Deutsche Bank Payday Burgeons With Trading Bets Against Subprime Mortgages

(Bloomberg) -- Deutsche Bank AG analyst Eugene Xu
recognized a financial train wreck in the making two years ago
when he predicted ``quite probable'' losses from the least
creditworthy home loans in America's runaway property market.

Now Germany's largest bank is poised to reap a bonanza of at
least $270 million and as much as $540 million from a strategy
that enabled its traders to sell subprime mortgage loans with
derivatives contracts that appreciated as the U.S. housing market
suffered its worst slump in 16 years.


Read more at Bloomberg Bonds News

Deutsche Bank, JPMorgan Delay KKR Boots Loan Sale to Next Week, People Say

(Bloomberg) -- Deutsche Bank AG, JPMorgan Chase &
Co. and six more banks delayed selling 1.75 billion pounds ($3.6
billion) of Alliance Boots Plc loans until next week, bankers
involved in the deal said.

The underwriters extended today's deadline for investors to
buy the loans as the benchmark index for leveraged loans fell to
the lowest in at least nine months, said the bankers who
declined to be identified because the information is private.
Kohlberg Kravis Roberts & Co.'s bankers canceled plans earlier
this week to raise 5 billion pounds of lower-yielding senior
loans for Boots after investors snubbed the deal.


Read more at Bloomberg Bonds News

KfW Sells First Bonds Denominated in Thai Baht to Attract Asian Investors

(Bloomberg) -- KfW Group, the German government-
owned finance agency, sold its first bonds in Thai baht to
attract new investors in Asia.

Deutsche Bank AG arranged the sale of 3 billion baht ($100.8
million) of the three-year bonds to Thai pension funds, insurance
companies and banks, according to a press statement from KfW in
Frankfurt.


Read more at Bloomberg Bonds News

InterGen prices $1.875 bln high-yield bonds -source

(Reuters) - The size of the deal was reduced by $100 million, yields on
offer raised and pricing delayed from last week to Monday due to
the turmoil in the credit markets, where the benchmark Crossover
credit default swap index has risen 80 basis points in the last
week to 350 basis points.




Merrill Lynch, Lehman Brothers, Deutsche Bank and Barclays
Capital are managing the bond sale for InterGen, which has nine
power plants with 5,235 megawatts of capacity in five countries.


Read more at Reuters.com Bonds News

AstraZeneca seen frontrunner to buy Acadia drug

(Reuters) - LONDON, July 20 - AstraZeneca Plc is a frontrunner to buy rights to U.S-based Acadia Pharmaceuticals Inc.'s experimental schizophrenia drug pimavanserin, the Anglo-Swedish group's house broker said on Friday.



Mark Purcell, an analyst at Deutsche Bank, believes AstraZeneca is in a strong position to license the product, which is also known as ACP-103, in the second half of this year.


Read more at Reuters.com Mergers News

U.K. Stocks Decline, Paced by BHP Billiton, Lonmin; Tate & Lyle Rallies

(Bloomberg) -- U.K. stocks fell for a second day,
paced by BHP Billiton Ltd. after Deutsche Bank AG downgraded the
shares and metal prices retreated. Lonmin Plc dropped to a one-
month low.

Rolls-Royce Group Plc and Kelda Group Plc declined as
brokerages lowered their recommendations for the companies'
stocks. Reed Elsevier Plc dropped after it agreed to sell
Harcourt Education for $4 billion. Tate & Lyle Plc surged after
Goldman, Sachs & Co. said investors should buy the shares.


Read more at Bloomberg Stocks News

UPDATE1-Genpact sees $16-$18/share price band for 35.3 mln IPO

(Reuters) - Genpact is offering about 17.6 million shares in the IPO,
while some stockholders are offering the remaining shares, the
company said in an amended filing with the U.S Securities and
Exchange Commission.




Morgan Stanley, Citigroup, JP Morgan, Wachovia Securities,
Merrill Lynch & Co., Banc of America Securities, Credit Suisse,
Deutsche Bank Securities and UBS Investment Bank were
underwriting the IPO, Bermuda based Genpact said.


Read more at Reuters.com Bonds News

Rio Tinto said to be eyeing Alcan/Alcoa deal

(Reuters) - Rio has asked investment banks Credit Suisse and Deutsche Bank to advise it on a range of options, including a possible bid for Alcan, the sources said. A bid for Alcoa is also possible but less likely, they added.




Rio declined to comment, as did Credit Suisse. A spokesman for Deutsche Bank could not be reached.


Read more at Reuters.com Mergers News

UBS shake-up renews investment bank sale talk

(Reuters) - UBS abruptly replaced its CEO on Thursday night for unclear reasons, but the move followed the shut-down of its hedge fund business and the defection of dozens of top U.S. and European bankers who complained about the bank's unwillingness to commit more capital to leveraged finance.




UBS share gains over the past 18 months have also lagged those of European peers Credit Suisse and Deutsche Bank .


Read more at Reuters.com Mergers News

Treasury 10-Year Yield Is Back Above 5 Percent on Bond Risk, Manufacturing

(Bloomberg) -- Treasuries fell, pushing the 10-year
note yield back above 5 percent, as a measure of the perceived
risk of U.S. corporate bonds dropped and a Commerce Department
report showed factory orders fell less than forecast.

The yield on the benchmark note dropped yesterday below 5
percent for the first time in more than three weeks. The CDX
North America Crossover Index decreased for the first time in
five days after rising to a 10-month high yesterday, according
to Deutsche Bank AG. Stocks rose globally.


