The offerings included fixed-to-floating-rate and floating-rate eligible liabilities notes

Davis Polk advised the sole bookrunner, joint lead managers and co-managers in connection with Deutsche Bank AG’s SEC-registered offerings of $1.7 billion aggregate principal amount of fixed-to-floating-rate eligible liabilities senior notes due 2031 and $300 million aggregate principal amount of floating-rate eligible liabilities senior notes due 2031. The fixed-to-floating-rate notes will bear interest at a rate of 4.950% per year until August 4, 2030, and thereafter, unless called on August 4, 2030, at a variable rate per year which will be equal to compounded SOFR plus 1.300%. The floating-rate notes will bear interest at a variable rate per year which will be equal to compounded SOFR plus 1.300%.

Headquartered in Frankfurt am Main, Germany, Deutsche Bank AG is the largest bank in Germany and one of the largest financial institutions in Europe and the world, comprising banks, capital markets, funds management, property finance, installment financing and research and consultancy companies. As of December 31, 2024, it had total assets of approximately €1.39 trillion and employed approximately 89,753 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 and counsel David S. Fisher. All members of the Davis Polk team are based in the New York office.

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