Deutsche Bank Set to Reap $1 Billion on Trader’s Freight Bet
- London distressed debt specialist Spehn led investment in Zim
- Israeli firm was listed in January as shipping rates soared
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Mark Spehn couldn’t join billionaire Idan Ofer at his seaside villa north of Tel Aviv for a June 8 party to mark the initial public offering of Zim Integrated Shipping Services Ltd. But the 35-year-old Deutsche Bank AG trader still had much to celebrate from his desk in London.
Spehn’s long-shot bet on the once-distressed Israeli shipping company has put the German lender on track for one of its biggest wins since its “Big Short” trades against U.S. subprime securities more than a decade ago. With the world’s 11th-largest container shipping carrier now riding the wave of record-high freight rates, Deutsche Bank’s potential windfall could climb to almost $1 billion.