Subject
to Completion. Dated August 28, 2017.
Deutsche
Bank AG
Fixed
Rate InterNotes
®
|
Issue
Price
|
Interest
Rate
|
Interest
Payment Frequency
|
1
st
Interest Payment Date
|
1
st
Interest Payment Amount
|
|
100.00%*
|
2.50% (per annum)
|
Semi-Annual
|
March 8, 2018**
|
$12.50 (rounded to
the nearest cent)
|
Aggregate
Principal Amount
: $
Interest
Type
: Fixed
Redemption
at Issuer
’
s Option
: N/A
InterNotes
®
(the
“
notes
”
) issued by Deutsche Bank AG
,
London Branch
(the
“
Issuer
”
) are senior unsecured obligations of Deutsche Bank AG
.
Investing
in the notes involves a number of risks
.
See
“
Risk Factors
”
beginning on
page 5 of the accompanying product supplement
.
Placement
Agent
: Incapital LLC
Agents
:
Deutsche Bank Securities Inc. and Incapital LLC
|
Offering Dates
:
|
August 28, 2017
|
|
Trade Date
:
|
September 5, 2017
|
|
Issue Date
:
|
September 8, 2017
|
|
Redemption Date(s)
:
|
N/A
|
|
Maturity Date
:
|
September 8, 2022
|
|
Minimum Denominations
:
|
$1,000
|
|
Principal Amount
:
|
$1,000
|
|
CUSIP
/
ISIN
:
|
25155MDP3 / US25155MDP32
|
|
Listing
:
|
The notes will not be listed on any securities exchange.
|
|
|
|
|
* Because we are unable to determine
the issue price of the notes for U.S. federal income tax purposes, which could be as low as $987.50 per note, we intend to treat
the notes as having an issue price of $987.50 for U.S. federal income tax purposes. Assuming this treatment is correct, the notes
will be treated as having original issue discount, the tax consequences of which are described in the accompanying product supplement.
If you purchase a note for an amount greater than $987.50, you should read the section “U.S. Federal Income Tax Consequences
— Acquisition Premium and Amortizable Bond Premium” in the accompanying product supplement.
** Notwithstanding what is provided
in the accompanying product supplement, the Interest Payment Dates will be the 8
th
day of every sixth month, beginning
on March 8, 2018 and ending on the Maturity Date.
|
|
|
Price to Public
|
Maximum Discounts and Commissions
(1)
|
Proceeds to Issuer
|
|
Per Note
|
100.00%
|
1.25%
|
98.75%
|
|
|
Total
|
$
|
$
|
$
|
|
|
(1)
The
Agents may receive discounts and commissions of up to 0.50% or $5.00 per $1,000 Principal Amount of notes. Each dealer will purchase
the notes from the Agents at a price between 98.75% and 99.25% of the Principal Amount, which may be different from the prices
paid by other dealers. With respect to sales of notes by such dealer to level-fee based accounts, the issue price of such notes
will be the price paid by such dealer, in which case, such dealer will not retain any portion of the issue price as compensation.
For more detailed information about discounts and commissions, please see “Plan of Distribution (Conflicts of Interest)”
in the accompanying product supplement.
|
|
|
|
|
|
Deutsche Bank Securities Inc., an Agent for this offering, is our affiliate. For more information, see “Plan of Distribution (Conflicts of Interest)” in the accompanying product supplement.
|
DTC Book Entry Only
InterNotes
®
is a registered servicemark of Incapital Holdings LLC
By acquiring the notes
,
you will be bound by and deemed irrevocably to consent to the imposition of any Resolution Measure (as defined in the accompanying
product supplement) by the competent resolution authority, which may include the write down of all, or a portion, of any payment
on the notes or the conversion of the notes into ordinary shares or other instruments of ownership. In a German insolvency proceeding
or in the event of the imposition of Resolution Measures with respect to the Issuer, certain specifically defined senior unsecured
debt instruments, including the notes, would rank junior to, without constituting subordinated debt, all other outstanding unsecured
unsubordinated obligations of the Issuer, including some of the other senior debt securities issued under the prospectus, and
would be satisfied only if all such other senior unsecured obligations of the Issuer have been paid in full. If any Resolution
Measure becomes applicable to us, you may lose some or all of your investment in the notes. Please see the accompanying product
supplement and prospectus for more information.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved
of the notes or passed upon the accuracy or the adequacy of this pricing supplement or the accompanying product supplement, prospectus
supplement or prospectus. Any representation to the contrary is a criminal offense.
The notes are not deposits or savings accounts and are not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other U
.S
.
or foreign governmental agency or instrumentality
.
Product
supplement D dated April 28, 2016:
http://www.sec.gov/Archives/edgar/data/1159508/000095010316012938/dp65301_424b2-ipsd.htm
Prospectus
supplement dated July 31, 2015:
http://www.sec.gov/Archives/edgar/data/1159508/000095010315006048/crt-dp58161_424b2.pdf
Prospectus
dated April 27, 2016:
http://www.sec.gov/Archives/edgar/data/1159508/000119312516559607/d181910d424b21.pdf
Delaware Trust Company, which acquired
the corporate trust business of Law Debenture Trust Company of New York, the predecessor trustee, is the trustee of the notes.
When you read the accompanying prospectus supplement, please note that all references in such supplement to the prospectus dated
July 31, 2015, or to any sections therein, should refer instead to the accompanying prospectus dated April 27, 2016 or to the corresponding
sections of such prospectus, as applicable.
September
, 2017