Bond Factsheet
CMZB 7.500% Perpetual Corp (USD)
Commerzbank AG
Indicative
Full Lot
Bid Price 100.863
Change in Bid Price 0.587
Bid Yield (%) 7.244 %
Change in Bid Yield 0.173
Ask Price 101.401
Change in Ask Price 0.565
Ask Yield (%) 7.086 %
Change in Ask Yield 0.165
Indicative price as of 02 Oct 2026, 4:33pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
Commerzbank AG
Guarantor
-
Announcement Date
01 Oct 2024
Issue Date
08 Oct 2024
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 4.017
Modified Duration
3.141 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
7.500
Coupon Type
Variable
Annual Coupon Rate
7.500
Coupon Frequency
Annually
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date: 9 April 2031 and every 5 years thereafter
Reset Rate: USD SOFR ICE Swap Rate 5Y + Initial Margin (4.322%)
ISIN
XS2914160804
CUSIP
YU2081856
Bond Currency
USD
Total Issue Size
750,000,000
Min. Investment Quantity (Nominal)
USD 200,000
Incremental Quantity (Nominal)
USD 200,000
Bond Type
High Yield Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
***/ W.R
Bond Credit Rating (S&P/ Fitch)
***/ N.R
Shariah Compliant
No
Exchange Listed
Others
Loss Absorption
Write-down and write-up
Trigger Event. Upon the occurrence of a Trigger Event, the Current Nominal Amount of each Note shall be reduced by the amount of the relevant write-down.
A "Trigger Event" occurs if, at any time, the common equity tier 1 capital ratio pursuant to Article 92(1)(a) CRR of the Issuer (the "Common Equity Tier 1 Capital Ratio"), determined on either (i) a consolidated basis or (ii) an individual basis, falls below 5.125 per cent (the "Minimum CET1 Ratio"), provided that (i) while the Trigger Event in respect of the Minimum CET1 Ratio determined on a consolidated basis may occur at any time, (ii) a Trigger Event in respect of the Minimum CET1 Ratio determined on an individual basis shall only occur if the Issuer should, in the future pursuant to the Applicable Supervisory Regulations or an administrative order, be required to comply with the prudential requirements on an individual basis as well and, for this purpose, to determine the Minimum CET1 Ratio on an individual basis. Whether a Trigger Event has occurred shall be determined by the Issuer, the Competent Authority or any agent appointed for such purpose by the Competent Authority, and such determination will be binding on the Holders.
For the avoidance of doubt, a Trigger Event may be determined at any time and may occur on more than one occasion.
Write-down. Upon the occurrence of a Trigger Event, a write-down shall be effected pro rata with all of the Issuer's other AT1 Instruments which provide for a write-down (whether permanent or temporary) or a conversion into common equity tier 1 capital instruments upon the occurrence of such Trigger Event. If upon the occurrence of a Trigger Event other AT1 Instruments are also subject to a write-down or are subject to conversion into common equity tier 1 capital instruments, where the respective conditions provide for a trigger event on a level for the Common Equity Tier 1 Capital Ratio at or above the Minimum CET1 Ratio (together with the Notes the "Relevant AT1 Instruments"), any such write-down or conversion will occur in such order of application or ratio as required in accordance with the Applicable Supervisory Regulations. If no such order or ratio is required by the Applicable Supervisory Regulations, the following applies: (Please refer to the Final terms dated 4 October 2024, section 9b).
Write-up. After a write-down has been effected, the Current Nominal Amount of each Note, unless previously redeemed or repurchased and cancelled, may be written up in accordance with the following provisions of § 5(9)(c) in each of the financial years of the Issuer subsequent to the occurrence of such write-down until the full Original Nominal Amount has been reached, to the extent that a corresponding annual profit (Jahresüberschuss) is recorded on the basis of the financial statements of the Issuer prepared in accordance with German commercial law (the "Annual Profit") and the write-up will not give rise to or increase an annual loss (Jahresfehlbetrag). The write-up will occur with effect as of the Interest Payment Date (including) immediately following the financial year of the Issuer for which the abovementioned Annual Profit was determined.(Please refer to the Final terms dated 4 October 2024, section 9C).
