Deutsche Bank’s Latest Capital Raising Won’t End Its Problems
Deutsche Bank has finally admitted – to no-one’s surprise – that it needs more capital. It has announced plans to raise 8 billion euro of new Core Tier 1 equity capital. Although everyone knew Deutsche Bank was short of capital, this admission is nevertheless somewhat embarrassing. Only last year, Deutsche Bank raised 3 billion euro with a rights issue and claimed that no further capital would be needed. Yet recently it announced plans to raise up to 1.5 billion euro of “additional capital” – debt which can convert to equity if CET1 falls below an agreed level. Now it seems even more of the best quality capital is needed as well.
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