Deutsche Bank led its second equity capital markets deal for Munich Re this month by selling €677m ($805m) worth of shares in Allianz, the German financial services group, after completing the German insurer's €4bn rights issue.

Shareholders took up 99.9% of their entitlement in the rights issue allowing Munich Re to shore up its balance sheet. Deutsche Bank was sole global co-ordinator of the offer which was also underwritten by UBS, Citigroup, Dresdner Kleinwort Wasserstein (DrKW) and HVB. Allianz, the owner of DrKW and HVB took up 20% of the rights offered.