• Profound instability & unpredictability in the markets.
  • Credit spread volatility & widening today.
  • Heavy sell-off again in OAT’s & Gilts - Bunds too, but to a lesser degree.
    • 10yr UST hit highest yield since 2002 (5.336%)
  • European equity sell-off.
• € IG supply week-to-date has reached €9.75bn.
  • 72.2% of Supply Survey Forecasts of €13.51bn.
• € IG delivered only €1.5bn from 3 deals (1 x Corp, 1 x FIG & 1 x SSA) & via 3 tranches.
• Sterling (£) was active again with £1bn from 2 deals (1 x FIG & 1 x SSA) & via 2 tranches.
• There was zero supply in both the Swiss Franc & US$ Reg S markets.
• Today’s “Talking Point” (below) looks at iTraxx Europe, Senior & Sub financials spreads over the past two months, with a lens on the sharp volatility in the last week.
• iTraxx Europe & the iTraxx Senior & Sub financial indices were all notably wider currently at 64.173 (+4.46%), 71.981 (+5.16%) & 119.295 (+6.603%) respectively (as we print).
• Vix Index traded wider over the session, now at 15.82 (15.01 this morning).
• Brent Crude crept slightly higher, currently at c.$102.23 (c.$101.32 this morning).
• European equity bourses were all in the red with the FTSE, Dax & CAC 40 down by -0.64%, -1.32 & -1.22% respectively.
• A breakdown of today’s primary € IG supply is as follows.

• Corporate
  • Total IG: €500m
  • Avg. tranche size €500m
  • Avg. IPT to Pricing 0
  • Avg. cover  NA
• FIG
  • Total IG: €500m
  • Avg. tranche size €500m
  • Avg. IPT to Pricing -4 (covered) €500m 
  • Avg. IPT to Pricing (unsecured)  €0
  • Avg. cover 2.4 X
• SSA
  • Total IG: €500m
  • Avg. tranche size €500m
  • Avg. IPT to Pricing 0
  • Avg. cover 0.79 X

• Pipeline:  The European IG pipeline is as follows. 
  • 2 x € Corp (1 x dual-tranche debut)
  • 1 x € FIG (1 x Covered)
  • 5 x € SSA (1 x Green, 1 x Sustainable, 1 x LSA, & 1 x Digital Native Security)
  • 1 x £ SSA (slated for Q1 2027 - will keep in pipeline for this week then remove)

• The European Union (RFP): Likely to launch their scheduled 15yr next week. May also bring a 7yr (TBC & possibly a TAP of their 10/33). Expect a combined €9 to €11bn.

Contact Stuart Aylward with questions or comments on stuart@creditflowresearch.com

Talking Point

• Profound spread volatility in the last week (see today's current levels above).
• European credit spreads have widened materially & persistently since early September, with Sub Financials bearing the brunt of the move & volatility rising sharply into October.
• In the last month alone (since Sept 6th) the iTraxx Europe is wider by c.12bp (+23.6%), Senior Fin. c.18bp (+33.12%), & Sub Fin. by c.32bp (+37%), with the sharpest acceleration occurring in the week of the 18th of September.
• The Sub/Senior ratio has stayed stable despite the widening. Today's ratio of 1.65x sits close to the period average of c.1.62x, with the full-period range confined to roughly 1.59x to 1.68x. This proportionality suggests the move is being driven by a common macro/risk factor rather than idiosyncratic financial-sector stress.
• Volatility has stepped up materially since mid-September. Daily moves were contained within roughly ±0.5bp through August; from the 18th of September onward, 1 to 3bp daily swings became routine, with Sub recording single-session moves exceeding 3bp on multiple occasions. The w/o the 29th of September & the w/o the 3rd of October saw iTraxx Europe spike to 65.7bp on the 1st of October before easing to 61.4bp on the 6th & re-widening since, a roughly 4bp intra-week swing versus near-flat moves in August.
• The 1st of October marks the period peak so far. Europe, Senior & Sub all touched their period highs that day (65.7bp / 72.9bp / 120.8bp), before a brief pullback & partial re-widening once again today.
• European credit has repriced wider across the capital structure over the past 6 weeks. The key question is whether the 1st of October peak marks a local high or a staging point for a further widening.

