Deutsche Bank (XETRA: DBKGn.DB / NYSE: DB) today successfully
closed its offering of 750 million US dollars of its senior
non-preferred callable four-year (4nc3) Fixed-to-Floating rate
bonds. For the first time, 11 additional underwriters owned and led
by management teams from minority, woman and service-disabled
veteran backgrounds joined Deutsche Bank Securities Inc. to
underwrite this bond offering.
Each Joint Lead Manager will retain 8% of the fees. The full
group of minority, woman and service-disabled veteran owned firms
will collectively receive around 60% of the fees associated with
this transaction.
“This is an impactful statement to the financial community,”
said David R. Jones, President & CEO, CastleOak Securities,
L.P. “Diversity and inclusion have increasingly become a topic of
discussion, but it’s great to be recognized for our capabilities
and execution prowess rather than as a participant merely to check
a box.”
“Having Loop Capital Markets participate as an active joint
bookrunner with books, allows us to fully leverage our distribution
capabilities and amplifies our discussions with investors,” said
Sidney Dillard, Partner, Head of Corporate & Investment Banking
at Loop Capital.
“Two of the most exciting developments in the diversity and
inclusion (D&I) space over the past year have been the
broadening of corporate engagement with D&I broker dealers and
the elevation of roles being offered,” said Annie Seelaus, CEO, R
Seelaus & Co. “Deutsche Bank’s initiative to elevate their
D&I partners to active book-running roles goes far beyond
bestowing a credential. Allowing us to participate in every aspect
of the new issue process creates the kind of institutional
knowledge that can only be earned one way – with experience and
repetition.”
“This deal will lead directly to more veteran hires here as we
continue to execute on our commitment to mentor, hire, and train
veterans,” said Chance Mims, Founder & CEO Academy
Securities.
“This brand of a much higher level of engagement leads to
greater profitability, introduces a more diverse network of high
quality investors to an issuer’s portfolio while promoting better
business outcomes for all stakeholders, including clients. Issuers
take note – you will achieve all that and more by deepening your
partnerships with firms owned by minorities, women and disabled
veterans,” said Ronald M. Quigley, Head of Fixed Income Syndicate
at Mischler Financial Group, Inc.
“While Diversity and Inclusion initiatives have been in place
for decades, our invitation to join Deutsche Bank as an active
joint bookrunner on this offering is a reflection of their
confidence in our ability to add value as a partner and creates a
foundation for us to continue to build our presence as an
underwriter. Our role on this mandate demonstrates a deliberate
step forward in diversity and inclusion initiatives and we are
pleased with the successful execution of the transaction,” said
Christopher J. Williams, Chairman, Siebert Williams Shank &
Co., LLC
The offering reflects Deutsche Bank’s commitment to diversity
and inclusion, both among its employees and in the wider community.
As part of this commitment, the bank seeks to expand community
partnerships and work with diverse suppliers, vendors and other
partners. Today’s announcement reflects Deutsche Bank’s strong
partnerships, developed over many years, with these and similar
firms on Wall Street.
The group of underwriters were selected to represent diverse
missions including Service-Disabled Veteran Owned, African American
Owned and Women Owned firms.
The full list is as follows:
Joint Lead Managers
Academy Securities Inc.
Service-Disabled Veteran Owned
CastleOak Securities, L.P.
African American Owned
Loop Capital Markets LLC
African American Owned
Mischler Financial Group, Inc
Service-Disabled Veteran Owned
R Seelaus & Co., Inc.
Women Owned
Siebert Williams Shank & Co., LLC
Woman / African American Owned
Co-Managers
AmeriVet Securities, Inc.
Service-Disabled Veteran Owned
Bancroft Capital LLC
Service-Disabled Veteran Owned
Capital Institutional Services, Inc.
Women Owned
Multi-Bank Securities, Inc.
Service-Disabled Veteran Owned
Roberts & Ryan Investments, Inc.
