There has been a huge change in the bonds issued by Deutsche, and this comes in shifts in the perceived credit profile of Deutsche bank. As we can see the CDS to be used as a proxy for risk has seen a massive rise in the bid-yield of the perpetual, and a similar time not shown on this chart as perpetuals are more sensitive to default risk the perpetual CoCo did not outperform the fixed tenor CoCo. Now that default risk and worries about credit quality seem to be easing, we should continue to see perpetual CoCo take the lead in the outperformance. However, for those who think that the economy hasn't yet, seen a full economic downturn the fixed tenor, would still be the better place to be.