Published on 8/18/2015 in the Prospect News Investment Grade Daily.
New Issue: Deutsche Bank details $1.25 billion sale five-year fixed-, floating-rate notes
By Aleesia Forni
Virginia Beach, Aug. 18 – Deutsche Bank AG detailed its $1.25 billion sale of five-year notes (A3/BBB+/A) in fixed- and floating-rate tranches in two separate FWP filings with the Securities and Exchange Commission.
The company priced on Monday $1 billion of 2.95% fixed-rate notes due Aug. 20, 2020 at 99.829 to yield 2.987%, or Treasuries plus 143 basis points.
The notes sold at the tight side of guidance set in the 145 bps area over Treasuries and were talked in the mid-150 bps area over Treasuries.
A $250 million floater due Aug. 20, 2020 sold at par to yield Libor plus 131 bps following talk set at the Libor equivalent to the five-year fixed-rate notes.
Deutsche Bank Securities Inc. is the bookrunner.
The bank is based in Frankfurt.
Issuer: | Deutsche Bank AG
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Issue: | Senior global notes, series A
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Amount: | $1.25 billion
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Bookrunner: | Deutsche Bank Securities Inc.
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Co-managers: | BB&T Capital Markets, BNY Mellon Capital Markets LLC, Comerica Securities Inc., Drexel Hamilton LLC, The Huntington Investment Co., KeyBanc Capital Markets Inc., Mischler Financial Group Inc., Multi-Bank Securities Inc., RBC Capital Markets LLC, Regions Securities LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC, U.S. Bancorp Investments Inc.
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Trade date: | Aug. 17
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Settlement date: | Aug. 20
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Ratings: | Moody’s: A3
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| Standard & Poor’s: BBB+
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| Fitch: A
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Distribution: | SEC registered
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Five-year notes
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Amount: | $1 billion
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Maturity: | Aug. 20, 2020
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Coupon: | 2.95%
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Price: | 99.829
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Yield: | 2.987%
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Spread: | Treasuries plus 143 bps
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Price guidance: | Treasuries plus 145 bps area, tightened from Treasuries plus mid-150 bps area
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Five-year floaters
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Amount: | $250 million
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Maturity: | Aug. 20, 2020
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Coupon: | Libor plus 131 bps
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Price: | Par
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Yield: | Libor plus 131 bps
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Price guidance: | Libor equivalent to fixed-rate notes
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