Deutsche Bank Buys Its Bonds As Questions Mount Over Bank's Future

As the price on Deutsche Bank credit default SWAPs soared, dramatically raising the cost of insurance backing the bank’s debt, the private company announced it was re-purchasing its own bonds, a move that re-assured markets at least for now. But what was really behind the moves this week, including the bank’s oddly shaped announcement the firm was “absolutely rock solid”? Interestingly, top UK hedge fund manager Crispin Odey addresses this question in a new note sent to investors. As ValueWalk tweeted a few minutes ago: WPW = Odey Jan letter: $DB now has its CDS trading at 4% over Libor….