Deutsche Bank’s swaptions trading with US retail funds soars

Counterparty Radar: Space grows 6% in Q1 as Citi’s book of business also surges


The notional value of Deutsche Bank’s swaptions trades with mutual funds and exchange-traded funds leapt 154% in the first quarter of the year to $16.7 billion – an expansion propelled by a boom in the lender’s business with fixed income goliath Pimco.

The value of swaptions trades between Deutsche and Pimco quadrupled from $3.5 billion in Q4 2022 to $14 billion in Q1.

Dealers were competing for a larger pool of US retail fund transactions by value over the quarter, with the total amount of

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