The world's best credit bond house
Awards for Excellence 2002
Deutsche Bank dominates the European credit market. But it is for the progress that it has made in credit markets outside Europe over the past 12 months, as much as for its all-round strength in Europe, that the bank wins the credit bond house award this year.
In North America, Deutsche has used its powerful structured credit and credit derivatives business to lead its drive into the US credit market generally and begin challenging the bulge-bracket firms on their home turf.
Although there is still some way to go, it has made impressive progress in asset-backed securities in particular - having hired a team from CSFB - and is gradually making its way up the league table for vanilla debt new issuance in the US market.
Over the past 18 months, Deutsche has led a domestic US or global US dollar transaction for 12 out of the top 15 most active, highest-volume corporate issuers in the US. In 2001, it won first-time bookrunning assignments in US dollars for 25 North American issuers, compared with just seven in 2000.
By its own calculations - combining a mix of business areas comprising structured credit, primary ABS, primary and secondary corporate debt, and secondary ABS - Deutsche has risen over the past year from twelfth position to fifth in the US.