AT1 investors reveal doubts about Deutsche Bank restructuring plans

Prices on Deutsche Bank’s additional tier ones (AT1s) plummeted after the German lender announced a radical overhaul of its investment banking business this week, with bank capital investors still doubting the issuer’s ability to pay coupons on the instruments in the longer term.

  • By Tyler Davies
  • 10 Jul 2019

Deutsche Bank’s €1.75bn 6% AT1 has fallen by more than five cash points in value in the past few days, hitting 86.75 on Wednesday morning.

Its other deeply subordinated securities have also been badly affected, dropping by a similar margin after the bank announced a broad new ...

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All International Bonds

Rank Lead Manager Amount $b No of issues Share %
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4 Barclays 235.37 968 6.03%
5 HSBC 192.36 1061 4.93%

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1 BNP Paribas 38.80 175 7.35%
2 Credit Agricole CIB 36.89 155 6.99%
3 JPMorgan 29.35 74 5.56%
4 UniCredit 24.81 134 4.70%
5 Bank of America Merrill Lynch 24.60 69 4.66%

Bookrunners of all EMEA ECM Issuance

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1 JPMorgan 9.98 67 9.69%
2 Morgan Stanley 9.41 44 9.13%
3 Goldman Sachs 8.72 45 8.47%
4 Citi 6.91 54 6.71%
5 UBS 5.28 29 5.12%