Commentary & Deal Flow

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

Reference Gilt: UKT 0¼ 31-Jul-31 / HR 111%
Hedge Deadline: 14:10 UKT

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
• Final Spread: UKT+115bp
• IPTs: UKT 0.250% due 31-Jul-31 + 135bp area
• Settlement Date: 14-Oct-26 (T+5)
• Maturity Date: 04-Aug-32
• Call Date: 04-Aug-31
• Coupon:
  • [•]% 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 + [•]bps, 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
• 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