The fixed-to-floating-rate eligible liabilities notes are due 2028

Davis Polk advised the sole bookrunner, senior co-managers and co-managers in connection with Deutsche Bank AG’s SEC-registered offering of $1 billion aggregate principal amount of fixed-to-floating-rate eligible liabilities senior notes due 2028. The notes will bear interest at a rate of 5.706% per year until February 8, 2027, and thereafter, unless called on February 8, 2027, at a variable rate per year which will be equal to compounded SOFR plus 1.594%.

Headquartered in Frankfurt am Main, Germany, Deutsche Bank AG is the largest bank in Germany and one of the largest financial institutions in Europe and the world, comprising banks, capital markets, funds management, property finance, installment financing and research and consultancy companies. As of December 31, 2022, it had total assets of approximately €1.337 trillion and employed approximately 84,930 people.

The Davis Polk corporate team included partner Yan Zhang and counsel Michael J. Russo. The tax team included partner Michael Farber and counsel David S. Fisher. All members of the Davis Polk team are based in the New York office.

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