Euro IG (today)

• Grand City Properties S.A. (exp. Issue rating of BBB by S&P) brought a senior unsecured, €500m, Bearer 2NC1 FRN via a sole lead. There were financial / leverage covenants on the notes. Guidance on the issue was 3mth € +100. No order book was released.
  • GCP is incorporated in Luxembourg, & is a subsidiary of ‘Aroundtown SA’, one of Europe’s largest commercial & residential real estate groups. GCP’s core business is real estate investment, repositioning & management; predominantly in Germany & also in the UK. Their last public € print was on the 24th of April, when they priced a €600m, PerpNC5.25 junior subordinated, hybrid, fixed-rate reset offering which priced to yield 5.8% (32.5bps in from IPTs). Their last senior offering like today’s was in July 2024 when they brought a €500m 5yr at MS+195 (40bps tighter than IPTs from a book of €3.6bn)

• Equitable Bank (exp. Issue rating of Aa1 / AA+ by Moody’s & Fitch), announced their expected €500m (wng) Dec 2029, RegS registered Covered bond transaction. Guidance on the issue was in the area of MS+38. Books in excess of €1bn (inc. €125m JLMs), rising to over €1.15bn (inc. €125m JLMs pre-rec). The deal launched & priced for €500m at MS+34. Final books were over €1.2bn (inc. €125m JLMs).
  • Last present on the 12th of June last year with a €500m 3.3yr Covered Bond which priced at MS+45, in line with guidance from a book of €650m.

• The Free State of Saxony (rated AAA by S&P) brought their anticipated LSA (Landesschatzanweisung), senior unsecured €500m (wng) 7yr. Guidance on the notes was in the area of MS+14 (equiv. to DBR June 2033 + c.35 at time of announcement). Books were in excess of €435m (inc. €75m JLMs) when spread set at MS+17. Final books were above €395m (inc. €75m JLMs) good at re-offer.
  • This is their first public offering in €’s YTD, having last priced a €500m 7yr at MS+28 on the 4th of September last year (in line with guidance). In addition to that the State issued a further 3 times in 2025, each for €500m (7, 8, & 10yr).

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• Deutsche Bank Aktiengesellschaft (exp. Issue ratings of Baa1 / BBB / A- by Moody’s, S&P & Fitch) announced a Senior Non-Preferred, Green short 6NC5 (4th August 2032 / 2031). IPTs on the notes were in the area of UKT 0.25% 31st July 2031 +135. Book first called in excess of £1.5bn. The orderbook reached £1.7bn & the trade launched & priced for £500m at UKT+115, 20bps tighter than IPTs.  The final book stood at £1.07bn.
  • DB last issued in the public Sterling market back on the 18th of February last year, when they priced a £500m 4yr, Senior Non-Preferred at UKT+120 (20bps tighter than IPTs, from a book of £1.45bn). Prior to that one has to go back to February 2023 for the next £ trade - a £750m 8yr. 

• Nordic Investment Bank (rated Aaa / AAA by Moody’s & S&P) announced a Senior, Unsecured, RegS Bearer, £200m (wng) TAP of their existing £300m FRN dated 21st December 2029. Tap size was confirmed at £200m, bring total outstanding to £500m. Books closed above £180m (exc. JLMs).
  • This is a tap of their most recent £ trade priced on the 18th of September. The original £300m, senior unsecured 3.25yr trade priced at SONIA +25 (1bp tighter than Guidance from a book of £1bn). For context NIB issued a further trade in 2026, pricing a £500m 3.5yr in February at SONIA MS+30 (1bp tighter than guidance from a book of £1.25bn).

