Commerzbank: kaput?

Credit of the month

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Guido Versondert
Barclays Capital

Underweight
What are your chances when you try to catch a falling knife? Looking at Commerzbank (A1 negative/A- negative/A negative), we fear that, in the short term, investors may still end up with more blood on their hands despite the recent support shown for the share price and bond spreads.

Is this a time to buy then? We believe not. Commerzbank’s volatile trading performance and modest financial profile urge caution. The implied equity volatility

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