By Toni Weeks
San Luis Obispo, Calif., Nov. 25 – Deutsche Bank AG, London Branch priced $10 million of callable leveraged steepener notes due Nov. 26, 2034 linked to the 30-year Constant Maturity Swap rate and the two-year CMS rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 10% for the first year. After that, the interest rate will be four times the spread of the 30-year CMS rate over the two-year CMS rate minus 25 basis points, subject to a minimum of zero and a maximum of 10% per year. Interest will be payable quarterly.
The payout at maturity will be par.
Beginning Nov. 26, 2015, the notes will be callable at par on any interest payment date.
Deutsche Bank Securities Inc. is the agent. Morgan Stanley & Co. LLC is a 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: | Nov. 26, 2034
|
| Coupon: | 10% for first year; after that, four times the spread between the 30-year CMS rate and the two-year CMS rate minus 25 bps, subject to a cap of 10% and a floor of 0%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date beginning Nov. 26, 2015
|
| Pricing date: | Nov. 21
|
| Settlement date: | Nov. 26
|
| Agent: | Deutsche Bank Securities, Inc. with Morgan Stanley & Co. LLC as dealer
|
| Fees: | 3.5%
|
| Cusip: | 25152RXG3
|
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