Deutsche Bank shares tumbled on Friday after the cost of insuring the bank's debt against the risk of default shot to more than four-year highs, highlighting concerns among investors about the stability of Europe's banks.
A worker walks past Deutsche Bank offices in London, Britain, March 16, 2023. REUTERS/Toby Melvilletumbled on Friday after the cost of insuring the bank's debt against the risk of default shot to more than four-year highs, highlighting concerns among investors about the stability of Europe's banks.
On Thursday, Deutsche CDS had their largest one-day gain on record, based on Refinitiv data. But they remain well below highs of close to 300 bps logged during the euro zone debt crisis in 2011.on Friday, reflecting investors' reluctance to carry any risk on their portfolios going into the weekend. "We have no concerns about Deutsche's viability or asset marks. To be crystal clear - Deutsche is NOT the next Credit Suisse," a report from Autonomous, an independent researcher, said.
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