杠杆融资金字招牌褪色：德银(DB.US)市场份额缩水至3.6%，年内排名跌出全球前五

Core Viewpoint - Deutsche Bank is losing its competitive edge in leveraged financing transactions, struggling to maintain market share and facing challenges in recent debt underwriting efforts [1][4] Group 1: Market Position and Performance - Deutsche Bank's market share in leveraged financing has dropped to eighth place, controlling only 3.6% of global transactions, down from a peak of 9% in 2014 [1] - The bank's revenue trajectory is declining, with projected income for the first half of 2025 in Europe expected to plummet by 35% to €74 million ($86 million), and a 27% decline in the U.S. market to $145 million [5] Group 2: Strategic Challenges - The decline in Deutsche Bank's leveraged financing business is attributed to multiple factors, including strategic retrenchment under CEO Christian Sewing, regulatory pressures, and a changing market landscape [6] - The scarcity of merger and acquisition transactions has led to a reduction in high-fee projects, while the current focus on debt restructuring is not aligned with management's interests [6] Group 3: Talent and Leadership Issues - The bank has experienced significant talent loss, with key executives leaving for competitors, which has further weakened its position in the leveraged financing market [6][7] - Deutsche Bank is actively working to fill vacancies, having recruited talent from other financial institutions to bolster its capabilities [7] Group 4: Recent Transaction Challenges - The recent underwriting of a $4.3 billion debt for Apollo Global Management's acquisition of International Game Technology faced investor reluctance, forcing the bank to improve terms to close the deal [1] - Other challenging transactions include a $1.2 billion high-yield bond for Mohegan Tribal Gaming Authority and difficulties in placing loans for 1440 Foods and Oyo Hotels [8] Group 5: Future Outlook - Despite recent challenges, Deutsche Bank's CFO emphasized the strategic importance of the leveraged debt capital markets (LDCM) business, indicating ongoing investment in this area [8]