Deutsche Bank Clings to Billionaires to Maintain a Rare Lead
- Icahn, Hernandez, Al Amoudi tap Deutsche Bank for financing
- Deals help bank top western European high-yield league table
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Deutsche Bank AG, the German lender losing market share across the world to its biggest rivals, has held on to a key group of clients: junk-bond billionaires.
The Frankfurt-based lender has sold 9.3 billion euros ($9.9 billion) of high-risk, high-yield bonds in western Europe since the start of 2016 for clients including billionaires Carl Icahn, Manuel Lao Hernandez, Mohammed Al Amoudi, Paul Coulson and Patrick Drahi, data compiled by Bloomberg show. The deals helped Deutsche Bank top the table for such bond sales on the continent even as it lost ground in other markets it used to dominate and its slice of trading revenue fell to the lowest since the credit crisis.