Deutsche Bank
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◆ New rate cycle begins at last ◆ Can Deutsche Bank avoid being overtaken by UniCredit? ◆ Carmakers in trouble ◆ The DLT help no one wanted -
UniCredit’s raid to buy 9% of Commerzbank gives Deutsche three choices — all unattractive. But one is clearly less bad than the others
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◆ Issuer sells euro bond on FOMC day ◆ Screen pricing ‘makes little sense’ ◆ Other comps helped price discovery
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New posts created as bank grows investment banking
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◆ Supra concludes $2.4bn task ◆ Next year target could grow 25% ◆ Recent capital increase to double funding size over time
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◆ Development bank closes in on annual funding target ◆ Moving swap spreads a common consideration ◆ IDB Invest appears alongside sister organisation
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◆ Transaction ‘complements’ short end sterling trend ◆ Development bank prices flat to curve ◆ A book size ‘which you don’t see every day in the sterling market’
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A busy pipeline is forming in the SSA market as the EU preps its next scheduled transaction
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◆ Spreads too good for banks to regret issuing ◆ One of the busiest September starts in US FIG ◆More than a dozen foreign banks print over $27bn in just three days
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Conflict of interest is early test for Deutsche Numis and illuminates nature of broking relationships
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◆ Missing fast money causes problems ◆ Fair value is a moving target ◆ SEK sails through with no-grow
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◆ Last dollar benchmark of 2024 is a five year ◆ Spread tightened despite tight start ◆ ‘Very strong print’ at a ‘carefully chosen spot’