Read more at Bloomberg Bonds News

European Stocks Advance in Quarter; Total, Linde, Swatch Pace the Gains

(Bloomberg) -- European stocks headed for a fourth
consecutive quarterly advance on speculation companies will keep
increasing profit and takeovers will lift shares.

Linde Group and BASF AG led chemical makers higher on
expectations they may merge. Swatch Group AG rallied after
Deutsche Bank AG recommended buying shares in the watchmaker
because revenue and profit margins may increase. Total SA and
Royal Dutch Shell Plc as oil climbed to a 10-month high.


Read more at Bloomberg Stocks News

BAE Systems, CHC, ConocoPhillips, Mosaic, Playboy: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
today. This preview includes news that broke after exchanges
closed yesterday. Stock symbols are in parentheses after company
names. Share prices are as of 7:30 a.m. New York time.

BAE Systems Plc (BAESY US): Analysts at Citigroup Inc.,
Morgan Stanley and Deutsche Bank AG said yesterday's 7.8 percent
drop in UK-traded shares of Europe's largest defense contractor
was excessive. The shares fell yesterday after the company said
the U.S. Department of Justice is investigating whether the
company violated corruption laws in arms sales to Saudi Arabia.
BAE's ADRS, each worth four shares, fell $2 to $32.70 in regular
trading yesterday.


Read more at Bloomberg Stocks News

European Stocks Decline; France Telecom, Anglo American, GDF Lead Slide

(Bloomberg) -- European stocks declined for a third
day, led by financial shares and utilities, after the Bank for
International Settlements said central banks will need to keep
raising interest rates to quell inflation.

Deutsche Bank AG, Germany's largest bank, and French utility
Gaz de France SA paced the drop. France Telecom SA fell the most
in two weeks as the French government began selling shares worth
as much as 3.8 billion euros ($5.1 billion). Anglo American Plc
and Antofagasta Plc led mining companies lower after Cazenove
downgraded the stocks.


Read more at Bloomberg Stocks News

European Stocks Decline on Ifo Report; Arcelor, Julius Baer, Barclays Fall

(Bloomberg) -- European stocks dropped for a second
day after German business confidence fell more than economists
forecast in June.

Arcelor Mittal led metal producers lower after the world's
largest steelmaker said demand may slow. Julius Baer Holding AG
declined the most in a year after UBS AG sold its stake in the
Swiss Bank. Deutsche Bank AG and Barclays Plc paced a retreat by
banks on concern losses in the U.S. mortgage market may grow.


Read more at Bloomberg Stocks News

European Stocks Drop; Deutsche Bank, Tesco and Nokia Lead the Decline

(Bloomberg) -- European stocks fell the most in two
weeks as rising bond yields in the U.S. and Europe pushed banks,
insurers and retailers lower.

Deutsche Bank AG, Germany's biggest bank, and Brit Insurance
Holdings Plc paced the drop. Tesco Plc, the U.K.'s biggest
retailer, and Debenhams Plc also declined. Nokia Oyj, the world's
biggest maker of mobile phones, slid after Goldman, Sachs & Co.
cut its recommendation on the shares to ``neutral.''


Read more at Bloomberg Stocks News

Corporate Bond Risk Rises on Concern Over Bear Stearns Hedge Fund Losses

(Bloomberg) -- The perceived risk of owning
European corporate bonds rose the most in two weeks on concern
over losses at hedge funds run by Bear Stearns Cos.

Credit-default swaps based on 10 million euros ($13
million) of debt included in the iTraxx Crossover Series 7 Index
of 50 European companies increased 9,000 euros to 209,000 euros,
according to Deutsche Bank AG. The contracts are used to bet on
a company's ability to repay debt and an increase in the cost
indicates worsening perceptions of credit quality.


Read more at Bloomberg Bonds News

Treasuries Drop on Concern Housing Weakness Won't Weigh Down U.S. Economy

(Bloomberg) -- Treasuries fell for the first time
in four days on concern a slowdown in housing may not weigh on
the U.S. economy.

``The market just got overbought the past couple of days,''
said Gary Pollack, who helps oversee $12 billion as head of
fixed-income trading at Deutsche Bank AG's Private Wealth
Management unit in New York.


Read more at Bloomberg Bonds News

U.S. Treasury Notes May Decline; Deutsche, Lehman Drop Calls for Rate Cut

(Bloomberg) -- U.S. 10-year notes may fall after
signs of growth in the economy made Deutsche Bank AG and Lehman
Brothers Holdings Inc. drop forecasts for the Federal Reserve to
cut interest rates this year.

The firms announced their changes at the end of last week,
following an increase in 10-year yields to their highest in five
years. Yields, which move in the opposite direction as prices,
climbed as former Fed Chairman Alan Greenspan predicted they may
rise further.


Read more at Bloomberg Bonds News

Wynn Boosts Macau Casino Loan by 24 Percent to $1.55 Billion, People Say

(Bloomberg) -- Wynn Resorts Ltd. increased the size
of a loan for its casino in Macau, the world's biggest gambling
market, by 24 percent to $1.55 billion, said three people with
direct knowledge of the matter.

The company, controlled by billionaire Steve Wynn, boosted
borrowings from $1.25 billion after more than 50 banks and funds
offered to lend more than it sought, said the people, who
declined to be identified because details aren't public. Bank of
America Corp., Deutsche Bank AG and Societe Generale SA are
arranging the financing, they said.


Read more at Bloomberg Emerging Markets News