Deutsche Bank gives results of tender offer for six series of notes

By Mary-Katherine Stinson

Lexington, Ky., May 10 – Deutsche Bank AG announced results of its tender offer for six series of notes, up to a maximum aggregate principal amount of €1 billion, according to a notice.

As of the expiration of the offer at 11 a.m. ET on May 9, the bank has decided to maintain the maximum purchase amount of €1 billion. As a result, of the six series of notes, the bank will only accept notes from three of the series either in full or on a prorated basis and will not accept any notes for purchase from the other three series.

At the launch of the offer, as previously reported, Deutsche Bank was offering to purchase notes from the following series:

• €1.5 billion 1.125% notes due 2025 (ISIN: DE000DB7XJP9), €884 million of which is outstanding, with pricing based on the March 2025 notes interpolated reference rate and a purchase spread of 110 basis points;

• €1.5 billion callable fixed-to-floating rate notes due 2025 (ISIN: DE000DL19VR6) with a call date on Nov. 19, 2024, €1,419,600,000 of which is outstanding, with pricing based on the November 2025 notes interpolated reference rate and a purchase spread of 125 bps;

• €750 million 2.625% notes due 2026 (ISIN: DE000DL19US6), €684.2 million of which is outstanding, with pricing based on the February 2026 notes interpolated reference rate and a purchase spread of 150 bps;

• €750 million callable fixed-to-floating rate notes due 2026 (ISIN: DE000DL19VP0) with a call date on Sept. 3, 2025, €735 million of which is outstanding, with pricing based on the September 2026 notes interpolated reference rate and a purchase spread of 160 bps;

• €1.5 billion 1.625% notes due 2027 (ISIN: DE000DL19U23), €1,475,000,000 of which is outstanding, with pricing based on the January 2027 notes interpolated reference rate and a purchase spread of 195 bps; and

• €1.5 billion callable fixed-to-floating rate notes due 2027 (ISIN: DE000DL19VT2) with a call date on Feb. 17, 2026, €1,197,400,000 of which is outstanding, with pricing based on the February 2027 notes interpolated reference rate and a purchase spread of 165 bps.

Specifically, the bank has decided to accept in full all March 2025 notes and February 2027 notes tendered with no proration and to accept the November 2025 notes tendered on a prorated basis.

The bank will purchase:

• €90.3 million of the March 2025 notes at 94.046 to yield 4.557%;

• €456 million of the February 2027 notes at 89.54 to yield 4.877%; and

• €453.7 million of the November 2025 notes at 94.516 to yield 4.816%, subject to a proration factor of 91.7%.

The company will pay accrued interest in addition to the purchase price for any accepted notes.

The bank will not accept any of the February 2026 notes, September 2026 notes or January 2027 notes tendered for purchase.

Tenders were irrevocable except in limited circumstances.

Settlement is expected to occur on May 12.

After settlement, €793.7 million of the March 2025 notes, €965.9 million of the November 2025 notes, €684.2 million of the February 2026 notes, €735 million of the September 2026 notes, €1,475,000,000 of the January 2027 notes and €741.4 million of the February 2027 notes will remain outstanding.

The dealer manager is Deutsche Bank (+44 20 7545 8011), and the tender agent is Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Owen Morris / Jacek Kusion; db@is.kroll.com; https://deals.is.kroll.com/db).

The offers were designed to proactively manage Deutsche Bank’s debt maturity profile and to provide liquidity to current noteholders, according to the notice.

The investment bank and financial services company is based in Frankfurt.

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