Deutsche Bank 26,802.83 89 6.68%
3 Bank of America Merrill Lynch 24,896.88 69 6.21%
4 BNP Paribas 21,168.42 119 5.28%
5 Credit Agricole CIB 19,323.66 110 4.82%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 15 Aug 2017
1 JPMorgan 13,671.74 61 7.88%
2 Citi 12,076.06 76 6.96%
3 Morgan Stanley 11,895.38 66 6.86%
4 UBS 11,800.30 47 6.80%
5 Goldman Sachs 11,107.46 58 6.40%