Deutsche Bank looking to buy back several billion euros of bonds -FT
(Reuters) - Deutsche Bank AG (DBKGn.DE: Quote) is looking to buy back several billion euros worth of its debt in an effort to reverse the falling value of its securities, the Financial Times reported.
Deutsche Bank is expected to focus its emergency buyback plan on senior bonds, of which it has about 50 billion euros ($56.44 billion) in issue, according to the bank, the FT said.
The bank's move is unlikely to involve so-called contingent convertible bonds, the FT said, citing people briefed on the plan.
Deutsche Bank declined to comment when contacted by Reuters.
The Frankfurt-based bank's shares have fallen around 40 percent since the start of the year, leading a slump across the European banking sector. Its shareholders are worried about the ability of management to execute a two-year turnaround plan announced last October.
In an effort to calm investors, Deutsche Bank said on Monday it had "sufficient" reserves to make due payments this year on AT1 securities.
The bank's co-Chief Executive John Cryan wrote to employees on Tuesday, telling them they could reassure clients that the bank's capital position was "absolutely rock solid".
(Reporting by Sangameswaran S in Bengaluru)
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