A £200 million deal doesn’t sound that impressive, certainly not impressive enough to justify a global award. But the deal, a subordinated issue at the end of May for US credit card company MBNA, sums up the progress Deutsche Bank has made in recent years.
Just three years ago Deutsche was something of an also-ran in the asset-backed securities market. It had a decent franchise in Europe, though one rather dependent on self-issuance, while its US operation was little more than a niche player.
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