Emisiones bonificadas: rentabilidad y lavado de cupón

We analyse the strong effect of tax on trade of bonus securities. We get average yield spreads against Treasury bonds for bonus of “1.2%” and “25c1” modalities during the period within years 1993 and 1997. Also we estimate tax premium between bonus and not bonus issues of electric companies. On the other hand, we study causes and effects on their yield and their consequences in trade volume of coupon laundering operations.