Commentary & Deal Flow

Reoffer: 6NC5: MS+90bp / 99.587 / 3.717%
Benchmark: 6NC5: OBL 193# 2.5% 04-Jun-31 @ 99.17% / B+103.3bp

6NC5: Final Books €6.5bn+. Peak book €6.5bn+.

Launched: 6NC5: €1bn @ MS+90bp - Books in excess of €5bn
Book Update: Books in excess of €4bn
IPTs: 6NC5: MS+120bp area

• Issuer: Deutsche Bank Aktiengesellschaft
• LEI: 7LTWFZYICNSX8D621K86
• Issuer ratings: A1 (Stable) / A (Positive) / A+ (Positive) (Moody's/S&P/Fitch)
• Exp. issue ratings: Baa1 / BBB / A- (Moody's/S&P/Fitch)
• Securities: Fixed-to-Floating Rate Senior Non-Preferred Notes
• Status: Unsecured, unsubordinated (senior non-preferred)
• Eligible liabilities format: Yes (no right to set-off, no security provided; no events of default; purchases of the Notes by the Issuer, in the open market or otherwise, and early redemption, if applicable, subject to prior regulatory approval; contractual reference to resolution measures)
• Size: €1bn
• Structure/Tenor: 6NC5
• Settlement Date: 14-Jul-26 (T+5)
• Maturity Date: 14-Jul-32
• Call Date: 14-Jul-31
• Coupon: 3.625% p.a., payable annually in arrears until but excluding the Call Date on 14-Jul-31 in each year, commencing on 14-Jul-27 (Fixed Rate Period) (Act./Act. following unadjusted). From and including the Call Date to but excluding the Maturity Date [●]% p.a. above the 3-months-EURIBOR-Rate, payable quarterly in arrears on 14 October, 14 January, 14 April and the Maturity Date, commencing 14-Oct-31 (Floating Rate Period) (Act./360, modified following, adjusted). A Rate Replacement provision and customary fallback provisions will apply to the 3-months-EURIBOR-Rate.
• Use of Proceeds: General Corporate Purposes
• Business Days: T2
• Early Redemption: The issuer has the right to redeem the Notes in whole or in part, at 100% of the Principal Amount together with any accrued but unpaid interest on the Call Date by giving not less than 5 and not more than 60 Business Days’ prior notice, subject to prior regulatory approval
• Redemption Amount: 100% of Principal Amount at Maturity Date and upon Early Redemption
• Additional Call Features: Clean-up Call (75%)
• Target Market: MiFID II professionals and ECP’s (all distribution channels)
• Listing: On or after the closing date: Luxembourg Stock Exchange (regulated market)
• Format: Reg S (bearer form)
• Minimum Denomination: €100,000 + €100,000
• Governing Law: German
• ISIN: DE000A5GS0P0
• Sole Bookrunner: Deutsche Bank
• Timing: PRICED, T.O.E. 13.33 ukt, F.T.T. 13.50 ukt
• Documentation: €80,000,000,000 Debt Issuance Programme
  The Base Prospectus is available at https://www.db.com/ir/en/dip-base-prospectuses.htm and the issuer description as well as any supplements are available at https://www.db.com/ir/en/registration-documents.htm