Deutsche Bank launches $1 billion fixed-to-floating senior notes due 2031

Davis Polk represented the sole bookrunner, joint lead managers and co-managers in connection with Deutsche Bank AG’s SEC-registered offering of $1 billion aggregate principal amount of fixed-to-floating-rate senior debt funding notes due 2031. The transaction comprised an SEC-registered issuance by Deutsche Bank AG of $1.0 billion aggregate principal amount of fixed-to-floating-rate senior debt funding notes due 2031. The notes will bear interest at a fixed rate of 4.469% per year until December 10, 2030 and, unless called on December 10, 2030, will thereafter bear interest at a variable rate equal to compounded SOFR plus 1.100% per year. 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, with businesses across banking, capital markets, funds management, property finance, installment financing, research and consultancy. As of December 31, 2024, Deutsche Bank reported total assets of approximately €1.39 trillion and employed approximately 89,753 people. Davis Polk represented the sole bookrunner, joint lead managers and co-managers with a team composed by: partner Yan Zhang; counsel Michael J. Russo; associate Hengzhe Luo; partner Lucy W. Farr (tax); counsel David S. Fisher (tax); and associate Xiyuan (Spencer) Pan (tax). All members of the Davis Polk team are based in the New York office.

Deutsche Bank launches $1 billion fixed-to-floating senior notes due 2031

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