Tuesday , August 3 2021

Deutsche completes bond buyback, says investor mood up

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Frankfurt / AP

Deutsche Bank says it has completed a buyback of euro-denominated bonds aimed at demonstrating its financial strength after violent swings in the bank’s share price.
The bank said investors had offered to sell only 1.75 billion euros ($1.92 billion) worth of bonds under the bank’s bid to repurchase 3 billion euros of them. Of that, Deutsche Bank accepted 1.27 billion euros worth that met the price conditions.
It said Tuesday that the low investor participation “reflects the improving market sentiment and an investor preference to retain exposure to Deutsche Bank.” The bank saw a sharp drop in its share price after it announced Jan. 28 a 6.8 billion euro ($7.5 billion) loss for last year, amid broader concerns about European banks. Its shares were little changed Tuesday at 15.76 euros.

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