Bond Factsheet
DB 1.875% 22Dec2028 Corp (GBP)
Deutsche Bank AG
Indicative
Full Lot
Bid Price 95.913
Change in Bid Price 0.118
Bid Yield (%) 4.474 %
Change in Bid Yield 0.044
Ask Price 96.218
Change in Ask Price 0.118
Ask Yield (%) 4.362 %
Change in Ask Yield 0.043
Indicative price as of 02 Oct 2026, 4:36pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
Deutsche Bank AG
Guarantor
-
Announcement Date
11 Feb 2021
Issue Date
22 Feb 2021
Maturity Date
22 Dec 2028
Years to Maturity / Next Call
2.218 / 1.215
Modified Duration
2.064 @ 02 Oct 2026
Issue / Reoffer Price
99.889
Issue / Reoffer Yield
1.893
Coupon Type
Variable
Annual Coupon Rate
1.875
Coupon Frequency
Annually
Seniority
Senior Non Preferred
Capital Structure
Senior Non Preferred
Reference Rate
Reset Date: 22 Dec 2027 and every quarter thereafter
Reset Rate: SONIA + Margin (1.634%)
ISIN
XS2303762475
CUSIP
B00399549
Bond Currency
GBP
Total Issue Size
600,000,000
Outstanding Issue Size
434,800,000
Min. Investment Quantity (Nominal)
GBP 100,000
Incremental Quantity (Nominal)
GBP 100,000
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
***/ A+
Bond Credit Rating (S&P/ Fitch)
***/ A-
Shariah Compliant
No
Exchange Listed
Others
Loss Absorption
Risks Arising from a Regulatory Bail-In And Other Resolution Measures
If the competent authority determines that the Issuer is failing or likely to fail and certain other conditions are met (as set forth in the SRM Regulation, the SAG and other applicable rules and regulations), the competent resolution authority has the power to write down, including to write down to zero, claims for payment of the principal, interest or any other amount in respect of the Notes, to convert the Notes into ordinary shares or other instruments qualifying as common equity tier 1 capital (the write-down and conversion powers are hereinafter referred to as the "Bail-in tool"), or to apply any other resolution measure including (but not limited to) a transfer of the Notes to another entity, a variation of the terms and conditions of the Notes (including, but not limited to, the variation of maturity of the Notes) or a cancellation of the Notes. The Bail-in tool and each of these other resolution measures are hereinafter referred to as a "Resolution Measure". The competent resolution authority may apply Resolution Measures individually or in any combination.
The competent resolution authority will have to exercise the Bail-in tool in a way that results in (i) common equity tier 1 instruments (such as ordinary shares of the Issuer) being written down first in proportion to the relevant losses, (ii) subsequently, the principal amount of other capital instruments (additional tier 1 instruments and tier 2 instruments) being written down on a permanent basis or converted into common equity tier 1 instruments in accordance with their order of priority, (iii) subsequently, the Issuer's unsecured and subordinated liabilities that are not additional tier 1 instruments or tier 2 instruments being written down on a permanent basis or converted into common equity tier 1 instruments, and (iv) finally, the Issuer's unsecured and unsubordinated liabilities (unless exempted by the SRM Regulation or the SAG) – such as those under the unsubordinated Notes – being written down on a permanent basis or converted into common equity tier 1 instruments in accordance with their order of priority under Section 46f(5)-(9) of the German Banking Act (Kreditwesengesetz, "KWG") as set out below.
The holders of Notes are bound by any Resolution Measure. They would have no claim or any other right against the Issuer arising out of any Resolution Measure. Depending on the Resolution Measure, there would be no obligation of the Issuer to make payments under the Notes. The extent to which payment obligations under the Notes may be affected by Resolution Measures would depend on a number of factors that are outside the Issuer's control, and it will be difficult to predict when, if at all, Resolution Measures will occur. The exercise of any Resolution Measure would not constitute any right to terminate the Notes. Potential investors should consider the risk that they may lose all of their investment, including the principal amount plus any accrued interest, if Resolution Measures are initiated, and should be aware that extraordinary public financial support for troubled banks, if any, would only potentially be used as a last resort after having assessed and exploited, to the maximum extent practicable, the Resolution Measures, including the Bail-in tool. If the power of write-down or conversion of relevant capital instruments or the Bail-in tool is applied to the Issuer, the principal amount of the Subordinated Notes may be fully or partially written down or converted into instruments of ownership, although claims of other creditors of the Issuer might not be affected.
Issuer Call
The Issuer may, upon notice given in accordance with sub-paragraph (b), redeem all or some only of the Securities then outstanding on the Call Redemption Date at the Call Redemption Amount set forth below together with accrued interest, if any, to (but excluding) the relevant Call Redemption Date.
| Call Redemption Date: | Call Redemption Amount: |
|---|---|
| 22 December 2027 | Redemption Amount |
Exercise of such option of the Issuer shall be subject to the prior approval of the competent authority.
Early Redemption Amount. The early redemption amount of a Security (the "Early Redemption Amount") shall be equal to its principal amount.
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