Investors urge Deutsche not to ‘do a Santander’

By Tyler Davies
13 Feb 2020

Deutsche Bank secured a remarkable comeback this week with its first additional tier one transaction in nearly six years. But investors are now asking themselves whether the German lender’s next move in the asset class will be to extend the life of one of its outstanding bonds, writes Tyler Davies.

Deutsche Bank’s$1.25bn 6.25% AT1, issued in 2014, reaches its first call date on April 30.

Just a few months ago, market participants felt sure that the issuer wouldn’t exercise the call option on the instrument.

But things have moved on quickly in the capital markets this ...

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