Deutsche Bank plans fixed-to-floating notes due 2024, 2031

Chicago, Sept. 10 – Deutsche Bank AG is planning to sell fixed-to-floating rate notes in two parts, according to 424B2 filings with the Securities and Exchange Commission.

Investor calls started Wednesday for a senior non-preferred deal, according to a market source.

The notes due Sept. 18, 2024 will pay a fixed rate for the first three years and then convert to a floating rate based on SOFR.

The 2024 notes are redeemable on Sept. 18, 2023, in whole, but not in part.

The notes due Sept. 18, 2031 will pay a fixed rate for the first 10 years and then will convert to a floating rate tied to SOFR.

The 2031 notes are redeemable on Sept. 18, 2030.

The notes are expected to price on Thursday and settle on Sept. 18 and are expected to price at par.

Deutsche Bank Securities is working as the agent.

Deutsche Bank is a Frankfurt-based bank.

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