Deutsche Bank is to make a more concerted push into the portfolio swaps market, so far the weakest area of its top-flight credit derivatives effort. The bank has combined its portfolio credit default swaps and asset repackaging businesses.

Deutsche's credit derivatives group is unique in including asset swaps, credit derivatives, repackaging and medium term notes (MTNs). The bank has developed a variety of distribution channels for pumping credit risk out of the banking system, from repackaged notes and default swaps to transformers that can turn credit default swaps into insurance policies. Deutsche now wants to build on the synergies between repackaging and portfolio swaps.