By Rebecca Melvin and Cristal Cody
Concord, N.H., March 31 – Deutsche Bank AG, New York Branch priced $750 million of 1.447% fixed-to-floating rate senior notes due 2025 on Tuesday, according to a market source.
The notes priced at par for a yield spread of 112.5 basis points over Treasuries. The notes reset to a floating rate of SOFR plus 113.1 bps.
Initial price talk was for a spread in the Treasuries plus 135 bps area.
Deutsche Bank Securities Inc., Academy Securities Inc., CastleOak Securities LP, Loop Capital Markets LLC, MUFG, R. Seelaus & Co. Inc. and Siebert Williams Shank & Co. LLC were bookrunners.
The banking and financial services company is based in Frankfurt.
| Issuer: | Deutsche Bank AG, New York Branch
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| Amount: | $750 million
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| Description: | Fixed-to-floating rate senior notes
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| Maturity: | April 1, 2025
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| Bookrunners: | Deutsche Bank Securities Inc., Academy Securities Inc., CastleOak Securities LP, Loop Capital Markets LLC, MUFG, R. Seelaus & Co. Inc. and Siebert Williams Shank & Co. LLC
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| Coupon: | 1.447%; resets to SOFR plus 113.1 bps
|
| Price: | Par
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| Yield: | 1.447%
|
| Spread: | Treasuries plus 112.5 bps
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| Pricing date: | March 30
|
| Talk: | Treasuries plus 135 bps area
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