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09.10.26 - 18:12
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Christian Bittar has conviction for rigging interest rates quashed (The Guardian)
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Former City banker becomes eighth to clear their name, just days after five others were acquittedFormer City trader Christian Bittar has become the eighth person to have his conviction for rigging interest rates quashed, just days after five other former bankers also successfully cleared their names.Christian Bittar, who previously worked for Deutsche Bank, was convicted in 2018 of conspiracy to defraud. Continue reading......
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08.09.26 - 14:00
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The Bond Selloff Isn′t Fiscal Armageddon, It′s The End Of A Decade Of Financial Repression; Deutsche Bank (ZeroHedge)
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The Bond Selloff Isn't Fiscal Armageddon, It's The End Of A Decade Of Financial Repression; Deutsche Bank
Authored by Jim Reid, Deutsche Bank global head of macro research,
The latest global bond sell-off has revived the idea that markets are fretting over unsustainable public finances. As concerned as I am by this issue in the longer term, the recent bond market weakness at the moment should be seen more as a continuation of the long normalisation from the historic anomaly of the 2010s.
That was a decade of financial repression with central banks buying trillions in government debt, benchmark policy rates sitting near zero, and sovereign borrowing costs held down for years. Had you been on a desert island for a couple of decades, the level of yields today would look perfectly normal at the end of your sabbatical from the world, not at crisis levels.
At Deutsche Bank, our house view has consistently been in recent years that yields would rise due to heavy government issuance, the retreat of ...
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25.08.26 - 15:12
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US′s Iran Threat Risks Clash With China; Druckenmiller Criticizes Bond Plan|Bloomberg Brief 08/25/26 (Bloomberg)
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US equity futures rise after chipmakers rebound. US Treasury Secretary Scott Bessent's plans to isolate Iran risks heightening tensions between the US and China, Tehran's main trading partner. Billionaire investor Stanley Druckenmiller criticizes Bessent's plan to spend billions buying back US bonds. Canada is set to announce a range of measures to protect its workers and businesses from 50% US tariffs. Henry Allen of Deutsche Bank sees market risks on the upside amid a borrowing binge in the AI sector. (Source: Bloomberg)...
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06.05.26 - 16:21
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Treasury Refunding: No Changes To Auction Sizes; Bessent Keeps "At Least" In Forward Guidance (ZeroHedge)
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Treasury Refunding: No Changes To Auction Sizes; Bessent Keeps "At Least" In Forward Guidance
In our preview to this morning's Quarterly Refunding Statement, we said that we do not expect major changes and that, at most, the treasury might adjust its statement language to soften the forward guidance on possibly futures increase in coupon auction sizes with one likely change would be dropping “at least” while retaining the expectation for unchanged coupon sizes over “the next several quarters” (recall Deutsche Bank said it expects nominal coupon increases beginning in February 2027).
Overnight, JPMorgan agreed, writing that while the current auction calendar will leave Treasury well financed through FY27, "we do not think it will be adequate to meet the widening funding gap from FY27 and onward, and we continue to project a series of coupon auction increases beginning in February 2027." Accordingly, like DB, JPM also expected the Treasury to remove “at least?...
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21.04.26 - 08:42
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India Bond Clearing House Said to Apply for European Recognition (Bloomberg)
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India's sovereign debt clearinghouse sent an application to European authorities to be recognized as a permitted trading counterparty, according to people familiar with the developments, potentially paving the way for lenders like Deutsche Bank AG and BNP Paribas SA to trade bonds more easily in the country....
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