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Deutsche Bank eyes fixed-to-floaters due 2033 in 235 bps spread area
By Devika Patel and Cristal Cody
Knoxville, Tenn., Jan. 4 – Deutsche Bank AG, New York Branch will sell fixed-to-floating rate subordinated tier 2 notes due Jan. 7, 2033, according to a 424B2 filing with the Securities and Exchange Commission.
The initial fixed-rate period runs until Jan. 7, 2032, after which interest converts to a floating rate based on SOFR plus a margin. Payment of interest during the fixed-rate period is semiannual and during the floating-rate period is quarterly.
The notes can be redeemed starting Oct. 7, 2031 to the reset date, Jan. 7, 2032.
Price talk is reported in the Treasuries plus 235 bps area.
The notes are expected to price on Tuesday and settle on Friday.
Deutsche Bank Securities Inc. is the bookrunner.
The banking and financial services company is based in Frankfurt.
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