Deutsche Bank attracts demand of over 20bn-equivalent for debut AT1 bond

Tue May 20, 2014 5:01am EDT

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LONDON, May 20 (IFR) - Deutsche Bank has been deluged with over 20bn-equivalent of demand for its triple-tranche inaugural Additional Tier 1 transaction, according to a market source.

As a result, Germany's largest bank has been able to revise guidance for the euro perpetual non-call eight-year bond to 6% to 6.125% from 6.375%, the sterling perpetual non-call 12-year to 7.125% to 7.25% from 7.5% area, and the US dollar perpetual non-call six-year to 6.25% to 6.375% from 6.625%.

The high-risk contingent capital transaction is being lead managed by Deutsche Bank's own investment bank, together with Banca IMI, Barclays, Commerzbank, Danske Bank, ING, Lloyds, RBI, Santander, Societe Generale, UBS and UniCredit as joint leads. (Reporting by Aimee Donnellan, Editing by Helene Durand, Julian Baker)