Published: May 24, 2013
Bank raises fresh tier 2 capital in first such benchmark deal in US market.
Deutsche Bank has raised US$1.5bn through issuing subordinated tier 2 notes – US$500mn more than it had planned and a substantial portion of the €2bn (US$2.5bn) the bank aims to raise in subordinated debt this year.
Deutsche’s deal is the first benchmark callable tier 2 issuance from a bank in the US market.
The issuance was priced at a spread of 237.5 basis points over 10-year US Treasuries.