Deutsche to price callable leveraged steepener notes tied to CMS rates

By Susanna Moon

Chicago, Oct. 3 – Deutsche Bank AG, London Branch plans to price callable leveraged steepener notes due Oct. 31, 2034, according to an FWP with the Securities and Exchange Commission.

The coupon will be 10% for the first year. After that, it will be 4.5 times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate minus 25 basis points, up to a cap of 10%. Interest is payable quarterly and cannot be less than zero.

The payout at maturity will be par.

The notes will be callable in whole on any of the redemption date of Oct. 31 of each year beginning Oct. 31, 2015.

Deutsche Bank Securities Inc. is the agent. Morgan Stanley & Co. LLC is a dealer.

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

The Cusip number is 25152RXF5.

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