The senior eligible liabilities notes are due 2028 and the subordinated Tier 2 notes are due 2033

Davis Polk advised the book-running manager, the joint lead managers and the senior co-managers in connection with Deutsche Bank AG’s SEC-registered offerings of $1.75 billion aggregate principal amount of fixed-to-floating-rate eligible liabilities senior notes due 2028 and $1.25 billion aggregate principal amount of fixed-to-floating-rate subordinated notes due 2033, which are intended to qualify as Tier 2 capital.

The senior eligible liabilities notes will bear interest at a rate of 2.552% per year until January 7, 2027 and unless called on January 7, 2027, thereafter at a variable rate per year which will be equal to compounded SOFR plus 1.318%. The subordinated Tier 2 notes will bear interest at a rate of 3.742% per year until January 7, 2032 and unless called between October 7, 2031 and January 7, 2032, thereafter at a variable rate per year which will be equal to compounded SOFR plus 2.257%.

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 market, funds management, property finance, installment financing and research and consultancy companies. As of September 30, 2021, it had total assets of approximately €1.44 trillion and employed approximately 84,512 people.

The Davis Polk corporate team included partners Leo Borchardt and Yan Zhang, counsel Michael J. Russo and associates Christopher Diel, Alexander W. Simmonds and Catherine Liu. The tax team included partners Michael Farber and Po Sit and associates Omer Harel and Minjun Kook. Members of the Davis Polk team are based in the London and New York offices.

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