Deutsche Bank looking to buy back several billion euros of bonds -FT
Reuters
Published Feb 09, 2016 04:59PM ET
Updated Feb 09, 2016 05:10PM ET
Deutsche Bank looking to buy back several billion euros of bonds -FT
(Reuters) - Deutsche Bank AG (DE:DBKGn) is looking to buy back several billion euros worth of its debt in an effort to reverse the falling value of its securities, the Financial Times reported.
Deutsche Bank is expected to focus its emergency buyback plan on senior bonds, of which it has about 50 billion euros ($56.44 billion) in issue, according to the bank, the FT said.
The bank's move is unlikely to involve so-called contingent convertible bonds, the FT said, citing people briefed on the plan.
Deutsche Bank declined to comment when contacted by Reuters.
The Frankfurt-based bank's shares have fallen around 40 percent since the start of the year, leading a slump across the European banking sector. Its shareholders are worried about the ability of management to execute a two-year turnaround plan announced last October.
In an effort to calm investors, Deutsche Bank said on Monday it had "sufficient" reserves to make due payments this year on AT1 securities.
The bank's co-Chief Executive John Cryan wrote to employees on Tuesday, telling them they could reassure clients that the bank's capital position was "absolutely rock solid".
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.