The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Deutsche joins the credit index-linked investment fray

Exchange traded funds

Deutsche Bank is the latest entrant to the growing market for European credit index-linked investment products.

Following the launch in March of JPMorgan's Jeci instrument and Morgan Stanley's Euro Tracers, Deutsche has unveiled its own innovation - the Xavex Dynamic Bond Portfolio Fund.

The exchange-traded fund, which has a five-and-a-half-year life and is initially being marketed to German private investors, is the first product of its kind to be based on the indices of the iBoxx consortium. It will be listed on the Deutsche Börse on May 22.

Whereas the JPMorgan and Morgan Stanley products were based on the banks' own credit market indices, Deutsche believes that the perceived independence and transparency of the iBoxx indices will give its instrument added credibility.

iBoxx is owned by eight banks - ABN Amro, Barclays Capital, BNP Paribas, Deutsche Bank, Dresdner Kleinwort Wasserstein, Morgan Stanley and UBS Warburg - as well as Deutsche Börse.

"iBoxx is a multi-contributor, independent pricing source," says Michele Faissola, global head of OTC derivatives at Deutsche Bank. "Compared with any other index out there, there is basically no risk of manipulation."

Dominant iBoxx

Of the eight indices that make up the Dynamic Bond Portfolio Index, five are Deutsche's - covering corporates and emerging markets.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree