Flow Credit Trading

Flow Credit Trading is the cornerstone of Deutsche Bank’s Global Credit business. With industry leading expertise in market making and the valuation of credit, the business enables clients to meet their investment objectives and manage credit risk. Products traded include bonds, loans, claims and credit default swaps, ranging from the strongest investment grade issuers through high yield to distressed assets. The highly liquid iTraxx and CDX indices allow clients to gain exposure to a broad range of credits and are widely used as a benchmark to track credit spreads.

EU Credit Trading

The European Credit Trading business consists of Investment Grade (IG), High Yield (HY), Distressed Products & Loan trading desks. We act as market makers for clients in cash bonds, loans, claims and credit derivative, as well as index and index options. Primary responsibilities include market making, risk management, PnL/Risk review and sign-off, marking/pricing, managing client inquiry (both electronic and sales originated), creating trade ideas to manage inventory, as well as hedging through various instruments, including treasuries, interest rate swaps, equities, etc. The Index desk facilitates the client's credit positioning and hedging strategies, particularly with respect to Hedge Funds, Correlation Trading Desks and Counterparty Exposure Management desks. They also seek value in indices relative to moves in the equivalent single name credits, respond to macro-level developments and news, moves in both IG and HY credits, as well as seek relative value by positioning on-the-run and off-the-run indices with respect to their intrinsic value and hedge mismatches through the single name market.

US Credit Trading

The US Flow Credit Trading business consists of Investment Grade (IG), High Yield (HY), Distressed Products & Loan trading desks. We act as market makers for clients in cash bonds, loans, claims and credit derivatives, as well as index and index options. Primary responsibilities include market making, risk management, PnL/Risk review and sign-off, marking/pricing, managing client inquiry (both electronic and sales originated), creating trade ideas to manage inventory, as well as hedging through various instruments, including treasuries, interest rate swaps, equities, etc. The Index desk, facilitates the client's credit positioning and hedging strategies, particularly with respect to Hedge Funds, Correlation Trading Desks and Counterparty Exposure Management desks. They also seek value in indices relative to moves in the equivalent single name credits, responds to macro-level developments & news, and moves in both IG and HY credits. The business also has an Index Relative Value strategy in which we position on the run and off the run indices with respect to their intrinsic value and hedge mismatches through the single name market.  Electronic Trading of cash bonds has become a key strategy for the business, and we now offer around the clock trading of US Corporates, with an overnight US Corporates trader in Asia.

Convertibles Trading

Convertible Bonds Trading is a globally distinct business operating as a joint venture at the heart of both the Global Credit and Global Markets Equity Divisions. The team is global with desks in London, New York, Tokyo, and Hong Kong and the joint venture status gives the business a unique perspective on the markets and trading environment. The team has a leading market making and research franchise, reflected by consistently top tier rankings in client driven reviews and the popularity of the supporting website, www.dbconvertibles.com

Asia Credit Trading

Deutsche Bank's credit business in Asia is the market leader for the region. The desk makes markets in high yield, investment grade and local currency securities across all Asian markets. Managed out of Singapore, there are traders also domiciled in Hong Kong, Shanghai, Mumbai, Seoul, and Taipei to provide detailed local knowledge and coverage across bonds, loans and CDS. In addition, our Distressed Asset team based in Hong Kong  source and manage risk in NPL portfolios, single name assets and restructuring financings.

Japan Credit Trading

Japan Global Credit manages all the businesses and activities of Japan Credit , Strategic Investment Group, ABS Syndicate & Trading, Origination, Emerging Markets, Asset Finance & Leasing and Commercial Real Estate.

Japan Credit  (“JC”)
 Conducts proprietary and client transactions in domestic and foreign credit products including bonds (corporate, government and others), loans, other monetary claims, convertible bonds, equity, credit derivatives including credit default swaps, other derivatives and swaps.

Strategic Investment Group (“SIG”)
 Engages in investments in Japanese distressed assets, including loans, loan participation, and other monetary claims, conducts trading and investment in public securities, including bonds, credit default swaps and cash equities, and other ancillary businesses.
*SIG is a concurrent department in business function for DB AG Tokyo and DSI.

ABS Syndicate
Conducts trading and syndication of Asset Backed Securities and related activities for ABS and/or new issuance. Origination Conducts issuance, arrangement of a wide range of securitised and structured products backed by mortgage, consumer, business and other loans and credit. Also accesses the global investor base to utilise structuring and underwriting capabilities by conducting primary capital market issuance via public or private offerings, and provides rating advisory services in order to obtain or improve credit ratings.
* Origination is a concurrent department in business function for DB AG Tokyo and DSI.

Emerging Markets
Conducts structuring, marketing and trading of bonds, loans, receivables, trade receivables and indices etc, and related derivatives from emerging markets, as well as money lending business and intermediary business for other money lending or borrowing transactions.

Asset Finance & Leasing (“AFL”)
Engages in asset/equipment leasing business, lease arrangement business and related businesses, and the advisory thereof. Also engages in the advisory business in relation to renewable energy development, project finance for infrastructure development and related business, and other industries with financing needs. Furthermore deals with and arranges for bank loans/placement, and private security offerings.
* AFL is a concurrent department in business function for DB AG Tokyo and DSI.

Commercial Real Estate (“CRE”)
Provides advice on financing with regard to real estate, introduces financing and debt products secured by real estate, and related activities therein.
* CRE is a concurrent department in business function for DB AG Tokyo and DSI.

Pacific Credit Trading

Pacific Global Credit (Australia New Zealand) manages the activities of Credit (C), Securitised Product Group (SPG), Strategic Investment Group (SIG) covering Distressed Products Group (DPG), Leverage Debt Capital Markets group (LDCM) Commercial Real Estate (CRE).

Credit (C)
Credit has industry leading expertise in market making and the valuation of credit, the business enables clients to meet their investment objectives and manage credit risk. Products traded include bonds, loans, claims and credit default swaps, ranging from the strongest investment grade issuers through high yield to distressed assets. The highly liquid iTraxx and CDX indices allow clients to gain exposure to a broad range of credits and are widely used as a benchmark to track credit spreads.
                                                                                   
Securitised Product Group (SPG)
Conducts issuance, arrangement of a wide range of securitised and structured products backed by mortgage, consumer, business and other loans and credit. Also accesses the global investor base to utilize structuring and underwriting capabilities by conducting primary capital market issuance via public or private offerings, and provides rating advisory services in order to obtain or improve credit ratings.

Strategic Investment Group (SIG)
Engages in investments in Australian and New Zealand distressed assets, including loans, loan participation, and other monetary claims, conducts trading and investment in public securities, including bonds, credit default swaps and cash equities, and other ancillary businesses.

Commercial Real Estate (CRE)
Provides advice on financing with regard to real estate, introduces financing and debt products secured by real estate, and related activities therein.

Securitised Trading

Encompassing the EU and US Consumer ABS, Nonagency MBS, CDO Secondary and CMBS Trading businesses, Securitised Trading positioned itself as a leading market maker and a reliable liquidity provider on both sides of the Atlantic. The desk’s prudent risk management strategy has earned trust and respect among clients and fellow investment banks, while helping position DB a reputable and expert risk manager that is able to produce solid results during highs as well as lows of the economic cycle.

Contacts
For more information please contact your Deutsche Bank representative or email us

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Last Update: January 28, 2013
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