Deutsche Bank AG preliminary 6.45% senior debt funding notes due 2036
Deutsche Bank AG filed a preliminary pricing supplement for $1,000-denomination 6.45% fixed-rate callable senior debt funding notes due November 16, 2036, with expected pricing on or about November 12 and settlement on or about November 16, 2026.
Key takeaways
Offering terms: The notes have a $1,000 principal amount and minimum denomination, a 100.00% issue price and a 6.45% annual coupon payable in arrears under a 30/360 day-count convention.
Timing: The notes are expected to price on or about November 12, 2026 and settle on or about November 16, 2026.
Optional redemption: Deutsche Bank AG may redeem the notes in whole but not in part on semiannual dates from November 16, 2028 through May 16, 2036 at 100% of principal plus accrued interest, subject to regulatory approval.
Ranking: The notes are unsecured, unsubordinated senior preferred obligations that rank ahead of senior non-preferred debt and are intended to qualify as eligible liabilities.
Resolution risk: The notes may be written down or converted into ordinary shares or other ownership instruments if a resolution measure is applied to Deutsche Bank AG.
Distribution: Deutsche Bank Securities Inc. acts as agent and receives discounts and commissions of up to $40.00 per note, resulting in proceeds of $960.00 per note at the cover price.
Liquidity: The notes will not be listed and may have little or no secondary-market liquidity.
Key metrics
Primary source
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