The offerings included fixed-to-floating-rate and floating-rate eligible liabilities notes

Davis Polk advised the sole bookrunner, joint lead managers and co-managers in connection with Deutsche Bank AG’s SEC-registered offerings of $1.25 billion aggregate principal amount of fixed-to-floating-rate eligible liabilities senior notes due 2029 and $500 million aggregate principal amount of floating-rate eligible liabilities senior notes due 2029. The fixed-to-floating-rate notes will bear interest at a rate of 5.373% per year until January 10, 2028, and thereafter, unless called on January 10, 2028, at a variable rate per year which will be equal to compounded SOFR plus 1.21%. The floating-rate notes will bear interest at a variable rate per year which will be equal to compounded SOFR plus 1.21%.

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, 2023, it had total assets of approximately €1,317 billion and employed approximately 90,130 people.

The Davis Polk corporate team included partner Yan Zhang, counsel Michael J. Russo and associate Yongming Wu. The tax team included partner Lucy W. Farr, counsel David S. Fisher and associate Xiyuan (Spencer) Pan. All members of the Davis Polk team are based in the New York office.

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