Deutsche redeems Powershares ETNs
Deutsche Bank will redeem all outstanding Powershares DB Crude Oil Double Long exchange-traded notes (ETNs), according to a statement issued by the bank on September 1.
Limitations imposed by the New York Mercantile Exchange on which Deutsche Bank manages the exposure of the ETNs have resulted in a 'regulatory event' as defined in the terms of the notes, forcing Deutsche to redeem.
The bank said that it would provide notice of this redemption on September 9. The repurchase value of the notes will be determined on the date the notice is given. Payment of the repurchase value will be madeon the third business day following the notice date.
Daily repurchases at
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