Deutsche Bank prices tender for 1.75%, 1.125% notes due 2028, 2025

By Susanna Moon

Chicago, Nov. 28 – Deutsche Bank AG said it priced the tender offers for its €1.25 billion 1.75% notes due 2028 and its €1.5 billion 1.125% notes due 2025.

The tender offers ended at 6 a.m. ET on Nov. 27.

Deutsche Bank will accept for purchase all €385.4 million of the 2028 notes and €229.5 million of the 2025 notes tendered with no pro rata scaling, according to a company update on Wednesday.

Pricing was set at 6 a.m. ET on Nov. 28 as follows:

• For the 2028 notes, the purchase price was set at 91.919 using an interpolated mid-swap rate of 0.813%, purchase spread of 195 basis points and purchase yield of 2.763%; and

• For the 2025 notes, the purchase price was set at 94.447 using an interpolated mid-swap rate of 0.475%, purchase spread of 160 bps and purchase yield of 2.075%.

After settlement, there will be €856.3 million of the 2028 notes and €971.2 million of the 2025 notes left outstanding.

Holders will also receive accrued interest.

Settlement is expected to occur on Nov. 30.

When the offers began Nov. 19, Deutsche Bank was targeting a purchase amount of €1 billion of the notes, according to a previous announcement.

Deutsche Bank AG, London Branch (+44 20 7545 8011) is the dealer manager. Lucid Issuer Services Ltd. (+44 20 7704 0880 or db@lucid-is.com) is the tender agent.

The banking and financial services company is based in Frankfurt.

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