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Deutsche Bank Is
Allowed Back Into the High-Risk Club
After a six-year hiatus, the German lender is going into
the deep end of fixed-income risk. That’s a vote of confidence — of sorts.
Deutsche Bank AG is
back — at least if its ability to sell the riskiest type of debt is a yardstick.
After a
six-year hiatus marked by a flirtation with collapse, billions of euros of losses, multiple management
changes and its biggest restructuring in decades, Deutsche is going into the deep end of fixed-income
risk: a benchmark perpetual bond (known as an AT1, or CoCo bond). Investors’ insatiable hunt for yield
and the lender’s own green shoots of recovery have allowed the former basket case of European banking to
tap a market that was all but off-limits for years. The German behemoth appears to be exiting intensive
care, though a full recovery is not a given.