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2021-04-01

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Deutsche Bank Dodged $4 Billion Archegos Hit With Quick Sale

Firm was among those to help Bill Hwang make leveraged bets Hedge fund Mashall Wace was among the

Deutsche Bank Dodged $4 Billion Archegos Hit With Quick Sale

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At the time, other lenders had already started selling and the pressure was on Deutsche Bank to rid itself of the exposure or potentially get stuck with losses.</p>\n<p>One of the buyers was Marshall Wace, among Europe’s largest hedge fund managers, according to a person familiar with its role who asked not to be identified discussing a private transaction. The names of the others weren’t immediately available.</p>\n<p>Representatives for Deutsche Bank and Marshall Wace declined to comment.</p>\n<p>The $4 billion sale brings to almost $30 billion the known value of investments that have been liquidated in the messy unwinding of Archegos. The private investment firm, run by former Tiger Management star Bill Hwang, grew into a hidden colossus before collapsing almost overnight in one of the biggest margin calls in history.</p>\n<p>Bloomberg has reported that Archegos lenders led byCredit Suisse Group AGtried to broker some kind of standstill agreement with Hwang last week, seeking to untie positions without causing panic. But any agreement was elusive and the trades started to become public on Friday, triggering a selloff.</p>\n<p>Read how one shareholder seesArchegosas CreditSuisse‘wake-up call’</p>\n<p>Goldman Sachs Group Inc., Morgan Stanley andWells Fargo &amp; Co.dumped multibillion-dollar blocks of stock, in some cases through the weekend, to recover capital they loaned to Archegos. Deutsche Bank previously said it was able to de-risk its Archegos exposure and doesn’t expect to incur losses on the trades.</p>\n<p>Credit Suisse, however, expects a hit in the billions of dollars, people with knowledge of the matter have said, whileNomura Holdings Inc.has signaled it may lose as much as $2 billion. Analysts at JPMorgan Chase &amp; Co. estimate the Archegos blowup may cause as much as $10 billion of combined losses for banks.</p>\n<p>Shares of Credit Suisse tumbled 21% this week on concern over the size of its potential Archegos hit. Deutsche Bank is down 2.9%.</p>\n<p><i>— With assistance by Nishant Kumar</i></p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Deutsche Bank Dodged $4 Billion Archegos Hit With Quick Sale</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDeutsche Bank Dodged $4 Billion Archegos Hit With Quick Sale\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-01 08:44 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-03-31/deutsche-bank-dodged-4-billion-archegos-bullet-with-quick-sale><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Firm was among those to help Bill Hwang make leveraged bets\n\n\nHedge fund Mashall Wace was among the buyers in Deutsche sale\n\nDeutsche Bank AGsold about $4 billion of holdings seized in the implosion ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-03-31/deutsche-bank-dodged-4-billion-archegos-bullet-with-quick-sale\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/articles/2021-03-31/deutsche-bank-dodged-4-billion-archegos-bullet-with-quick-sale","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178704213","content_text":"Firm was among those to help Bill Hwang make leveraged bets\n\n\nHedge fund Mashall Wace was among the buyers in Deutsche sale\n\nDeutsche Bank AGsold about $4 billion of holdings seized in the implosion ofArchegos Capital Managementin a private deal Friday, helping it emerge unscathed from ascramblethat may cost some rivals billions of dollars.\nThe German bank executed the direct sale after Archegos defaulted on margin loans used to build up highly leveraged bets on stocks, people with knowledge of the matter said. At the time, other lenders had already started selling and the pressure was on Deutsche Bank to rid itself of the exposure or potentially get stuck with losses.\nOne of the buyers was Marshall Wace, among Europe’s largest hedge fund managers, according to a person familiar with its role who asked not to be identified discussing a private transaction. The names of the others weren’t immediately available.\nRepresentatives for Deutsche Bank and Marshall Wace declined to comment.\nThe $4 billion sale brings to almost $30 billion the known value of investments that have been liquidated in the messy unwinding of Archegos. The private investment firm, run by former Tiger Management star Bill Hwang, grew into a hidden colossus before collapsing almost overnight in one of the biggest margin calls in history.\nBloomberg has reported that Archegos lenders led byCredit Suisse Group AGtried to broker some kind of standstill agreement with Hwang last week, seeking to untie positions without causing panic. But any agreement was elusive and the trades started to become public on Friday, triggering a selloff.\nRead how one shareholder seesArchegosas CreditSuisse‘wake-up call’\nGoldman Sachs Group Inc., Morgan Stanley andWells Fargo & Co.dumped multibillion-dollar blocks of stock, in some cases through the weekend, to recover capital they loaned to Archegos. Deutsche Bank previously said it was able to de-risk its Archegos exposure and doesn’t expect to incur losses on the trades.\nCredit Suisse, however, expects a hit in the billions of dollars, people with knowledge of the matter have said, whileNomura Holdings Inc.has signaled it may lose as much as $2 billion. Analysts at JPMorgan Chase & Co. estimate the Archegos blowup may cause as much as $10 billion of combined losses for banks.\nShares of Credit Suisse tumbled 21% this week on concern over the size of its potential Archegos hit. Deutsche Bank is down 2.9%.\n— With assistance by Nishant Kumar","news_type":1},"isVote":1,"tweetType":1,"viewCount":477,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":8,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}