German banks in mezzanine finance row

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An unseemly row involving some of Germany's biggest banks is threatening to overshadow the development of the country's market for mezzanine finance.

According to Deutsche Bank and others, the market's leading product – HVB's Preferred Pooled Shares (Preps) – does not work as it should. HVB says that the criticism is an attempt to shake its grip on the market by rivals that are due to launch their own products this year.

"These attacks are being made for emotional reasons, not rational ones,"

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