Deutsche Bank
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Bank’s quest to regain its former status in Europe is making headway, after heavy investments
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More dilution to come
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Former Barclays executive likely to leave the bank
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◆ Deal confirms 'fair price for Bundesländer' ◆ 6bp pick up over KfW ◆ Things are looking up for January
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◆ 'Investors seem to be buying' in euros ◆ Institutional community's tap tightened 4bp ◆ Deal’s coverage ratio was issuer's highest this year
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◆ Fair value uncovered after SSA repricing ◆ Printing €1bn 'looks like a stretch' ◆ Higher than average coverage ratio
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◆ Tenth syndication probably bloc's last for 2024 ◆ Large subscription ratio as usual ◆ January looking 'extremely positive'
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Wallonia and Hamburg tap bonds as bloc mandates tenth syndication
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◆ Deutsche prints popular €1.5bn deal as investors fight for higher absolute yield ◆ Yield chase prevalent in dollars a day after return of tier ones ◆ SocGen, NatWest market dollar AT1s
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◆ ‘Pragmatic’ issuer prices at new found level ◆ KfW bonds used as building block for pricing ◆ Deal should give ‘encouragement’ to others
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◆ Opportunistic move pays off ◆ More balance brought into euro curve this year ◆ ‘Incentive and motivation’ to improve spreads