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Deutsche Bank in large buyback
12 Feb 2016 18:06
Germany's biggest lender Deutsche Bank said today it would repurchase up to €4.8 billion in bonds, adding that its liquidity position is strong enough to buy back the debt.
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The offer for bonds denominated in euros is worth up to €3 billion, while that for debt denominated in US dollars totals up to $2 billion.
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Stocks in Deutsche Bank had rocketed up more than 16% earlier this week over speculation of the massive bond repurchasing programme, seen as muscle flexing to assuage concerns over its financial strength.
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Today's announcement marks a second offensive by the group to allay fears.
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Its new chief executive John Cryan took the unusual step this week of issuing a public statement.
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He wrote to the group's employees to say that the bank "remains absolutely rock-solid, given our strong capital and risk position."
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The entire European banking sector had lost about a fifth of their market capitalisation in January, dragged down by weakness in the euro zone economy and challenges facing banks from ultralow interest rates and regulatory pressures.
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