Service-Disabled Veteran Owned
The Broker Dealers demonstrated their ability to execute a
benchmark deal to Deutsche Bank’s investor client base, who seek to
support diversity and inclusion with respect to underwriters. The
transaction is an important element of Deutsche Bank’s wider
commitment to diversity and inclusion, and the bank hopes to
deliver at least one transaction with a similar underwriting group
annually in the years ahead, working with a wide range of
minority-owned Broker Dealers.
This offering enabled Deutsche Bank’s to share its capital
markets experience, legal knowledge, and partnership and mentoring
expertise with a highly diverse Syndicate group. This helps each
firm gain further transaction experience and expand its
opportunities to work with new investors.
“We have offered these Joint Lead Managers the opportunity to
play a full role in the deal execution by being involved in a
real-time book build and interacting closely with the issuer,” said
Jeanmarie Genirs, Head of US IG Syndicate at Deutsche Bank. “The
process was seamless, and what’s most gratifying is that the
syndicate proved their capabilities to a wider client and investor
base,” she added.
The offering attracted total demand from investors of $1.8
billion US dollars, with final demand approaching $1.1 billion
dollars, pricing at 112.5 basis points over the .25% US Treasury
maturing 3/15/25.
“We were pleased to leverage Deutsche Bank’s strong
relationships with US investors to work with partners from diverse
communities,” said Dixit Joshi, Group Treasurer. “Promoting greater
diversity and inclusion in the finance industry reflects our wider
commitment to sustainable finance.”
Today’s announcement builds on existing efforts by Deutsche Bank
in the United States to address racial inequities. Last year, Paul
Trussell, senior Research Analyst and co-chair of Deutsche Bank’s
Black Leadership Forum, joined the Americas Executive Committee as
the bank’s Diversity Champion. In the summer of 2020, Deutsche Bank
Americas committed to seven actions in seven months to advance the
principles of diversity, equality and inclusiveness, which were
completed ahead of schedule in December 2020.
This bond is Deutsche Bank’s fifth issuance of 2021, across
three currencies. The bank has already completed a significant
portion of its 2021 issuance plan and was recently named “2020
Financial Issuer of the Year” by International Financing
Review.
About Deutsche Bank
Deutsche Bank provides retail and private banking, corporate and
transaction banking, lending, asset and wealth management products
and services as well as focused investment banking to private
individuals, small and medium-sized companies, corporations,
governments and institutional investors. Deutsche Bank is the
leading bank in Germany with strong European roots and a global
network.
This release contains forward-looking statements.
Forward-looking statements are statements that are not historical
facts; they include statements about our beliefs and expectations
and the assumptions underlying them. These statements are based on
plans, estimates and projections as they are currently available to
the management of Deutsche Bank. Forward-looking statements
therefore speak only as of the date they are made, and we undertake
no obligation to update publicly any of them in light of new
information or future events.
By their very nature, forward-looking statements involve risks
and uncertainties. A number of important factors could therefore
cause actual results to differ materially from those contained in
any forward-looking statement. Such factors include the conditions
in the financial markets in Germany, in Europe, in the United
States and elsewhere from which we derive a substantial portion of
our revenues and in which we hold a substantial portion of our
assets, the development of asset prices and market volatility,
potential defaults of borrowers or trading counterparties, the
implementation of our strategic initiatives, the reliability of our
risk management policies, procedures and methods, and other risks
referenced in our filings with the U.S. Securities and Exchange
Commission. Such factors are described in detail in our SEC Form
20-F of 12 March 2021 under the heading “Risk Factors”. Copies of
this document are readily available upon request or can be
downloaded from www.db.com/ir.
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version on businesswire.com: https://www.businesswire.com/news/home/20210401005886/en/
Deutsche Bank AG Media Relations
Jon Laycock Email: jon.laycock@db.com Phone: +447919103884
Investor Relations +49 800 910-8000 db.ir@db.com
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