New Issue: Deutsche Bank prices $2.1 million fixed-to-floating notes with 4.625% initial rate

By Marisa Wong

Morgantown, W.Va., May 31 – Deutsche Bank AG, London Branch priced $2.1 million of fixed-to-floating notes due May 26, 2026, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is fixed at 4.625% for the first three years. After that, it will be the 10-year ICE swap rate, subject to a minimum interest rate of zero. Interest is payable quarterly.

The payout at maturity will be par.

Deutsche Bank Securities Inc. is the agent.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Fixed-to-floating notes
Amount:	$2.1 million
Maturity:	May 26, 2026
Coupon:	4.625% for first three years; after that, 10-year ICE swap rate, subject to a minimum interest rate of zero; payable quarterly
Price:	Par
Payout at maturity:	Par
Pricing date:	May 23
Settlement date:	May 26
Agent:	Deutsche Bank Securities Inc.
Fees:	1.25%
Cusip:	25152R5G4

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