German issuers pre-empt tax changes with short-tenor autocallables


Structured products issuers in Germany have unveiled tax-efficient certificates allowing retail investors to cash in before legislative changes take effect. To account for uncertainty over new tax legislation, investors are showing their preference for products with early redemption, which will allow them to pocket returns before they become liable for taxation at the end of June 2009.

Certificates issued in Germany enjoy tax-free returns provided they are not capital-guaranteed and held for

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