Subject to Completion. Dated
November 13, 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%*
|
2.35% (per annum)
|
Semi-Annual
|
May 24, 2018**
|
$11.75 (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
:
|
November 13, 2017
|
Trade Date
:
|
November 20, 2017
|
Issue Date
:
|
November 24, 2017
|
Redemption Date(s)
:
|
N/A
|
Maturity Date
:
|
November 24, 2020
|
Minimum Denominations
:
|
$1,000
|
Principal Amount
:
|
$1,000
|
CUSIP
/
ISIN
:
|
25155MFV8 / US25155MFV81
|
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 $991.75 per note, we intend to treat the notes as having
an issue price of $991.75 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 $991.75, 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 24
th
day of every sixth month, beginning on May 24, 2018
and ending on the Maturity Date.
|
|
Price to Public
|
Maximum Discounts and Commissions
(1)
|
Proceeds to Issuer
|
Per Note
|
100.00%
|
0.825%
|
99.175%
|
Total
|
$
|
$
|
$
|
|
(1)
|
The Agents may receive discounts and commissions of up to 0.375% or $3.75 per $1,000 Principal Amount of notes. Each dealer
will purchase the notes from the Agents at a price between 99.175% and 99.550% 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:
https://www.sec.gov/Archives/edgar/data/1159508/000095010316012938/dp65301_424b2-ipsd.htm
Prospectus supplement
dated July 31, 2015:
https://www.sec.gov/Archives/edgar/data/1159508/000095010315006048/crt-dp58161_424b2.pdf
Prospectus
dated April 27, 2016:
https://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.
November , 2017