Published on 5/10/2016 in the Prospect News Investment Grade Daily.
New Issue: Deutsche Bank prices $3.6 billion three-part offering of senior notes
By Cristal Cody
Eureka Springs, Ark., May 10 – Deutsche Bank AG sold $3.6 billion of senior notes (Baa1/BBB+/A-) in three parts on Monday, according to FWP filings with the Securities and Exchange Commission.
The company priced $1.5 billion of 3.375% five-year notes at 99.695 to yield 3.442%, or Treasuries plus 115 basis points.
Deutsche sold $500 million of three-year floating-rate notes at par to yield Libor plus 191 bps.
The company also priced $1.6 billion of 2.85% three-year notes at 99.997 to yield 2.851%, or Treasuries plus 200 bps.
Deutsche Bank Securities Inc. was the bookrunner.
The bank is based in Frankfurt.
| Issuer: | Deutsche Bank AG
|
| Amount: | $3.6 billion
|
| Securities: | Senior notes
|
| Bookrunner: | Deutsche Bank Securities Inc.
|
| Senior co-managers: | Credit Suisse Securities (USA) LLC, RBC Capital Markets, LLC, TD Securities (USA) LLC
|
| Co-managers: | Academy Securities, Inc., ANZ Securities, Inc., BB&T Capital Markets, BNY Mellon Capital Markets, LLC, Capital One Securities, Inc., Daiwa Capital Markets America Inc., Mischler Financial Group, Inc., Regions Securities, LLC, Scotia Capital (USA) Inc., U.S. Bancorp Investments, Inc.
|
| Pricing date: | May 9
|
| Settlement date: | May 12
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: A-
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $1.5 billion
|
| Maturity: | May 12, 2021
|
| Coupon: | 3.375%
|
| Price: | 99.695
|
| Yield: | 3.442%
|
| Spread: | Treasuries plus 225 bps
|
|
|
| Three-year floaters
|
| Amount: | $500 million
|
| Maturity: | May 10, 2019
|
| Coupon: | Libor plus 191 bps
|
| Price: | Par
|
| Yield: | Libor plus 191 bps
|
|
|
| Three-year notes
|
| Amount: | $1.6 billion
|
| Maturity: | May 10, 2019
|
| Coupon: | 2.85%
|
| Price: | 99.997
|
| Yield: | 2.851%
|
| Spread: | Treasuries plus 200 bps
|
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