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Deutsche Bank Sells Another $1.5 Billion In Debt At Junk Bond Terms

We were surprised when, just after the close on Friday, Deutsche Bank announced it would issue $3 billion in five year paper carrying a nosebleeding coupon of 4.25%, and a spread of 300 bps over Treasuries. By issuing debt at such a high yield - indicatively 300 basis points is close to the average for highly-rated junk debt in dollars and more than twice the 143 basis points Deutsche Bank paid for similar notes in August 2015 - DB management confirmed it had liquidity concerns (the issue did nothing to help the bank's ailing capitalization).
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