Admittedly, nothing in the region of this morning’s UBS shocker, but worth flagging nonetheless. Deutsche bank joins the 2008 writedown league with a €2.5bn ($4bn) offering.
Shares down 3.2 per cent in pre market trading.
The interesting part though - the writedown is being taken on…
leveraged loans and loan commitments, commercial real estate, and residential mortgage-backed securities (principally Alt-A).
A running theme this Q1, we think. With one bank’s models marking down non-subprime assets by more than a token amount, others are sure to follow.