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

• No issues

Week-to-date volumes:

US$ Reg S (today)

• No issues

Pending Deals & Mandates

Euro (€)

• 29th September: AusNet Services Holdings Pty Limited (exp. Issue ratings of Baa1 / BBB+ by Moody’s & S&P), mandated Barclays, BNP Paribas, Goldman Sachs International & HSBC to arrange a series of fixed income investor meetings commencing Wednesday the 30th September. A € benchmark 10.5yr, Reg S senior unsecured transaction may follow, subject to market conditions. AusNet is an Australian diversified energy infrastructure business that owns & operates the primary regulated Victorian electricity transmission network, as well as an electricity distribution network in eastern Victoria & a gas distribution network in western Victoria.
• 5th October: DFMG Holding GmbH (exp. Issue ratings of BBB- / BBB by Fitch & Kroll), the leading tower infrastructure operator in Germany & Austria, mandated BNP Paribas, BBVA & Crédit Agricole CIB as Joint Active Bookrunners to arrange a series of fixed income investor calls on Monday 5th & Tuesday 6th October. BNP Paribas is coordinating logistics. A debut € benchmark Reg S, bearer, fixed-rate, senior secured dual-tranche bond offering, consisting of long 4yr & 7yr, will follow as soon as Thursday 7th, subject to market conditions. Investor calls concluded Tuesday with c.70 investors engaged. Balance of feedback centred around MS+low-mid-100s (L-4yr) & MS+mid-high-100s (7yr).

• 21st September: Fairstone Bank of Canada (exp. Issue ratings of Aa1 / AA by Moody’s & DBRS), mandated RBC Capital Markets as Arranger & Sole Structuring Advisor, & BMO Capital Markets, DZ Bank, LBBW, Natixis & RBC Capital Markets as Joint Active Bookrunners for an inaugural 3yr € benchmark soft-bullet Covered Bond. The Covered Bonds are backed by Canadian residential mortgages. This is the borrower's debut covered bond.

• 1st October: The Federal State of Saxony-Anhalt (rated Aa1 by Moody’s & Fitch), mandated BayernLB, CACIB, DZ Bank, ING, JP Morgan, NatWest & NordLB to lead manage its upcoming €500m (wng) inaugural Green, fixed rate Landesschatzanweisung with a medium term maturity. DZ Bank & NatWest are Joint Stability Coordinators The deal will be launched in the near future subject to market conditions.
• 6th October: The City of Dortmund mandated DekaBank & UniCredit to lead manage its upcoming €150m (min) 7yr Stadtanleihe. The issue will be 0% risk weighted, LCR Level 1. The deal will be launched in the near future subject to market conditions.
• 7th October: The International Development Association - IDA (rated Aaa / AAA by Moody’s & S&P), mandated  BNP Paribas, Deutsche Bank & DZ Bank as joint lead managers for a new 30yr, fixed rate, € benchmark Sustainable Development Bond (SEC exempt). The issue is expected to be launched & priced in the near future, subject to market conditions.
• 7th October: The Federal State of Lower-Saxony (rated AAA by Fitch), mandated Helaba, JP Morgan, LBBW, NordLB & UniCredit to lead manage its upcoming, 8yr (13th Oct 2034), € Benchmark LSA (Landesschatzanweisung). The transaction will be launched in the near future, subject to market conditions.
• 7th October: The Grand Duchy of Luxembourg (rated Aaa / AAA / AAA by Moody’s, S&P & Fitch), mandated Barclays, BCEE, BGL BNP Paribas, Citi & Credit Agricole CIB as Joint Lead Managers to arrange a series of virtual fixed-income investor calls in relation to its upcoming Inaugural 10yr, € benchmark fixed rate Digitally Native Securities. The Digitally Native Securities will be issued on a distributed ledger technology (DLT) platform operated by LuxCSD S.A. (D7 DLT Platform). The Digitally Native Securities are also eligible for clearance & settlement though Clearstream Banking & Euroclear Bank SA/NV. The transaction is expected to be launched & priced in the near future, subject to market conditions. RegS Bearer, CAC, FCA/ICMA stabilisation.

