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
Email a colleague
Request a PDF

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
  • 16 Jan 2017
1 Citi 22,118.13 61 9.00%
2 Barclays 20,987.41 55 8.54%
3 JPMorgan 17,406.75 53 7.08%
4 HSBC 16,333.52 48 6.64%
5 Goldman Sachs 15,454.74 49 6.29%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 Commerzbank Group 114.00 1 66.16%
2 CaixaBank 37.05 1 21.50%
3 UniCredit 10.62 1 6.17%
3 BNP Paribas 10.62 1 6.17%
Subtotal 172.30 3 100.00%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 SG Corporate & Investment Banking 770.06 2 16.80%
2 Goldman Sachs 656.16 2 14.32%
3 JPMorgan 527.28 4 11.50%
4 Emirates NBD PJSC 408.38 1 8.91%
5 Deutsche Bank 321.53 3 7.01%