What’s all the fuss about Deutsche Bank?.
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Not only was the year of the trader, but it also heralded the recovery of commodity merchants such as Olam and Noble after what had been a difficult few years. Now they are back, re-capitalised, re-energised and…re-RCFised. TXF Data has been collecting export finance and commodity finance deals via its Tagmydeals portal since , with datasets from and now having sufficient critical mass to provide meaningful indicators of the state of the market.
It is for this reason that Deutsche Bank has supported Tagmydeals from inception and using it to conduct market analysis. Admittedly, the database cannot be entirely comprehensive — it is hardly going to attract counterparties of bilateral deals to share their transactions — but it does hold a mirror mainly to the announced, syndicated or club deals that would always be in the public domain.
And that mirror is reflecting an increasing trend of commodity trading houses dominating the bank borrowing league tables, underlining their systemic importance to the industry and their close relationship with the commodity banking sector.
And this means having a wider source of liquidity, and for traders that are not listed on stock exchanges this will more often than not take the form of debt finance — although the large quoted houses also gravitate to large borrowings in preference to equity dilution. Falling commodity prices have understandably raised questions about sources of loan repayments. This is very important for banks when making decisions when assessing the overall risks of a deal. The prices collapsed at the end of , they had too high costs and a low sales price, but cut costs all year.
By the cost base is quite low, but the price starts going up, so profitability improved substantially and the outlook gets better for a lot of them. This does explain why the data reveals a number of borrowers who borrowed in that did not in The prices went up, but some were challenged on the low prices through A big chunk of the deals from very well-established traders were unsecured, in the form of revolving credit facilities RCFs — such was the confidence of their bankers.
And although was generally tough in commodities, it can be seen that traders borrowed more in than they did in Figure 3 demonstrates how producers were ahead of the traders when it came to RCFs in , but scaled these back compared with the traders in Commodity pricing is easily discovered. There are established patterns of trade and market norms. Production, shipping, storage and even processing and consumption are all matters of record.
He adds that the bank has never gone after volume in the commodities business. Deutsche Bank is a TXF partner at this event. In order to edit preferences we need to send you a confirmation email. Please enter your registered email address below. I agree, that by registering on this website, Deutsche Bank AG, Global Transaction Banking will use my details for sending me newsletters, white papers and invitations which may be of my interest.
Yet, the picture has changed of late; the dollar has started to rally. European sovereign risk has reemerged, uncertainty around the end of QE-2 and a softening in global growth data now loom large in the minds of market participants. Despite many events been binary in outcome in the coming months, we still outline our favorite trades for the summer months and beyond. To view full report please click here. Deutsche Bank Group Contact. Home Foreign Exchange dbFX.
Benefits of Forex Trading with Deutsche Bank: Tight spreads from as low as 1. Quality execution in all market conditions. Real-time foreign exchange news and market commentary.
For starters, Deutsche Bank kicked off the year by announcing a record loss of 6. You know, the ones that had a big role in the financial crisis.