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CREDIT SUPPLY: DB Final Terms: Two-Tranche Books 4.8x Covered, Very Limited NICs

CREDIT SUPPLY

Deutsche Bank (DB: Baa1/BBB/A-) final terms are out: 4NC3 priced at MS+95bp (we had FV at MS+100bp) and books are now above EUR7bn (for EUR500m). The 11NC10 priced at MS+170bp (in line with our FV), size set at EUR1.2bn with books above EUR6bn. Very strong book coverage on both tranches with very limited NICs.

  • Books for 4NC3 above EUR7bn (for EUR500m) so over 15x covered. IPT was MS+130bp area.
  • For the 11NC10, IPT was MS+200bp area and books were initially above EUR4.5bn for benchmark and then grew to EUR6bn, so 4.8x covered.
  • Aggregate book coverage is 7.4x.

“FINAL TERMS: Deutsche Bank EU500m 4NC3 Social SNP MS+95 (1)

FINAL TERMS: Deutsche Bank EU1.25b 11NC10 SNP MS+170” - BBG

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