Deutsche Bank shares, which have lost more than a fifth of their value so far this month, fell by as much as 9.1% on Friday to just shy of Monday’s five-month lows
Deutsche Bank shares tumbled on Friday after the bank’s credit default swaps that insure against default shot to a four-year high, highlighting concerns among investors about the overall stability of Europe’s banks.
Deutsche shares, which have lost more than a fifth of their value so far this month, fell by as much as 9.1 per cent on Friday to just shy of Monday’s five-month lows. The shares were last down 8.7 per cent at 8.525 euros . Some of Deutsche Bank’s bonds meanwhile sold off too. Its 7.5 per cent Additional Tier-1 dollar bonds fell nearly 3 cents to 72.868 cents on the dollar, pushing the yield up to 24 per cent. . That yield is more than double what it was just two weeks ago, based on Tradeweb data.
“The fallout from the wipe out of AT1 bonds in the CS rescue has raised questions about a key part of bank funding, which makes the problems DB has been facing that much more difficult to overcome,” Cole said.
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