First Pay: 2026-09-04; Redemption: 2035-09-04; Registration: Reg S Only; Comments: EUR700m 10yr cpn 4.375% at 99.358, yld 4.456%. Spread: MS+180bps. +175,4bps vs DBR 2.6 08/15/35 (99,110). HR 92%. Tax Call: Yes. Clean-up Call: 75%. LEI: 213800JH9QQWHLO99821;
Deal Comments
Tier 2
Use of Proceeds
To fund the business of the Group and to refinance Group borrowings, which may include the purchase via a tender offer of the Issuer’s outstanding £600,000,000 Fixed Rate Reset Subordinated Notes due 2064