Bond Factsheet
DB 10.000% Perpetual Corp (EUR)
Deutsche Bank AG
Indicative
Full Lot
Bid Price 105.098
Change in Bid Price 0.033
Bid Yield (%) 5.297 %
Change in Bid Yield 0.019
Ask Price 105.658
Change in Ask Price 0.012
Ask Yield (%) 4.812 %
Change in Ask Yield 0.001
Indicative price as of 02 Oct 2026, 4:33pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
Deutsche Bank AG
Guarantor
-
Announcement Date
07 Nov 2022
Issue Date
14 Nov 2022
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 1.162
Modified Duration
1.020 @ 01 Oct 2026
Issue / Reoffer Price
100.113
Issue / Reoffer Yield
9.766
Coupon Type
Variable
Annual Coupon Rate
10.000
Coupon Frequency
Annually
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date: 30 Apr 2028 and every 5 years thereafter
Reset Rate: 5Y Swap Rate + Initial Credit Spread (6.940%)
ISIN
DE000A30VT97
CUSIP
ZN2155176
Bond Currency
EUR
Total Issue Size
1,250,000,000
Min. Investment Quantity (Nominal)
EUR 200,000
Incremental Quantity (Nominal)
EUR 200,000
Bond Type
High Yield Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
***/ A+
Bond Credit Rating (S&P/ Fitch)
***/ N.R
Shariah Compliant
No
Exchange Listed
Others
Loss Absorption
Write-down
(a) Upon the occurrence of a Trigger Event, the Prevailing Nominal Amount of each Note shall be reduced by the amount of the relevant writedown.
A "Trigger Event" occurs if, at any time, the common equity tier 1 capital ratio pursuant to Article 92(1)(a) CRR or any successor provision thereto, determined on a consolidated basis (the "Common Equity Tier 1 Capital Ratio") falls below 5.125 per cent. (the "Minimum CET1 Ratio"). Whether a Trigger Event has occurred shall be determined by the Issuer, the competent authority or any agent appointed for such purpose by the competent authority.
A Trigger Event may be determined at any time and may occur on more than one occasion.
Upon the occurrence of a Trigger Event, a write-down shall be effected pro rata with all of the Issuer's other AT1 Instruments the terms of which provide for a write-down (whether permanent or temporary) or a conversion into common equity tier 1 instruments upon the occurrence of the Trigger Event. For such purpose, the total amount of the write-downs and conversions to be allocated pro rata shall be equal to the amount required to restore fully the Common Equity Tier 1 Capital Ratio of the Issuer to the Minimum CET1 Ratio but shall not exceed the sum of the nominal amounts of the relevant instruments outstanding at the time of occurrence of the Trigger Event.
The sum of the write-downs to be effected with respect to the Notes shall be limited to the aggregate Prevailing Nominal Amount of all Notes outstanding at the time of occurrence of the relevant Trigger Event.
Deferral Interest Payment
Interest Payments will not accrue if the Issuer has elected, at its sole discretion, to cancel payment of interest (non-cumulative – as set out below, cf. "—Interest Payments are noncumulative"), in whole or in part, on any Interest Payment Date.
Compulsory Cancellation of Interest
In addition, Interest Payments will not accrue, in whole or in part, on any Interest Payment Date:
(a) to the extent that such payment of interest together with
(1) any additional Distributions that are simultaneously planned or made or that have been made by the Issuer on the Notes and other Tier 1 Instruments in the then current financial year of the Issuer and
(2) the total amount of write-ups (if any) in accordance with § 5(4)(b) of the Terms and Conditions of the Notes or in respect of other AT1 Instruments which shall be effected as of the relevant Interest Payment Date or have been effected in the then current financial year of the Issuer would exceed the Available Distributable Items, provided that, for such purpose, the Available Distributable Items shall be increased by (i) an amount equal to what has been accounted for as expenses for Distributions in respect of Tier 1 Instruments (including payments of interest on the Notes) in the determination of the profit (Gewinn) on which the Available Distributable Items are based, and (ii) any other amounts that may be included for the purposes of determining the amounts distributable on additional tier 1 instruments under capital regulations applicable to the Issuer from time to time;
(b) if and to the extent that the competent authority orders that all or part of the relevant payment of interest be cancelled or another prohibition of Distributions is imposed by law or an authority or any other restriction to make Distributions exists under the Applicable Supervisory Regulations (including a prohibition of Distributions in connection with the calculation of the maximum distributable amount within the meaning of Article 141(2) of Directive 2013/36/EU as supplemented or amended from time to time (Capital Requirements Directive IV – "CRD IV") and as currently transposed into German law by § 10 (1) sentence 1 no. 5 e) KWG together with § 37 of the German Solvency Regulation (Solvabilitätsverordnung – SolvV) for the combined buffer requirements in accordance with § 10i KWG (the "Maximum Distributable Amount" or "MDA")); or
(c) if the Issuer is over-indebted within the meaning of § 19 InsO or illiquid within the meaning of § 17 InsO on the relevant Interest Payment Date or to the extent that the relevant payment of interest would result in an over-indebtedness or illiquidity of the Issuer (see also "—Note on payment restrictions prior to an insolvency" above).
Interest Payments are noncumulative
Interest Payments are non-cumulative. Consequently, Interest Payments in following years will not be increased to compensate for any shortfall in Interest Payments during a previous year and such shortfall shall not constitute an event of default under the terms and conditions of the Notes.
Issuer Call
"Optional Redemption Date" means:
(i) each Business Day (as defined in the Terms and Conditions of the Notes) during the period from 30 November 2027 (inclusive) to the First Reset Date (inclusive); and
(ii) after the First Reset Date, each Business Day falling in a period from 30 October (inclusive) immediately before each Interest Payment Date to such Interest Payment Date (inclusive).
"First Reset Date" means 30 April 2028.
"Interest Payment Date" means 30 April in each year. The first Interest Payment Date is 30 April 2023 (short first interest period).
Additional Note
The Issuer may redeem the Notes in whole, but not in part, at any time, with the prior approval of the competent authority and in accordance with § 5(7), at their Redemption Amount together with interest (if any, subject to a cancellation of interest payment pursuant to § 3(8)) accrued to the date fixed for redemption (exclusive), if there is a change in the regulatory classification of the Notes that would be likely to result in (i) their exclusion in full or in part from the Issuer's own funds under the CRR or (ii) a reclassification as a lower quality form of the Issuer's own funds since the issuance date, provided that the conditions in Article 78(4)(a) CRR are met, pursuant to which the competent authority may approve such redemption if (i) it considers the change in the regulatory classification to be sufficiently certain and (ii) the Issuer demonstrated to its satisfaction that the regulatory reclassification of the Notes was not reasonably foreseeable at the date of issuance.
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