Trade Deutsche's bonds against its CDS, suggests BNP
BNP Paribas' credit research team see an opportunity for a trade in Deutsche Bank's bonds and CDS
The premise is that an AT1 is roughly the same as sub debt. I find this doubtful. AT1s are more like fake equity.
There may be good reason for DB AT1 bonds to be cheap .... and they won't be fixed by shorting the sub debt.
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Comment by: Anonymous. Posted 9 years ago [2015-02-27 23:58:33]