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S&P Credit Research577 word report
published Dec 17, 2008
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S&P Credit Research
| Abstract: | FRANKFURT (Standard&Poor's) Dec. 17, 2008--Standard&Poor's Ratings Services commented on the decision by Deutsche Bank AG (AA-/Negative/A-1+) not to exercise its call option on €1 billion of subordinated (lower Tier 2) notes maturing in January 2014 despite an interest-rate step-up. Deutsche Bank's decision demonstrates that issuers have the option to redeem callable regulatory capital instruments, but that there is no obligation to do so. The rating on this instrument is 'A+'. Standard&Poor's does not include this lower Tier 2 dated subordinated debt instrument in its measures of bank capital, although it does add to regulatory capital measures which Standard&Poor's also monitors. Generally speaking, one of the features of equity is permanence, and equity-like
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| Brief Excerpt: | RESEARCH Ratings Definitions S&P Comments On Deutsche Bank AG's Decision Not To Call aé¼1 Bil. Subordinated Notes Publication date: 17-Dec-2008 Primary Credit Analyst: Bernd Ackermann, Frankfurt (49) 69-33-999-153; bernd_ackermann@standardandpoors.com...
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| Report Type: | News
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| Ticker: | DBK@GR
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| Issuer: | Deutsche Bank AG
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| GICS: | Diversified Capital Markets (40203030)
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| Sector: | Global Issuers, Public Finance, Structured Finance
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| Country: | Germany
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| Region: | United States
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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