DTC received notification from Deutsche Bank Trust Company America, the MMI issuing/paying agent for OVERSEA-CHINESE BANKIN (OVR*), Deutsche refuses to pay maturity presentments for this issuerโs institutional certificate of deposit.
- Certificates of Deposit (CDs) are time-bound deposit accounts held at banks that typically offer a fixed interest rate in return for keeping the money deposited for a set period.
- Deutsche Bank Trust Company America is acting as an MMI (Money Market Instrument) issuing/paying agent.
- As a paying agent, it is responsible for handling payments of interest or principal on behalf of the issuer (OVERSEA-CHINESE BANKIN).
- Deutsche Bank's refusal to pay maturity presentments means it is not honoring the payments due at the maturity of these CDs.
- What sort of creditworthiness, legal disputes, or operational issues is Deutsche aware of that prevents them for honoring these payments?
TLDRS:
- Deutsche Bank Trust Company America is acting as an MMI (Money Market Instrument) issuing/paying agent and refusing to pay OVERSEA-CHINESE BANKIN's maturing certificate of deposits.
- What sort of creditworthiness, legal disputes, or operational issues is Deutsche aware of that prevents them for honoring these payments?
- Are they both financially stable?
- Ruh-roh?
