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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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FINANCIALS: Deutsche: Postbank News Positive But Rather Small (+10bp of CET1)
Deutsche Bank (DB: Baa1/BBB/A-) statement appears much more positive than BBG headlines imply. Part settlement agreed over Postbank, deal means a EUR430m addition to 3Q24 results, around 10bp of CET1 capital. Too small to move spreads much, in our view, but a positive (not negative!).
- Settlement reached with 60% of claims class over Postbank takeover which is set to consume only 45% of the total provisions already made by the group.
- Remaining provisions relating to these specific plaintiffs will therefore be released, meaning a EUR430m positive for the 3Q24 results.
- 3Q24 consensus pre-tax is around EUR1.8bn, so this is a meaningful figure but, obviously, a one off. It’s only c.1% of CET1 capital so notionally lifts the CET1 ratio by just 10bp.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.