By Toni Weeks
San Luis Obispo, Calif., June 20 - Deutsche Bank AG, London Branch priced $5 million callable CMS slope steepener notes due June 28, 2033, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 8.5% for the first year. After that, the rate will be four times the spread of the 30-year Constant Maturity Swap rate over the five-year CMS rate minus 50 basis points, up to a maximum rate of 8.5%. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The notes will be callable at par on June 28 of each year beginning June 28, 2015.
Deutsche Bank Securities Inc. is the agent.
| Issuer: | Deutsche Bank AG, London Branch
|
| Issue: | CMS slope steepener notes
|
| Amount: | $5 million
|
| Maturity: | June 28, 2033
|
| Coupon: | 8.5% initially, beginning June 28, 2014, four times spread of 30-year CMS rate over five-year CMS rate less 50 bps, capped at 8.5% with floor of zero; payable quarterly
|
| Price: | Variable prices
|
| Payout at maturity: | Par
|
| Call option: | At par on June 28 of each year beginning June 28, 2015
|
| Pricing date: | June 11
|
| Settlement date: | June 28
|
| Agent: | Deutsche Bank Securities Inc.
|
| Fees: | 4.5%
|
| Cusip: | 25152RVD2
|
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