By Angela McDaniels
Tacoma, Wash., March 28 - Deutsche Bank AG, London Branch priced $5 million of CMS slope steepener notes due March 31, 2034, according to a 424B2 filing with the Securities and Exchange Commission.
The notes were sold at variable prices.
The interest rate is 11% for the first year. After that, the rate will be (a) four times (b) the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate minus 45 basis points, subject to a minimum of zero and a maximum interest rate of 10% per year. Interest is payable quarterly.
The payout at maturity will be par.
The notes are callable at par on March 31, 2016, March 31, 2019, March 31, 2024 and March 31, 2029.
Deutsche Bank Securities Inc. is the agent.
| Issuer: | Deutsche Bank AG, London Branch
|
| Issue: | CMS slope steepener notes
|
| Amount: | $5 million
|
| Maturity: | March 31, 2034
|
| Coupon: | 11% for first year; after that, (a) four times (b) spread of 30-year CMS rate over two-year CMS rate minus 45 bps, subject to minimum of zero and maximum of 10% per year; payable quarterly
|
| Price: | Variable prices
|
| Payout at maturity: | Par
|
| Call option: | At par on March 31, 2016, March 31, 2019, March 31, 2024 and March 31, 2029
|
| Pricing date: | March 26
|
| Settlement date: | March 31
|
| Agent: | Deutsche Bank Securities Inc.
|
| Fees: | 5%
|
| Cusip: | 25152RVT7
|
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