Pricing Supplement
No. 3120/A†
To prospectus supplement dated August 20, 2018 and
prospectus dated August 20, 2018
|
Registration Statement No. 333–226421
Rule 424(b)(3)
|
Deutsche Bank AG
$2,000,000,000 Fixed-to-Floating Rate
Eligible Liabilities Senior Notes due November 24, 2026
General
|
·
|
The Fixed-to-Floating Rate Eligible Liabilities
Senior Notes due November 24, 2026 (the “notes”) pay interest semi-annually in arrears for the first five years
at a rate of 2.129% per annum and, thereafter, at a variable rate per annum equal to Compounded SOFR (as defined below) plus
1.87%. We may, in our sole discretion, redeem the notes in whole, but not in part, on November 24, 2025. All payments on the notes,
including interest payments and the repayment of principal at maturity, are subject to the credit of the Issuer.
|
|
·
|
Unsecured, unsubordinated senior non-preferred
obligations of Deutsche Bank AG due November 24, 2026
|
|
·
|
Minimum denominations of $150,000 and integral
multiples of $1,000 (the “Principal Amount”) in excess thereof
|
|
·
|
The notes priced on November 17, 2020 (the
“Trade Date”) and are expected to settle on November 24, 2020 (the “Settlement Date”). Delivery
of the notes in book-entry form only will be made through The Depository Trust Company (“DTC”).
|
Key Terms
Issuer:
|
Deutsche Bank AG New York Branch
|
Issue Price:
|
100.00%
|
Interest Rate:
|
From, and including, the Settlement Date
to, but excluding the Reset Date (the “Fixed Rate Period”), the notes will bear interest at 2.129% per annum,
payable semi-annually in arrears on each Interest Payment Date, based on a 30/360 day count convention.
From, and including, the Reset Date to,
but excluding the Maturity Date (the “Floating Rate Period”), the notes will bear interest equal to Compounded
SOFR plus the Spread, payable quarterly in arrears on each Interest Payment Date, based on an Actual/360 day count convention.
In no case will the amount payable on any Interest Payment Date be less than zero.
|
Compounded SOFR:
|
A compounded average of daily SOFR determined
for each quarterly Interest Period in accordance with the specific formula described below under “Description of the Notes—Compounded
SOFR.”
For purposes of calculating Compounded SOFR
with respect to the final Interest Period, the daily SOFR for each calendar day in the period from, and including, the Rate Cut-Off
Date, to but excluding, the Maturity Date will be the daily SOFR in respect of such Rate Cut-Off Date.
|
Spread:
|
1.87%
|
(Key
Terms continued on next page)
† This amended and restated pricing
supplement amends and restates pricing supplement No. 3120 in its entirety. We refer to this amended and restated pricing supplement
as “pricing supplement.”
Investing in the notes involves a number
of risks. See “Risk Factors” beginning on page PS–5 of the accompanying prospectus
supplement and page 19 of the accompanying prospectus and “Selected Risk Considerations” beginning on
page PS–6 of this pricing supplement.
By acquiring the notes, you will
be bound by and will be deemed to consent to the imposition of any Resolution Measure (as defined below) 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 by the Issuer, and would be satisfied only if all such other senior unsecured unsubordinated 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 “Resolution Measures and Deemed Agreement” on page PS–3
of this pricing supplement 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 prospectus supplement or prospectus. Any representation to the contrary is a criminal offense.
|
Price to Public
|
Discounts and Commissions(1)
|
Proceeds to Us
|
Per Note
|
100.00%
|
0.325%
|
99.675%
|
Total
|
$2,000,000,000.00
|
$6,500,000.00
|
$1,993,500,000.00
|
|
(1)
|
For more detailed information about discounts and commissions, please see “Supplemental Plan
of Distribution (Conflicts of Interest)” in this pricing supplement.
|
Deutsche Bank Securities Inc. (“DBSI”),
an agent for this offering, is our affiliate. For more information, see “Supplemental Plan of Distribution (Conflicts of
Interest)” in this pricing supplement.
