Deutsche Bank AG prices $3,773,000 of 5.50% senior callable debt funding notes due October 9, 2029
Deutsche Bank AG priced a $3.77 million tranche of 5.50% Fixed Rate Callable Senior Debt Funding Notes due October 9, 2029, with settlement on October 9, 2026. The single-tranche offering size is small relative to the FY 2026 issuance plan midpoint of approximately €12.5 billion (range €10bn–€15bn) disclosed in the October 1, 2026 6-K. Net proceeds will be used for general corporate purposes.
Forward guidance
Key takeaways
Offering size: $3,773,000 aggregate principal (3,773 notes at $1,000), well within the FY 2026 issuance plan range of €10bn–€15bn.
Coupon: 5.50% per annum, payable annually in arrears on October 9, with a 30/360 unadjusted day count.
Maturity: October 9, 2029; trade date October 7, 2026; settlement October 9, 2026.
Optional redemption: Issuer-callable in whole (not in part) on semi-annual Optional Redemption Dates from October 9, 2027 through April 9, 2029 at 100% of principal plus accrued interest, subject to regulatory approval.
Structure: Unsecured, unsubordinated senior preferred obligations intended to qualify as eligible liabilities for MREL under CRR Article 72b(2) (excluding point (d)); pari passu with other unsecured unsubordinated obligations and senior in priority to senior non-preferred debt.
Distribution: 100.00% issue price; total price to public $3,773,000; total discounts and commissions $20,479 ($7.50 per note maximum); net proceeds to issuer $3,752,521 ($992.50 per note minimum).
Agent: Deutsche Bank Securities Inc. (DBSI), an affiliate of the issuer; trustee Delaware Trust Company; calculation agent Deutsche Bank AG, London Branch; US products counsel Davis Polk & Wardwell LLP.
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