Deutsche launches $1.5bn bond

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The Independent Online
DEUTSCHE BANK yesterday launched the largest-ever euro-dominated bond to help finance its takeover of rival Bankers Trust. The German bank said it was issuing a bond with a volume of 1.3bn euros ($1.5bn), convertible into stock in Allianz, the insurance company in which Deutsche Bank has a 9.4 per cent stake. If all the bonds were fully converted, Deutsche would reduce its Allianz stake by 1.7 per cent.

The announcement came as officials in the United States sought to delay the creation of the world's biggest bank. New York City Comptroller Alan Hevesi called on Monday for a delay in the merger until the Holocaust claims involving Deutsche Bank were settled. Edgar Bronfman, the president of the World Jewish Congress, said he believed the merger would not go through until restitution was made.