Foreign Banks Up Huge After Deutsche Bank Upgrade - BBVA (NYSE:BBVA), Deutsche Bank (NYSE:DB)

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Shares of Deutsche Bank AG (NYSE: DB) spiked higher on Wednesday following a report that the bank is considering buying billions of euros worth of its senior bonds.Deutsche Bank's stock was also boosted by an upgrade to Hold from Sell from Nord/LB. The In a report published on Wednesday, Michael Seufert of Nord/LB noted that the German-based bank recently announced that it is able to pay the interest on its subordinated convertible bonds in 2016 and 2017. As such, the company has a "robust" financial position.Seufert acknowledged the drastic decline in Deutsche Bank's stock over the past few weeks and suggested that the current environment for banks is not ideal. However, the analyst added that he sees no reason for a systemic financial crisis as the company is more capitalized and its balance sheet risks are well diversified.Seufert also pointed out that Deutsche Bank's Euro-listed equity recently tested multi-year lows of 14.50 euro which represents a discount to the bank's tangible book value per share of 37.90 euro.Deutsche Bank's upgrade helped boost other foreign banks. UBS Group AG (NYSE: UBS)' stock was trading higher by more than 4 percent while Banco Bilbao Vizcaya Argentaria SA (NYSE: BBVA) were higher by nearly 3 percent.Royal Bank of Scotland Group PLC (NYSE: RBS)'s stock were also trading higher by more than 2 percent.

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