AT1 tax crackdown to spread to Denmark amid state aid fears

Denmark is likely to become the next European member state to scrap its policy of allowing the interest payments on deeply subordinated capital instruments to be tax deductible. The move comes after the European Commission voiced its concern that the practice could constitute a breach of state aid rules.

  • By Tyler Davies
  • 21 May 2019

Danish lawmakers have tabled a proposal for a new piece of legislation that would stop banks from being allowed to deduct tax from the interest paid out on additional tier one (AT1) instruments.

The draft legislation also covers the restricted tier one (RT1) securities issued by insurance companies, ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 10,283.03 88 5.81%
2 HSBC 10,220.20 53 5.78%
3 LBBW 8,393.04 48 4.74%
4 Natixis 7,239.94 37 4.09%
5 Barclays 7,218.44 37 4.08%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 60,011.29 274 6.02%
2 JPMorgan 58,598.95 308 5.88%
3 Citi 54,689.41 309 5.49%
4 Morgan Stanley 46,113.94 248 4.63%
5 Goldman Sachs 40,887.95 358 4.10%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 49,203.00 230 11.27%
2 JPMorgan 47,156.55 239 10.80%
3 Citi 43,187.43 241 9.89%
4 Morgan Stanley 35,545.12 175 8.14%
5 Goldman Sachs 31,020.38 303 7.11%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 5,939.43 23 6.77%
2 LBBW 5,403.66 21 6.16%
3 UniCredit 5,082.55 24 5.79%
4 HSBC 5,076.13 19 5.78%
5 Credit Agricole CIB 4,965.07 22 5.66%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 May 2016
1 Morgan Stanley 365.83 497 7.62%
2 JPMorgan 332.66 618 6.92%
3 Bank of America Merrill Lynch 299.89 590 6.24%
4 Goldman Sachs 276.71 375 5.76%
5 Citi 264.54 592 5.51%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Barclays 6,170.54 15 13.55%
2 UBS 4,233.38 20 9.30%
3 BNP Paribas 3,880.04 17 8.52%
4 Credit Agricole CIB 3,549.81 11 7.80%
5 Credit Suisse 2,989.22 12 6.57%