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Banking

Awards for Excellence 2007: Best Credit Derivatives House

The firm has extended its credit derivatives activities way beyond the flow sectors, notably in an illiquids group that covers special situations and principal finance.

Awards for Excellence 

Deutsche Bank


Also shortlisted in this category:
Goldman Sachs
Citi

When asked how Deutsche’s credit derivatives business differentiates itself from the competition, Rajeev Misra, global head of credit trading and securitization, argues that no other bank has been as active in trying to create new opportunities. "We are using credit derivative technology in new industries, in project finance, in structured lending, film financing, life settlements and financing acquisitions," says Misra. "Which is why our revenues are up in credit derivatives by 50%. We are by a far margin the biggest revenue earner in credit derivatives on the landscape – we are not going to make a living by just doing flow derivatives, correlation and flow market making. We do that and we are number one or two in market share but we are not going to make billions in revenue doing just that."

More than a year ago, Misra established an illiquid credit division consisting of two main business lines: special situations and global principal finance. Between these two areas Deutsche has approximately 200 professionals using structured credit technology to provide solutions and create opportunities in a variety of non-flow sectors as diverse as Italian healthcare receivables, catastrophe risk, event-driven transactions and US insurance life settlements.


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