Deferral Interest Payment
The Issuer has the right to cancel all or part of any payment of interest in its sole discretion and at any time. If the Issuer exercises such right, it shall give notice to the Holders in accordance with § 11 without undue delay but no later than on the relevant Interest Payment Date. Any failure to give such notice shall not affect the validity of the decision on the cancellation, shall in no event result in an obligation of the Issuer to make a cancelled interest payment at a later date and shall not constitute a default for any purpose. A notice which has not been given until the relevant Interest Payment Date shall be given without undue delay thereafter.
Payment of interest on the Notes for the relevant Interest Period shall be excluded and cancelled (without prejudice to the right of the Issuer pursuant to § 3(8)(a)):
(i) to the extent that such payment of interest together with
(1) the amount of a write-up, if any, in accordance with § 5(9)(c) to be effected as of the relevant Interest Payment Date,
(2) any additional Distributions (as defined in § 3(9)) that are scheduled to be made or have been made on the same day or that have been made by the Issuer on other Tier 1 Instruments (as defined in § 3(9)) in the then current financial year of the Issuer and
(3) the total amount of write-ups, if any, on any other AT1 Instruments which shall be effected as of the relevant Interest Payment Date or have been effected in the then current financial year of the Issuer would exceed the Available Distributable Items (as defined in § 3(9)), provided that, for such purpose, the Available Distributable Items shall be increased by an amount equal to what has been accounted for as expenses for Distributions in respect of Tier 1 Instruments (for the avoidance of doubt, including payments of interest on the Notes) in the determination of the profit on which the Available Distributable Items are based; or
(ii) if and to the extent that a competent authority orders that all or part of the relevant payment of interest be cancelled or another prohibition of Distributions is imposed by law or an authority or any other restriction to make Distributions exists under the Applicable Supervisory Regulations (including, but not limited to, the calculation of, and the compliance with, the Maximum Distributable Amount as well as other maximum amounts that may apply to distributions in accordance with the Applicable Supervisory Regulations); or
iii) if the Issuer is over-indebted within the meaning of § 19 InsO or illiquid within the meaning of § 17 InsO on the relevant Interest Payment Date or to the extent that the relevant payment of interest would result in an over-indebtedness or illiquidity of the Issuer.
The Issuer shall give notice to the Holders in accordance with § 11 without undue delay but no later than on the relevant Interest Payment Date if, and to the extent, a payment of interest is excluded and cancelled pursuant to § 3(8)(b). Any failure to give such notice shall not affect the validity of the cancellation and shall not constitute a default for any purpose. A notice which has not been given until the relevant Interest Payment Date shall be given without undue delay thereafter.
The Issuer is entitled to use the funds from cancelled payments of interest without restrictions for the fulfilment of its own obligations when due. To the extent that payments of interest are cancelled, such cancellation includes all Additional Amounts (as defined in § 7(1)) payable pursuant to § 7. Any payments of interest which have been cancelled will not be made at any later date.
Issuer Call
"Optional Redemption Date" means:
(i) each Business Day during the period from (and including) 9 October 2030 to (but excluding) the First Reset Date;
(ii) the First Reset Date (9 April 2031) ; and
(iii) each Interest Payment Date following the First Reset Date.
Additional Note
The Issuer may redeem the Notes in whole, but not in part, at any time, with the prior permission of the Competent Authority and in accordance with § 5(6), at their Redemption Amount together with interest (if any, subject to a cancellation of interest payment pursuant to § 3(8)) accrued to (but excluding) the date fixed for redemption (which must be a Business Day), if there is a change in the regulatory classification of the Notes that would be likely to result in (i) their exclusion in full or in part from the Issuer's own funds under the CRR or (ii) a reclassification as a lower quality form of the Issuer's own funds as of the issue date, provided that in respect of a redemption prior to the fifth anniversary of the issue date of the Notes the conditions in Article 78(4)(a) CRR are met, pursuant to which the Competent Authority may approve such redemption only if (i) it considers the change in the regulatory classification to be sufficiently certain and (ii) the Issuer demonstrated to its satisfaction that the regulatory reclassification of the Notes was not reasonably foreseeable at the issue date. For the avoidance of doubt: The exclusion in full or in part from the own funds due to a write-down pursuant to § 5(9)(b) does not constitute a right to redeem under § 5(3).
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