Sterling (£)

• 6th October: His Majesty’s Treasury (HMT) of United Kingdom has mandated Barclays, HSBC, Lloyds, Morgan Stanley, NatWest & RBC for its Digital Gilt Instrument (DIGIT) pilot issuance following a competitive procurement process. The transaction is expected to take place by Q1 2027. This follows the appointment of HSBC as the Distributed Ledger Technology (DLT) supplier in February, & the announcement in July that HSBC & LSEG have signed a memorandum of understanding to deliver a bilateral Digital Securities Deposit link.  

Transaction Details

PRICED: The Free State of Saxony €500m 7yr Sr Unsec; MS+17bp

IGC European Market: Deal Flow - SSA

Reoffer: 7yr: MS+17bp / 99.521 / 3.704%
Benchmark: 7yr: DBR 2.6 15-Aug-33 @ 95.47 / B+35.4bp / HR 103%

Tranche 1 (7yr): Final books above €395m (incl. €75m JLM). Peak book in excess of €435m (incl. €75m JLM)

Launched: 7yr: €500m @ MS+17bp - Books in excess of €435m (incl. €75m JLM)
Spread set at: 7yr: MS+17bp
Guidance: 7yr: MS+17a

• Issuer: The Free State of Saxony
• Ticker: SAXONY
• Format: Landesschatzanweisung (0% RW, senior unsecured)
• Issuer Rating: AAA (S&P) outlook stable
• Issue Size: €500m
• Maturity: 14-Oct-33
• Settlement: 14-Oct-26 (T+5)
• Coupon: 3.625%, fixed, annual, ACT/ACT ICMA
• Reoffer: MS+17bp / 3.704% / 99.521%
• Benchmark: DBR 2.6 15-Aug-33 (@ 95.47%) +35.4bp / HR: 103%
• ISIN/WKN/ Serie: DE0001789436/ 178943/ 144
• Law/List/Denoms: German/Frankfurt/€ 1k+1k
• Target market: The target market for the bonds is retail, professional and eligible counterparties, each as defined in MiFID II (all channels for distribution of the bonds are appropriate)
• Joint-Leads: Citi, Commerzbank, Erste Group, Helaba (B&D) and UniCredit
• Fees: The Joint-Lead managers will be paid a fee in connection to the transaction
• Timing: Priced TOE: 11:58 CET, FTT immediately

PRICED: Nordic Investment Bank £200m Long 3yr Sr Unsec; SONIA+25bp

IGC European Market: Deal Flow - SSA

Reoffer: Long 3yr: SONIA+25bp / 100.002

Long 3yr: Final Books above £180m (exc. JLM interest)

Launched: Long 3yr: £200m @ SONIA+25bp

• Issuer: Nordic Investment Bank (Ticker: NIB)
• Ratings: Aaa / AAA (Moody’s/S&P, both stable)
• Format: Senior, Unsecured, Reg S Bearer
• Size: £200m (new o/s £500m)
• Settlement: 14-Oct-26 (T+5)
• Maturity: 21-Dec-29
• Coupon: FRN, SONIA +25bps, Quarterly, Act/365F, Full first 21-Dec-26
• SONIA Convention: SONIA Index where SONIA Index Start and SONIA Index End will be 5 days prior to Interest Periods Start/End
• Spread: SONIA +25bps
• Reoffer price: 100.002
• Denominations: 100k + 100k
• Docs: EMTN Programme
• Listing: Nasdaq Helsinki
• Leads: BMO (B&D) / DB
• Target Market: The manufacturer target markets (MIFID II and UK MiFIR product governance) as assessed by the lead managers are Retail / Professional / Eligible Counterparties (all distribution channels)
• ISIN: XS3518483675 (immediate funge)
• Timing: PRICED, FTT immediately

