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Deutsche Bank announces bond buyback | Deutsche Bank announces bond buyback |
(about 1 hour later) | |
Deutsche Bank has announced that it is to buy back more than $5bn (£3.5bn) of its own debt. | Deutsche Bank has announced that it is to buy back more than $5bn (£3.5bn) of its own debt. |
It is buying €3bn (£2.3bn) of euro-denominated bonds and $2bn of dollar-denominated ones. | It is buying €3bn (£2.3bn) of euro-denominated bonds and $2bn of dollar-denominated ones. |
Rumours on Wednesday that it was about to buy the debt sent Deutsche Bank's shares soaring. | Rumours on Wednesday that it was about to buy the debt sent Deutsche Bank's shares soaring. |
The confirmation on Friday gave the shares a bit of a boost, although they had already been up by about 10% earlier in the day. | The confirmation on Friday gave the shares a bit of a boost, although they had already been up by about 10% earlier in the day. |
Deutsche Bank said that it had the resources to make the purchases without changing its funding plans. | |
"The bank's strong liquidity position allows it to repurchase these securities without any corresponding change to its 2016 funding plan," it said. | |
The buyback has been taken as a signal of the bank's robustness. | The buyback has been taken as a signal of the bank's robustness. |
On Friday, German Finance Minister Wolfgang Schaeuble brushed aside concerns about the bank, whose shares fell to a 30-year low earlier in the week, saying Germany's largest lender was "strong". | |
"Deutsche Bank has enough capital," Mr Schaeuble said. | |
The shares fell 13% on Monday and Tuesday, despite assurances from the bank that its balance sheet was "rock solid". | The shares fell 13% on Monday and Tuesday, despite assurances from the bank that its balance sheet was "rock solid". |
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