Deutsche Bank is deep in the process of selling its $1 billion CRE loan portfolio. Since the bank put it on the market in early August, they have received multiple bids.

"And so, in these things, you work through the bids and the bid packages, if you like," said James von Moltke, president, chief financial officer, and member of Deutsche Bank's management board during a fixed income call. "We have marked to the bid levels or where we think we can execute based on the bids." Moltke explained that the bank has taken €23 million in collateralized loan purchases in the third quarter and a total of €68 of CLPs in the U.S.

"On the CRE portfolio, it was approaching but not quite €1 billion that we put in the market," Moltke said during the separate earnings call the same day. "Of that, a little bit is sort of approaching 40% with Stage 3, and then the rest, a mix of performing in Stage 2. We were encouraged, frankly, by the pricing that we saw. And given how close the marks on the Stage 3 elements are to our bookings, we see that as encouraging and further evidence of our view that the commercial real estate has at least found a floor and is stabilizing. That transaction, incidentally, I hope we were clear, but we have not closed on that transaction, but we have now booked to where we think it leads us in terms of marks. So that's overall encouraging." Stage 3 means non-performing.