Published on 4/12/2024 in the Prospect News Structured Products Daily.
New Issue: Deutsche prices $2.89 million fixed-to-floaters on SOFR with 7% initial rate
Chicago, April 12 – Deutsche Bank AG priced $2.89 million of fixed-to-floating notes due Jan. 25, 2027 tied to SOFR, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 7% initially. Beginning July 25, 2024, the interest rate will be equal to SOFR plus 100 basis points, subject to a floor of 0.1%. Interest will be payable quarterly.
The payout at maturity will be par.
Deutsche Bank Securities Inc. is the agent.
Issuer: | Deutsche Bank AG
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Issue: | Fixed-to-floating rate senior debt funding notes
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Underlying rate: | SOFR
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Amount: | $2,886,000
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Maturity: | Jan. 25, 2027
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Coupon: | 7% initially; beginning July 25, 2024, equal to SOFR plus 100 bps subject to a 0.1% floor; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | Jan. 19
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Settlement date: | Jan. 25
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Underwriter: | Deutsche Bank Securities Inc.
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Fees: | 0.5%
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Cusip: | 25160YAJ7
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