Deutsche Bank gives final results of tender offer for five notes

By Wendy Van Sickle

Columbus, Ohio, Sept. 7 – Deutsche Bank AG announced the final results of its tender offer for some of its euro- and sterling-denominated notes, according to a Wednesday press release.

Deutsche Bank said it accepted the following amounts under its offer to purchase up to €1 billion aggregate principal amount of notes:

• None of the €1.5 billion of notes due January 2027 (ISIN: DE000DL19U23);

• €302.6 million of the €1.5 billion of notes due February 2027 (ISIN: DE000DL19VT2) with a Feb. 17, 2026 call date, at a price of 87.69, based on the interpolated mid-swap rate and a purchase spread of 250 basis points;

• €137.2 million of the €1.25 billion of notes due February 2028 (ISIN: DE000DL19WL7) with a Feb. 23, 2027 call date, at a price of 88.5 based on the interpolated mid-swap rate and a purchase spread of 255 bps;

• €504.9 million of the €1.5 billion of notes due February 2032 (ISIN: DE000DL19VU0) with a Feb. 17, 2031 call date, at a price of 74.886, based on the interpolated mid-swap rate and a purchase spread of 270 bps; and

• £165.2 million of the £600 million of notes due December 2028 (ISIN: XS2303762475) with a Dec. 22, 2027 call date, at a price of 80.685, based on the 4.25% U.K. Treasury Gilt due Dec. 7, 2027 and a purchase spread of 325 bps.

The purchase spreads were determined through a modified Dutch auction procedure.

The purchase prices reflect a yield to maturity in the case of the January 2027 notes and a yield to the call date for the other series.

The company will also pay accrued interest.

Pricing was determined at 8 a.m. ET on Sept. 7.

The offer was announced on Aug. 30 and expired at 11 a.m. ET on Sept. 6. Settlement is slated for Sept. 9.

The issuer determined the allocation of the final acceptance amount between each series at its discretion.

The company said the offers were designed to proactively manage its debt maturity profile and to provide liquidity to current noteholders.

Deutsche Bank (+44 20 7545 8011, attn.: liability management group) is the dealer manager.

Kroll Issuer Services Ltd. (+44 20 7704 0880, attn.: Arlind Bytyqi / Jacek Kusion; deutschebank@is.kroll.com; https://deals.is.kroll.com/deutschebank) is the tender agent.

The investment bank and financial services company is based in Frankfurt.

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