Book size: 2450; First Pay: 2026-12-17; Redemption: 2036-06-17; Registration: Reg S Only; Comments: EUR750m 11yr cpn fxd 4.125% at 98.874, yld 4.257%. Spread: MS+132. DBR 2.9% 02/36 +138.2bps (@100.21 - HR 98%). Tax Call: Yes. Clean-Up: 75%. LEI: 969500K2MUPSI57XK083;
Deal Comments
Subordinated Tier 2 Notes
Use of Proceeds
To pay the offer price of the concurrent tender offer by the Issuer on its €1,000,000,000 2.625 per cent. Subordinated Resettable Notes due 2048 (ISIN FR0013312154) and €1,000,000,000 4.75 per cent. Subordinated Resettable Notes due 2048 (ISIN FR0013203734), and, for any remaining net proceeds, for general corporate purposes, including debt refinancing