We advised the sole bookrunner, joint lead managers and co-managers on the offerings

Davis Polk advised the sole bookrunner, joint lead managers and co-managers in connection with Deutsche Bank AG’s SEC-registered offerings of $2 billion aggregate principal amount of fixed-to-floating-rate senior debt funding notes due 2029 and $500 million aggregate principal amount of floating-rate senior debt funding notes due 2029. The fixed-to-floating-rate notes will bear interest at a rate of 5.267% per year until September 18, 2028, and thereafter, unless called on September 18, 2028, at a variable rate per year which will be equal to compounded SOFR plus 0.712%. The floating-rate notes will bear interest at a variable rate per year which will be equal to compounded SOFR plus 0.720%.

Headquartered in Frankfurt am Main, Germany, Deutsche Bank is the largest bank in Germany and one of the largest financial institutions in the world, comprising banks, capital markets, funds management, property finance, installment financing and research and consultancy companies. As of June 30, 2026, it had total assets of approximately €1.52 trillion and employed approximately 89,742 people.

The Davis Polk corporate team included partner Yan Zhang, counsel Michael J. Russo and associates Yongming Wu and Hengzhe Luo. The tax team included partner Lucy W. Farr, counsel David S. Fisher and associates Sophia Kwende and Xiyuan (Spencer) Pan. All members of the Davis Polk team are based in the New York office.

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