PRICED: Grand City Properties S.A. €500m 2NC1 Sr Unsec; 3mE+100bp

IGC European Market: Deal Flow - General

Reoffer: 2NC1: 3mE+100bp / 100.00

Guidance: 2NC1: 3mE+100bp

• Issuer: Grand City Properties S.A. (Ticker: GYCGR; Country: LU)
• Issuer LEI: 5299002QLUYKK2WBMB18
• Issuer Rating: BBB (stable) by S&P
• Expected Issue Rating: BBB by S&P
• Status / Form: Senior, Unsecured, Bearer form; the Notes are issued as New Global Notes and are initially represented by a Temporary Global Note which is exchangeable for a Permanent Global Note
• Settlement Date: 13-Oct-26 (T+4)
• Optional Redemption Date: 13-Oct-27
• Maturity Date: 13-Oct-28
• Size: €500m
• Reoffer: 100.00 / 3mE+100bps
• Coupon: Three-Month EURIBOR+1.00%, Quarterly, Act/360
• Minimum Coupon: 0.00%
• Optional Redemption: The Issuer may upon not less than 15 days' nor more than 60 days' prior notice of redemption given to the Paying Agent and to the Noteholders redeem with effect on the Optional Redemption Date at its option, the Notes in whole but not in part, at its Specified Denomination together with accrued but unpaid interest, if any, to (but excluding) the Optional Redemption Date.
• Docs: EMTN / Lux. Listing (regulated market) / English Law / €100k x 100k / Tax Call / CoC / Clean-up call: 80%
• Covenants: 1) Total Net Debt / Total Assets <= 60%;2) Secured Net Debt / Total Assets <= 45%;3) Unencumbered Assets / Unsecured Net Debt >= 125%;4) Consolidated Coverage Ratio >= 1.8x
• Use of Proceeds: To refinance and/or repay the Issuer’s existing debt and general corporate purposes.
• EU MiFID II / UK MiFIR Target Market: Eligible Counterparties and Professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in EEA or UK.
• Selling Restrictions: As per the Euro Medium Term Note Programme
• Business Days: TARGET2
• Clearing: Clearstream/Euroclear
• Sole Bookrunner: Goldman Sachs International (B&D)
• Timing: Priced – TOE 12:53 LDN / 13:53 CET FTT: TBC subject to ISIN
• Advertisement: The Base Prospectus is available at https://www.luxse.com/programme/Programme-GraCityPropFin/14949 and the final terms relating to the Notes, when published, will be available on the website of the Luxembourg Stock Exchange (https://www.luxse.com/). This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus.

PRICED: Equitable Bank €500m 3.2yr CB; MS+34bp

IGC European Market: Deal Flow - General

Reoffer: 3.2yr: MS+34bp / 99.875 / 3.789%
Benchmark: 3.2yr: DBR 2.100% 15-Nov-29 @ 96.94 / B+63.9bp / HR 102%

Tranche 1 (3.2yr): Final Books >€1.2bn (incl. €125m JLM). Peak book >€1.2bn (incl. €125m JLM)

Launched: 3.2yr: €500m @ MS+34bp - Books > €1.15bn (incl. €125m JLM) pre-rec
Book Update: Books in excess of €1bn (incl. 125m JLM interest)
Guidance: 3.2yr: MS+38a

