Deutsche Bank's bondholders have largely shunned the lender's debt buyback programme, in a sign that fears about the bank's capital base are easing.

The German bank had offered to spend €3bn buying the bonds under a scheme designed to illustrate its financial strength after the price of its CoCo bonds fell by as much as 30pc.

But investors showed little interest in the offer with the bank only managing to buy back €1.27bn worth of bonds.