Deutsche Bank To Boost Duration When 10-Year Backs Up

Deutsche Bank Private Wealth Management may increase its duration from 90% to up to 100% of its benchmark's duration if yields on the 10-year Treasury note back up to 4.5% to 4.75% within the next six months.

  • 05 Nov 2004
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Gary Pollack

Deutsche Bank Private Wealth Management may increase its duration from 90% to up to 100% of its benchmark's duration if yields on the 10-year Treasury note back up to 4.5% to 4.75% within the next six months. Portfolio manager Gary Pollack's benchmark, the Lehman Brothers Intermediate Government/Credit Index, currently has a duration of 3.67 years. Pollack manages $1 billion in fixed income over 30 portfolios from New York.

For now, Pollack is employing a barbell strategy focused on floating-rate notes at the short end of the yield curve and bonds in the 10-15 year range. He is also adding new cash to his existing positions, which are allocated 30% to Treasuries, 20% to agencies, 40% to corporates and 10% to taxable municipal bonds. His weighting is neutral in Treasuries, 10% underweight in agencies and 10% overweight in corporates and taxable munipal bonds.

Most recently, Pollack purchased two taxable municipal bonds, the Dormitory Authority for the Albany Medical Center 4.43% of '12s, and the New York State Asset Receivables Program 4.06% of '10s. Pollack said he likes taxable munis because they offer additional yields and diversify his portfolios away from the credit risks associated with corporate bonds.

  • 05 Nov 2004

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 358,291.38 1348 9.06%
2 JPMorgan 320,704.66 1461 8.11%
3 Bank of America Merrill Lynch 318,128.31 1104 8.04%
4 Goldman Sachs 236,643.87 789 5.98%
5 Barclays 231,197.41 895 5.84%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 35,007.57 165 6.53%
2 Deutsche Bank 34,880.53 120 6.51%
3 Bank of America Merrill Lynch 31,805.65 97 5.93%
4 BNP Paribas 27,920.60 169 5.21%
5 SG Corporate & Investment Banking 24,398.89 138 4.55%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 19,745.92 80 8.85%
2 Morgan Stanley 16,334.63 83 7.32%
3 Citi 15,972.34 95 7.16%
4 UBS 15,487.17 60 6.94%
5 Goldman Sachs 14,053.61 76 6.30%