Deutsche Bank
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◆ Deal has a large $2.5bn size ◆ Front end opportunity opens up ◆ €18bn raised so far in 2024 -
◆ First Reg S/144A floater ◆ ‘Good demand’ for short end FRN paper ◆ Issuer takes size at upper end of target range
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◆ Five year tenor works for investors ◆ Fair value not what it seems ◆ IfDM and Asifnag also price
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◆ Issuer scales back size target ◆ Hesse was ‘doing the sensible thing’ ◆ Both short and long-end euros tricky to navigate
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◆ New rate cycle begins at last ◆ Can Deutsche Bank avoid being overtaken by UniCredit? ◆ Carmakers in trouble ◆ The DLT help no one wanted
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UniCredit’s raid to buy 9% of Commerzbank gives Deutsche three choices — all unattractive. But one is clearly less bad than the others
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◆ Issuer sells euro bond on FOMC day ◆ Screen pricing ‘makes little sense’ ◆ Other comps helped price discovery
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New posts created as bank grows investment banking
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◆ Supra concludes $2.4bn task ◆ Next year target could grow 25% ◆ Recent capital increase to double funding size over time
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◆ Development bank closes in on annual funding target ◆ Moving swap spreads a common consideration ◆ IDB Invest appears alongside sister organisation
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◆ Transaction ‘complements’ short end sterling trend ◆ Development bank prices flat to curve ◆ A book size ‘which you don’t see every day in the sterling market’
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A busy pipeline is forming in the SSA market as the EU preps its next scheduled transaction
