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Hedge funds seen targeting Deutsche Bank amid 'irrational' slide
By Giulia Morpurgo and Laura Benitez
Bloomberg News
Friday, March 24, 2023
Deutsche Bank AG shares fell and the cost of insuring its debt against default rose in sudden moves that some attributed to hedge funds seeking to profit from the broader turmoil roiling the financial industry.
The German bank’s shares fell as much as 15% before paring losses to end the day down 8.5% in Frankfurt.
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There was no clear trigger for the declines Friday. But hedge funds have turned their attention to Deutsche Bank in the wake of the collapse of Credit Suisse Group and three regional US banks. They’ve been ratcheting up their bets against the bank in the stock and credit-default swaps markets, said investors familiar with the matter, who weren’t authorized to speak publicly. ...
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