• Issuer: Equitable Bank
• Guarantor: EQB Covered Bond (Legislative) Guarantor Limited Partnership
• LEI: 5493004QI4QQE17ETY06
• Expected Issue Ratings: Aa1/AA+ (Moody's/Fitch)
• Tenor: 3.2yr Fixed
• Size: €500m
• Reoffer: 99.875 / 3.789% / MS+34bp
• Benchmark: DBR 2.100% 15-Nov-29 + 63.9bp (px:96.94); HR 102%
• Coupon: 3.75% per annum payable annually in arrear, Actual / Actual (ICMA)
• Final Maturity Date: 7-Dec-29 (soft bullet)
• Pricing Date: 7-Oct-26
• Settlement Date: 15-Oct-26 (T+5)
• Interest Payment Dates: 7 December in each year, commencing with a long first coupon on 7-Dec-27, up to and including the Final Maturity Date
• Business Day Convention: Following Business Day Convention, Unadjusted
• Business Days: London, Toronto and T2
• Documentation: The Issuer’s CAD 3bn Global Legislative Covered Bond Programme, as described in the prospectus dated 30-Sep-26, as supplemented from time to time (together, the “Prospectus”)
• Listing: Euronext Dublin
• Denominations: €100,000 and integral multiples of €1,000 in excess thereof
• Form of Covered Bonds: Registered Form
• Sales restrictions: Regulation S, Category 2, Not Rule 144A eligible, the Covered Bonds may not be offered, sold or distributed, directly or indirectly, in Canada or to or for the benefit of, any resident in Canada, and as otherwise described in the Prospectus of the Issuer dated 30-Sep-26. The Covered Bonds are not intended to be offered, sold or otherwise made available in the UK to, and should not be offered, sold or otherwise made available in the UK to, any person in a principal amount of less than £100,000 (or its equivalent in €). Singapore Sales to Institutional Investors and Accredited Investors only
• Clearing System: Euroclear and Clearstream, Luxembourg
• Governing Law: Province of Ontario and the federal laws of Canada applicable therein
• Target Market: UK MiFIR / MiFID II professionals / ECPs-only / No EU PRIIPs KID or UK CCI disclosure document as not available to retail investors in the EEA or the UK
• ISIN & Common Code: XS3529534748 / 352953474
• Joint Lead Managers: Barclays, Commerzbank, DZ Bank AG, Erste Group, LBBW, Scotiabank (B&D), TD Securities
• Timing: Priced, TOE: 14:17 UKT/15:17 CET, FTT: 14:45 UKT/15:45 CET

PRICED: Deutsche Bank Aktiengesellschaft £500m Short 6NC5 Green SNP; UKT+115bp

IGC European Market: Deal Flow - General

Reoffer: Short 6NC5: UKT+115bp / 99.973 / 6.138%
Benchmark: Short 6NC5: UKT 0.250% 31-Jul-31 @ 80.290 (mid) / 80.270 (bid)

Tranche 1 (Short 6NC5 Green SNP): Final Books £1.07bn. Peak book above £1.65bn (pre-reconciliation)

Launched: Short 6NC5: £500m @ UKT+115bp - Orderbook in excess of £1.65bn
Book update: Orderbook in excess of £1.5bn
IPTs: Short 6NC5: UKT+135a

• Issuer: Deutsche Bank Aktiengesellschaft
• 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: £500m
• Structure/Tenor: Short 6NC5
• Reoffer: 99.973% / UKT 0.250% due 31-Jul-31 (80.290) + 115bps / 6.138% yld (ann.)
• Benchmark: UKT 0.250% due 31-Jul-31 @ 80.290 (mid) / 80.270 (bid)
• Settlement Date: 14-Oct-26 (T+5)
• Maturity Date: 04-Aug-32
• Call Date: 04-Aug-31
• Coupon:
  • 6.125% p.a., payable annually in arrears until but excluding the Call Date on 04-Aug-31 in each year, commencing on 04-Aug-27 (Fixed Rate Period) (Act./Act. following unadjusted)
  • From and including the Call Date to but excluding the Maturity Date: Compounded Daily SONIA + 131bps, payable quarterly in arrears on 04-Nov, 04-Feb, 04-May and the Maturity Date, commencing 04-Nov-31 (Floating Rate Period) (Act./365, modified following, adjusted)
  • A Rate Replacement provision and customary fallback provisions will apply to the Compounded Daily SONIA-Rate.
• Use of Proceeds: An amount corresponding to at least the net proceeds from the Notes will be designated for the refinancing of Green Assets according to the Issuer's Sustainable Instruments Framework, dated Sep-26, as updated from time to time
• Business Days: T2, London
• 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 (Cat. 2, bearer form)
• Minimum Denomination: £100,000 + £100,000
• Governing Law: German
• ISIN: XS3411868113
• LEI: 7LTWFZYICNSX8D621K86
• Joint Lead Managers: Deutsche Bank (B&D), LBBW, NatWest, Rabobank
• Timing: TOE: 14H19 UKT / FTT 14H45 UKT
• Documentation: EUR 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 prospectus supplements are available at https://www.db.com/ir/en/registration-documents.htm

• To view the LIVE / REAL TIME European IG pipeline please click here.
• Details correct at time of posting