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Shares of Deutsche Bank fell for the third consecutive day and have lost more than a fifth of their value this month. After credit default swaps – a form of insurance for a company’s bondholders against its bankruptcy – also Deutsche Bank’s Additional Tier 1 (AT1) bonds – an asset class that made headlines this week after the controversial AT1 devaluation of Credit Suisse as part of its bailout deal – fell sharply.
The German bank announced it will redeem its $1.5 billion fixed-to-fixed Tier 2 subordinated notes maturing in 2028 (ISIN: US251525AM33). The redemption will take place on May 24, at 100% of the capital together with the interest accrued up to the redemption date.