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Bond Market News
Deutsche Upgraded to A- by Fitch
July 4, 2023
Deutsche Bank was upgraded to A- from BBB+ by Fitch. The upgrade reflects the completion of Deutsche Bank’s restructuring initiated in 2019. In particular, the cost efficiencies achieved coupled with its revenue mix and business profile helped add to the upgrade. Deutsche now has a more stable and diversified business model with a “sound risk appetite, asset quality, funding and liquidity”. Deutsche’s earnings have improved with Fitch noting that its operating profit-to-RWA ratio has improved steadily to 1.5% in 2022 after having made losses in 2019. Also they expect its CET1 ratio to remain in line with management’s targets of about 13% in the next two years. Also its asset quality is said to be resilient and its conservative underwriting standards are expected to bode well for the German bank. They do note that the bank may be hit with some fines due to existing legal proceedings which “could result in reputational damage”.
Deutsche’s dollar perps were trading marginally higher with its 7.5% Perp up 0.3 points to 88.63, yielding 15.06% to its call date in April 2025.
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