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CREDIT SUPPLY: DB Final Spreads: Very Tight To FVs, Strong Coverage

CREDIT SUPPLY

Deutsche Bank (DB: Baa1/BBB/A-) final spreads out: 4NC3 at MS+95bp (we had FV at MS+100bp) and 11NC10 at MS+170bp (in line with our FV) so good book coverage on both tranches with very limited NICs.

  • Books for 4NC3 above EUR5bn (for EUR500m) so over 10x covered and, for 11NC10, above EUR4.5bn for benchmark.
  • IPT on 4NC3 was MS+130bp and, on 11NC10, was MS+200bp.

“FINAL SPREAD: Deutsche Bank EUR Two-Part Senior Non-Preferred” - BBG

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