So Deutsche went to great lengths to try and restore market confidence. Their co-CEO called the firm “absolutely rock solid” in a memo to employees a day after the assurance on the CoCo payments. Investors didn’t get the message until word leaked that Deutsche would consider buying back bonds to reduce debt and make their capital ratio look better, thus ensuring the CoCo payments. The bank announced Friday morning that it would buy back $5.4 billion in debt. In response, its stock price shot up more than 11 percent. As Bloomberg View’s Matt Levine pointed out before the move was announced, it's kind of crazy that Deutsche Bank’s plan — including using euros to buy back bonds, thereby reducing liquidity or the ability to immediately pay back debts — would relieve investor concerns.Maybe investors were thinking something more akin to what John Mack, the former CEO of Morgan Stanley, had to say on Bloomberg on Wednesday. “This idea that I heard yesterday, the possibility of not making their interest payments, it’s just absurd,” Mack said. “The government will not let that happen.”