Published on 1/11/2021 in the Prospect News High Yield Daily and Prospect News Preferred Stock Daily.
New Issue: Deutsche Bank, New York sells $1.25 billion 3.729% fixed-to-floaters due 2032
By Wendy Van Sickle
Columbus, Ohio, Jan. 11 – Deutsche Bank AG, New York Branch sold $1.25 billion of 3.729% fixed-to-floating rate subordinated tier 2 notes due Jan. 14, 2032 (Ba2/BB+/BB+) on Monday at par to yield a spread of 260 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The notes will reset Jan. 14, 2031 to a floating rate of SOFR plus 275.7 bps.
Deutsche Bank Securities Inc. was the bookrunner.
Joint lead managers were Barclays, BBVA Securities Inc., Commerz Markets LLC, Intesa Sanpaolo SpA, Scotia Capital (USA) Inc., Santander Investment Securities Inc., TD Securities (USA) LLC, UniCredit Capital Markets LLC and UBS Securities LLC.
The banking and financial services company is based in Frankfurt.
| Issuer: | Deutsche Bank AG, New York Branch
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| Amount: | $1.25 billion
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| Description: | Fixed-to-floating rate subordinated tier 2 notes
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| Maturity: | Jan. 14, 2032
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| Bookrunner: | Deutsche Bank Securities Inc.
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| Joint lead managers: | Barclays, BBVA Securities Inc., Commerz Markets LLC, Intesa Sanpaolo SpA, Scotia Capital (USA) Inc., Santander Investment Securities Inc., TD Securities (USA) LLC, UniCredit Capital Markets LLC and UBS Securities LLC
|
| Co-managers: | Academy Securities Inc., Bancroft Capital LLC, Capital Institutional Services, Inc., Citizens Capital Markets, Inc., Mischler Financial Group, Inc. and Regions Securities LLC
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| Coupon: | 3.729%; resets Jan. 14, 2031 to floating rate of SOFR plus 275.7 bps
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| Price: | Par
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| Yield: | 3.729%
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| Spread: | Treasuries plus 260 bps
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| Call feature: | Oct. 14, 2030 at par
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| Trade date: | Jan. 11
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| Settlement date: | Jan. 14
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| Ratings: | Moody’s: Ba2
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| S&P: BB+
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| Fitch: BB+
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| Distribution: | SEC registered
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