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| Frank Byrne |
DEUTSCHE BANK
Deutsche Bank has dodged the worst of the credit crunch, staying out of the headlines and ahead of the competition. The bank continued to meet its clients' needs, excelled in risk management and emerged as the most active trader in Europe's CDO market. Standout transactions include Eurotunnel--a distressed situation made more complex because of legal issues and the involvement of the U.K. and French governments--and the Genesis CLO. It employs a model that is applicable to every distressed sector, be it high-yield, high-grade or emerging markets, and it has continued to actively trade at all levels of the capital structure.
The firm won high-quality repeat mandates with investment managers and has a strong position working with CDO and Credit Opportunities Funds managers to develop term-debt structures expected to withstand volatility and dislocations.
In global principal financing, it structured and underwrote an innovative 20-year financing for Paniolo Cable Co.'s undersea telecoms cable. In emerging markets, it executed the biggest ever trade on a Ukrainian bank as well as the first note linked to the Hungarian sovereign. And it devised new exposure to the LCDX index for a client with a USD505 million portfolio, wrapped with its Constant Proportion Portfolio Insurance technology. In Asia, the firm completed a CLO referencing non-Japan Asia assets using a diverse portfolio of loans originated in China, India and Indonesia.
Nominees:
* Barclays Capital * Lehman Brothers * Merrill Lynch * Morgan Stanley
