Deutsche to swap senior for sub in funding revamp
Deutsche Bank sold a new tier two on Monday while offering to buy back some of its non-preferred senior debt from investors. The liability management exercise will help the issuer adapt its balance sheet to a new regulatory environment amid Covid-19.
Deutsche was looking to launch an 11 year non-call six tier two in benchmark size.
It is only the second European bank to consider subordinated debt issuance during the coronavirus crisis, which began in early March.Royal Bank of Scotland led the way last Thursday, when it launched ...