The 7.079% notes are due 2033

Davis Polk advised the lead book-running manager and the co-managers in connection with the SEC-registered offering by Deutsche Bank AG, acting through its New York branch, of $1.5 billion aggregate principal amount of fixed-to-floating reset rate subordinated notes due 2034, which are intended to qualify as Tier 2 capital. The notes will bear interest at a rate of 7.079% per year until February 10, 2033, and unless called between November 10, 2032, and the reset date, thereafter at a variable rate per year which will be equal to compounded SOFR plus 3.650%. The notes will not be listed.

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, 2021, it had total assets of approximately €1,325 billion and employed approximately 82,969 people.

The Davis Polk corporate team included partner Leo Borchardt and associates Christopher Diel, Serdar Inci and Robin Veidt. Counsel David S. Fisher provided U.S. tax advice. Counsel Marcie A. Goldstein provided FINRA advice. Members of the Davis Polk team are based in the London and New York offices.

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