Deutsche Bank was forced to redeem a Eu2.8bn exchangeable into Swiss pharmaceuticals giant Novartis this week, following an unexpected change in accounting regulations.
The introduction of a new rule by the Financial Accounting Standards Board over the treatment of hedging practices rendered the Eu3.2bn exchangeable unattractive for Novartis.
Novartis structured the trade through Deutsche ...Please take a trial or subscribe to access this content.
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