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
  • 13 Mar 2017
1 JPMorgan 94,925.33 384 8.39%
2 Citi 87,531.58 331 7.74%
3 Bank of America Merrill Lynch 84,341.49 288 7.46%
4 Barclays 75,288.19 241 6.66%
5 Goldman Sachs 68,504.71 208 6.06%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 May 2017
1 Deutsche Bank 19,381.65 47 8.82%
2 Bank of America Merrill Lynch 18,968.25 36 8.63%
3 HSBC 18,103.95 50 8.24%
4 BNP Paribas 8,911.57 55 4.05%
5 SG Corporate & Investment Banking 8,885.00 54 4.04%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 May 2017
1 JPMorgan 8,714.26 35 8.36%
2 UBS 8,283.47 33 7.95%
3 Goldman Sachs 7,736.57 37 7.42%
4 Citi 6,897.11 46 6.62%
5 Bank of America Merrill Lynch 6,215.31 24 5.96%