Deutsche Bank Is Losing Its Edge in Leveraged Finance Deals

When Deutsche Bank AG tried to sell $4.3 billion in debt for a private equity firm buying two gambling companies, investors weren’t enthused.

The German bank ended up having to sweeten terms to get it done, offering better pricing for investors and adding features that protect them if things go wrong.

That deal — to support Apollo Global Management Inc.’s purchase of an International Game Technology Plcdivision alongside gambling machines company Everi Holdings Inc. — is not the only leveraged-finance transaction Deutsche Bank has overseen that’s struggled lately.

Once known as a stalwart in that business — placing ...