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Deutsche Bank plans 20-year callable CMS slope steepener notes
By Susanna Moon
Chicago, Aug. 1 – Deutsche Bank AG, London Branch plans to price CMS slope steepener notes due Aug. 28, 2034, according to an FWP filing with the Securities and Exchange Commission.
Interest will be fixed at 12.25% for the first year. After that, it will accrue 4 times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate minus 50 basis points, up a maximum interest rate of 10% per year. Interest will be payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The notes will be callable at par on Aug. 28, 2016, Aug. 28, 2019, Aug. 28, 2024 and Aug. 28, 2029.
Deutsche Bank Securities Inc. is the agent.
The notes will price on Aug. 25 and settle on Aug. 28.
The Cusip number is 25152RXC2.
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