Deutsche Bank's credit franchise has gone from strength to strength in the past year. It has long been dominant in the European credit market and elsewhere it has been building on its initial strengths in structured credit and credit derivatives. Now, though, its strategy for making an even bigger impact, particularly in the US debt markets, is reaping dividends.
Deutsche's leadership in primary European debt capital markets overall is unquestionable this year. In euro-denominated issuance overall it comes top, with 9.78% market share, and in the European credit markets its lead is even more impressive. In the European corporate market year on year it has a 12% market share. "In Europe, we are proud of the fact that we are maintaining our position at the top of the table," says Jorge Calderon, global head of debt capital markets at Deutsche Bank. "People call us asking us to be bookrunners because of our strong reputation in the market."
Calderon is also proud of the innovation that Deutsche has achieved for issuers in Europe this year. For example, it issued the first hybrid capital transaction for a corporate in June for Linde. Alongside its structured and credit derivatives business, its reputation in Europe for credit research is another strength.