Book size: 4100; First Pay: 2026-01-30; Registration: Reg S Only; Comments: EUR600m(upsized from EUR500m) PNC5.25 cpn fxd-rate-reset 4.20% at 99.785, yld 4.25%. Initial Credit Margin: MS+196.1bps.
208.2bps vs DBR 0% Feb-2031 (@89.233). Reset date: 1/30/2031. Par Call: 3m. Tax Call: Yes. LEI: 213800FKA5MF17RJKT63;
Book size: 4500; First Pay: 2026-10-30; Registration: Reg S Only; Comments: EUR600m(upsized from EUR500m) PNC8 cpn fxd-rate-reset 4.75% at 100, yld 4.75%. Initial Credit Margin: MS+228.4bps. 234.0bps vs DBR 2.3% Feb-2033 TWIN (@101.336) . Reset date: 7/30/2033. Par Call: 3m. Tax Call: Yes. LEI: 213800FKA5MF17RJKT63;
Deal Comments
The deal was upsized from EUR1bn to EUR1.2bn
Use of Proceeds
General corporate purposes, which may include (i) the repurchase of the Issuer’s outstanding Perpetual Subordinated NC 2026 Securities via a tender offer and (ii) the repayment of debt