New York, Sept. 29 – Deutsche Bank AG, London Branch priced $10 million of callable leveraged steepener notes due Sept. 30, 2029, according to a 424B2 filed with the Securities and Exchange Commission.
The coupon will be 8% for the first year. After that, interest will be equal to four times the spread between the 30-year Constant Maturity Swap rate and the two-year CMS rate less 25 basis points, subject to a cap of 8% and a floor of 0%. Interest is payable quarterly.
The payout at maturity will be par.
The notes will be callable in whole at par on Sept. 30 of 2016, 2019 and 2024.
Deutsche Bank Securities, Inc. is the agent. Morgan Stanley & Co. LLC is the dealer.
| Issuer: | Deutsche Bank AG, London Branch
|
| Issue: | Callable leveraged steepener notes
|
| Underlying rates: | 30-year Constant Maturity Swap and two-year CMS rate
|
| Amount: | $10 million
|
| Maturity: | Sept. 30, 2034
|
| Coupon: | 8% for first year; after that, four times a rate of the spread between the 30-year CMS rate and the two-year CMS rate minus 25 bps, subject to a cap of 8% and a floor of 0%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | In whole at par on Sept. 30 of 2016, 2019 and 2024
|
| Pricing date: | Sept. 25
|
| Settlement date: | Sept. 30
|
| Agent: | Deutsche Bank Securities, Inc. with Morgan Stanley & Co. LLC as dealer
|
| Fees: | 3.5%
|
| Cusip: | 25152RXE8
|
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