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.

Best asset backed securities house

Deutsche Bank

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.

So the bank got hold of its chequebook and lured away most of CSFB's highly successful US asset-backed team, co-headed by Jorge Calderon and Phil Weingord.

Soon afterwards Calderon was promoted to global head of debt capital markets, and Weingord assumed full responsibility for asset-backed. Three years on it has become one of the predominant global ABS houses.

There aren't many of them. Only Citigroup and JPMorgan could join Deutsche in claiming to have a broad franchise across the major asset classes in both the US and Europe.

The real battle has been between Citigroup and Deutsche Bank in terms of market share and leadership in innovation. Deutsche beats its rival in large part because of its European operations, where it is active in more countries and in more asset classes, and has been the chief structurer of more deals.

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