Deutsche Bank

Awards 2005

Deutsche Bank's structured-bond-stripping programme in Taiwan may not be the most profitable or sophisticated deal the bank has made in the past 12 months, but its value is apparent from a wider perspective. Other than being the first transaction aiming to ease Taiwan's bond-fund liquidity crisis to win regulators' approval and be implemented in early 2005, Deutsche Bank's 'interest only, principal only' (IO, PO) strip-bond structure has become the industry benchmark that competitors have so