New Issue: Deutsche Bank details $3.25 billion fixed-to-floaters due 2024, 2031

By Rebecca Melvin

New York, Sept. 11 – Deutsche Bank AG, New York Branch detailed $3.25 billion of fixed-to-floating rate senior notes due 2024 and 2031 (Baa3/BBB-/BBB), according to term sheets filed with the Securities and Exchange Commission.

In the SEC filing, the company disclosed the full dealer group involved in the pricing.

A $1.75 billion tranche of 2.222% fixed-to-floaters due 2024 priced at par on Thursday, or a spread of 207 basis points over Treasuries. The notes may be redeemed at par on Sept. 18, 2023, which is the date the securities reset to a floating rate of SOFR plus 215.9 bps.

A $1.5 billion tranche of 3.547% fixed-to-floating rate senior notes due 2031 also priced at par, or a spread of 287 bps over Treasuries. The notes may be redeemed at par on Sept. 18, 2030, which is the date the securities reset to a floating rate of SOFR plus 304.3 bps.

Deutsche Bank Securities Inc. was the lead manager of the SEC-registered deal. Joint lead managers included BBVA Securities Inc., Citigroup Global Markets Inc., TD Securities (USA) LLC, Barclays, Santander Investment Securities Inc., Citizens Capital Markets Inc., Credit Agricole Securities (USA) Inc., Intesa Sanpaolo SpA, Regions Securities LLC, SMBC Nikko Securities America Inc., UBS Securities LLC and UniCredit Capital Markets LLC.

The banking and financial services company is based in Frankfurt.

Issuer:	Deutsche Bank AG, New York Branch
Amount:	$3.25 billion
Description:	Fixed-to-floating rate senior notes
Lead manager:	Deutsche Bank Securities Inc.
Managers:	BBVA Securities Inc., Citigroup Global Markets Inc., TD Securities (USA) LLC, Barclays, Santander Investment Securities Inc., Citizens Capital Markets Inc., Credit Agricole Securities (USA) Inc., Intesa Sanpaolo SpA, Regions Securities LLC, SMBC Nikko Securities America Inc., UBS Securities LLC and UniCredit Capital Markets LLC
Co-managers:	Academy Securities Inc., AmeriVet Securities Inc., Bancroft Capital LLC, Capital Institutional Services Inc. and Mischler Financial Group Inc.
Pricing date:	Sept. 10
Settlement date:	Sept. 18
Ratings:	Moody’s: Baa3
	S&P: BBB-
	Fitch: BBB
Distribution:	SEC registered
2024 notes
Amount:	$1.75 billion
Maturity:	Sept. 18, 2024
Coupon:	2.222%; resets Sept. 18, 2023 to floating rate of SOFR plus 215.9 bps
Price:	Par
Yield:	2.222%
Spread:	Treasuries plus 207 bps
Call feature:	Sept. 18, 2023 at par
Price guidance:	Treasuries plus 235 bps area
2031 notes
Amount:	$1.5 billion
Maturity:	Sept. 18, 2031
Coupon:	3.547%; resets Sept. 18, 2030 to floating rate of SOFR plus 304.3 bps
Price:	Par
Yield:	3.547%
Spread:	Treasuries plus 287 bps
Call feature:	Sept. 18, 2030 at par
Price guidance:	Treasuries plus 315 bps area

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