deutsche bank flexes financial muscle with mega bond buyback
Last Updated : GMT 07:56:49
Arab Today, arab today
Arab Today, arab today

Deutsche Bank flexes financial muscle with mega bond buyback

Arab Today, arab today

Arab Today, arab today Deutsche Bank flexes financial muscle with mega bond buyback

Deutsche Bank's logo on its headquarters building in Frankfurt
Berlin - AFP

Germany's biggest lender Deutsche Bank Friday flexed its muscle on Friday, launching a massive bond-buying programme to assuage concerns over the depth of its pockets.

The group said it would repurchase up to 4.8 billion euros ($5.4 billion) of its own outstanding bonds, adding that its liquidity position is comfortable enough to carry out the buyback.

The offer for bonds denominated in euros is worth up to 3 billion euros, while that for debt denominated in US dollars totals up to $2 billion.

The announcement sent the bank's shares shooting up 7.86 percent to 14.77 euros, outperforming the overall Frankfurt DAX index, which was up 1.89 percent.

The bank's stocks had already rocketed up more than 16 percent on Wednesday over speculation that it would repurchase bonds.

Friday's announcement marks a second offensive by the group to allay fears, after its new chief executive John Cryan took the unusual step earlier this week of issuing a public statement and writing to the group's employees to say that the bank "remains absolutely rock-solid, given our strong capital and risk position."

He also said that it has sufficient cash to pay its riskiest debts.

Separately, in Brussels, German Finance Minister Wolfgang Schaeuble also swiped aside concerns over the bank's health.

"Deutsche Bank is a strong bank and that's that," he told journalists on Friday, adding that there were "no worries" about the health of the financial institution.

It "has sufficient capital... we had taken  precautions to make banks resilient after the finance and banking crisis in 2007 and 2008," he said.

The entire European banking sector had lost about a fifth of their market capitalisation in January, dragged down by weakness in the eurozone economy and challenges facing banks from ultralow interest rates and regulatory pressures.

But Deutsche Bank has taken a bigger battering because it is also entangled in a web of legal woes. Its share price has plunged by a third since the beginning of the year.  

The bank faces a quagmire of as many as 6,000 different litigation cases, the provisions for which helped push it to a record loss of 6.8 billion euros last year.  

It was fined last May a record $2.5 billion for its involvement in rigging interest rates, and has faced probes by Swiss authorities for suspected price fixing on the precious metals market.

US investigators have also looked into its Moscow branch on suspicion of possible involvement in money-laundering.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

deutsche bank flexes financial muscle with mega bond buyback deutsche bank flexes financial muscle with mega bond buyback

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

deutsche bank flexes financial muscle with mega bond buyback deutsche bank flexes financial muscle with mega bond buyback

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Japanese regulators raid Airbnb

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Saudi, Bahrain target Iran

GMT 00:48 2017 Monday ,20 November

Saudi, Bahrain target Iran
Arab Today, arab today Europe turns on Facebook, Google

GMT 02:26 2017 Monday ,20 November

Europe turns on Facebook, Google
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Mona Abdel Ghany increased artistic activities

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 02:28 2017 Saturday ,18 November

Anti-drug operation nets 4 tonnes

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday