Deutsche Bank plans fixed-to-floating notes tied to 10-year CMS rate

By Susanna Moon

Chicago, July 15 – Deutsche Bank AG, London Branch plans to price fixed-to-floating-rate notes due July 31, 2025 linked to the 10-year Constant Maturity Swap rate, according to an FWP filing with the Securities and Exchange Commission.

Interest will be fixed at 3.25% for the first two years. After that, the rate will be equal to the 10-year CMS rate. Interest will be payable quarterly and cannot be less than zero.

The payout at maturity will be par.

Deutsche Bank Securities Inc. is the agent.

The notes will price on July 28 and settle on July 31.

The Cusip number is 25152R2S1.

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