Deutsche Bank AG prices preliminary $1,000-denominated 7.00% senior callable debt funding notes due October 30, 2046
Deutsche Bank AG filed a preliminary pricing supplement (No. E548) for $1,000-denominated 7.00% Fixed Rate Callable Senior Debt Funding Notes due October 30, 2046, with expected trade date on or about October 28, 2026 and settlement on or about October 30, 2026; total principal amount was not yet disclosed as the supplement was preliminary, with the issuer's prior FY 2026 issuance plan midpoint of €12.5bn (€10bn-€15bn range) reaffirmed via earlier 6-K filings. The notes are unsecured unsubordinated senior prefer...
Key takeaways
Instrument: 7.00% Fixed Rate Callable Senior Debt Funding Notes, Series E, due October 30, 2046.
Pricing terms: 100.00% issue price, 7.00% coupon payable annually in arrears on October 30 starting October 30, 2027, based on unadjusted 30/360 day count.
Optional redemption: Issuer may redeem in whole but not in part on semi-annual Optional Redemption Dates (April 30 and October 30) from October 30, 2027 through April 30, 2046, subject to regulatory approval.
Ranking and eligibility: Unsecured, unsubordinated senior preferred obligations intended to qualify as MREL-eligible liabilities under Article 72b(2) (excluding point (d)) CRR, ranking in priority to senior non-preferred obligations.
Distribution: Sold through Deutsche Bank Securities Inc. (DBSI), an affiliate of the issuer, at $1,000 per note with $50.00 discounts/commissions per note; total principal amount to be determined.
Settlement and identifiers: Settlement via DTC in book-entry form; CUSIP 25161FVG0 / ISIN US25161FVG08; not listed on any securities exchange.
Key parties: Trustee Delaware Trust Company; paying agent, authenticating agent, issuing agent and registrar Deutsche Bank Trust Company Americas; calculation agent Deutsche Bank AG, London Branch.
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