German tax change sparks new certificate issuance

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Approval of a tax rule for investment products by the German parliament on July 6 has prompted a flurry of structured product issuance. Several banks have launched certificates that offer early bonus payments, to allow investors to benefit from some tax exemption until the start of 2009.

Under Germany's wide-ranging new tax law, all capital income - be it from funds, shares or certificates - will be taxed at a flat rate of 25% from January 2009. Under the previous regime, all capital gains from

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