Deutsche covered innovation to inspire copycats

By Bill Thornhill
31 Oct 2019

Deutsche Bank will meet investors next week to market a structured covered bond, people familiar with the deal told GlobalCapital on Thursday. The bank will enjoy a material reduction in the cost of funding compared with senior preferred debt and will still be able to offer investors a big pick-up to Pfandbriefe, meaning the innovative deal has already sparked widespread interest from rival issuers and investors alike. Bill Thornhill reports.

Deutsche will see investors next week for its structured covered bond, rated Aa2/AA with Moody’s and DBRS. Investors will have recourse to Deutsche Bank and to SCB Alpspitze UG, which is the guarantor that owns the mortgage assets.

As a covered bond, the deal will still offer the ...

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