Bond Factsheet
DB 4.000% 24Jun2026 Corp (GBP)
Deutsche Bank AG
Indicative
Full Lot
Bid Price 99.972
Change in Bid Price
-
Bid Yield (%) 3.995 %
Change in Bid Yield 0.001
Ask Price 100.012
Change in Ask Price
-
Ask Yield (%) 3.834 %
Change in Ask Yield 0.001
Indicative price as of 25 Jun 2025, 12:00am
Bond Issuer
Deutsche Bank AG
Guarantor
-
Announcement Date
17 May 2022
Issue Date
24 May 2022
Maturity Date
24 Jun 2026
Years to Maturity / Next Call
- / -
Modified Duration
-
Issue / Reoffer Price
99.621
Issue / Reoffer Yield
4.131
Coupon Type
Variable
Annual Coupon Rate
4.000
Coupon Frequency
Annually
Seniority
Senior Non Preferred
Capital Structure
Senior Non Preferred
Reference Rate
Reset Date: 24 Jun 2025 and every quarter thereafter
Reset Rate: SONIA + Margin (1.939%)
ISIN
XS2480050090
CUSIP
BW6393092
Bond Currency
GBP
Total Issue Size
650,000,000
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
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 "Regulatory Bail-in"), 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, the BRRD 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 (see Risk factor "Risks Arising from the Ranking of Senior Non-Preferred Debt Instruments").
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
| Call Redemption Date: | Call Redemption Amount: |
|---|---|
| 24 June 2025 | Redemption Amount |
Exercise of such option of the Issuer shall be subject to the prior approval of the competent authority.
In case 75 per cent. or more of the aggregate principal amount of the Securities have been redeemed or repurchased by the Issuer and, in each case, cancelled, the Issuer may, upon notice given in accordance with sub-paragraph (b), redeem the remaining Securities in whole, but not in part, on the Call Redemption Date (Minimal Outstanding Aggregate Principal Amount of the Securities) at the Redemption Amount together with accrued interest, if any, to (but excluding) the Call Redemption Date (Minimal Outstanding Aggregate Principal Amount of the Securities).
Additional Note
The German Banking Act (Kreditwesengesetz, "KWG") establishes a category of notes which are not subordinated, but rank below other unsubordinated notes of banks (Section 46f (6) KWG). As a consequence, in the event of insolvency proceedings or Resolution Measures affecting the Issuer, these senior non-preferred debt instruments rank below other unsubordinated (senior preferred) obligations of the Issuer, such as debt instruments that are "structured" as defined in Section 46f (7) KWG, derivatives, money market instruments and deposits, and in priority to subordinated liabilities of the Issuer. Thus, such senior non-preferred debt instruments would bear losses before other unsubordinated liabilities of the Issuer.
Since 21 July 2018, only those unsecured and unsubordinated debt instruments will qualify as senior non-preferred debt instruments, which are not only "non structured" and have at the time of their issuance a maturity of at least one year, but also explicitly refer to the lower ranking in their terms and conditions and any related prospectus.
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