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FINANCIALS: Deutsche: BAFIN Reports Appear Immaterial To Spreads

FINANCIALS

Deutsche Bank (DB: Baa1/BBB/A-) reported as failing to correctly report some DTAs – appear immaterial, in our view.

  • BBG is reporting this is simply the failure to adequately disclose some deferred tax assets (DTAs) relating to its US business, in the appendix to the 2019 financial report. Reported amount: EUR2.08bn.
  • DTAs aren’t allowable for regulatory capital anyway, so this doesn’t appear to be material from a credit perspective, we feel.

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