Deutsche Bank announced initial results of its tender offer to buyback up to $1bn of four dollar-denominated senior non-preferred bonds – its 3.035% 2032s, 2.552% 2028s, 2.311% 2027s, 2.129% 2026s. The German lender will accept $574mn of the 2032s at a tender offer price of $815.2 per $1,000 in principal (reference yield of 2.792% at a fixed spread of 295bp) and $426mn of the 2028s at a price of $874.21 per $1,000 in principal (reference yield of 2.888% at fixed spread 295bp). The tender offer was launched last month on 28 July. While $2bn of securities were offered to be tendered, $1bn will be accepted by the bank. Through the transaction, Deutsche Bank has proactively managed its debt maturity profile and provided liquidity to current bond holders.
Deutsche’s 6% perp traded higher 0.22 points to 86.26 to yield 11.34%.
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