Deutsche Bank won a $38 million portfolio auctioned off by Allstate as the market digested a couple of portfolio sales. The cover bid for the Allstate sale was 101.24. One trader said Allstate was looking to unload the paper before year-end. Officials at Allstate and Deutsche Bank declined comment. A seller was also rumored to be looking to offload an $83 million portfolio of 70 loans split between par and stressed names last week, said traders. LMW incorrectly identified Franklin Advisers as the seller (LMW, 12/7). A Franklin spokeswoman stated that Franklin did not conduct an auction.
Deutsche Bank Wins Allstate Portfolio