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.
Deutsche Bank Securities
November 24, 2020
(Key Terms continued
from previous page)
Interest Periods:
|
With respect to the Fixed Rate Period, each
period from, and including, an Interest Payment Date (or the Settlement Date in the case of the first Interest Period during the
Fixed Rate Period) to, but excluding, the following Interest Payment Date (or the Reset Date in the case of the final Interest
Period during the Fixed Rate Period).
With respect to the Floating Rate Period,
each period from, and including, an Interest Period End Date (or the Reset Date in the case of the first Interest Period during
the Floating Rate Period) to, but excluding, the following Interest Period End Date (or the Maturity Date in the case of the final
Interest Period during the Floating Rate Period).
|
Interest Period End Dates:
|
With respect to the Floating Rate Period,
February 24, May 24, August 24 and November 24 of each year, beginning on November 24, 2025 and ending on the Maturity Date; provided
that if any scheduled Interest Period End Date (other than the Maturity Date) is not a Business Day, it will be postponed to the
following Business Day, except that, if that Business Day would fall in the next calendar month, the Interest Period End Date will
be the immediately preceding Business Day.
If the scheduled final Interest Period End
Date (i.e., the Maturity Date) falls on a day that is not a Business Day, the payment of principal and interest will be made on
the next succeeding Business Day, but interest on that payment will not accrue from and after the scheduled final Interest Period
End Date.
|
Interest Payment Dates:
|
With respect to the Fixed Rate Period, May
24 and November 24 of each year, beginning on May 24, 2021 and ending on the Reset Date; provided that if any scheduled
Interest Payment Date is not a Business Day, the interest will be paid on the first following day that is a Business Day. Notwithstanding
the foregoing, such interest will be paid with the full force and effect as if made on such scheduled Interest Payment Date, and
no adjustment will be made to the amount of interest to be paid.
With respect to the Floating Rate Period,
the second Business Day following each Interest Period End Date; provided that the Interest Payment Date with respect to
the final Interest Period will be the Maturity Date.
|
Rate Cut-Off Date:
|
The date that is the second U.S. Government Securities Business Day prior to the Maturity Date
|
Early Redemption:
|
We have the right to redeem the notes in whole, but not in part, at 100% of the Principal Amount together with any accrued but unpaid interest on the Reset Date by giving not less than 5 Business Days’ prior notice, subject to regulatory approval. If the scheduled Reset Date is not a Business Day, it will be postponed to the following Business Day.
|
U.S. Government
Securities Business Day:
|
Any day except for a Saturday, Sunday or a day on which the Securities Industry and Financial Markets Association (or any successor thereto) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities.
|
Business Day:
|
Any day other than a day that is (i) a Saturday or Sunday, (ii) a day on which banking institutions generally in the City of New York are authorized or obligated by law, regulation or executive order to close, (iii) a day on which transactions in U.S. dollars are not conducted in the City of New York or (iv) a day on which TARGET2 is not operating
|
Trade Date:
|
November 17, 2020
|
Settlement Date:
|
November 24, 2020
|
Reset Date:
|
November 24, 2025
|
Maturity Date:
|
November 24, 2026
|
Listing:
|
The notes will not be listed on any securities exchange.
|
CUSIP / ISIN:
|
251526CE7 / US251526CE71
|
RESOLUTION MEASURES AND DEEMED AGREEMENT
On May 15, 2014, the
European Parliament and the Council of the European Union adopted a directive establishing a framework for the recovery and resolution
of credit institutions and investment firms (commonly referred to as the “Bank Recovery and Resolution Directive”),
which was implemented into German law by the German Recovery and Resolution Act (Sanierungs- und Abwicklungsgesetz, or,
as amended, the “Resolution Act”), which became effective on January 1, 2015. The Bank Recovery and Resolution
Directive and the Resolution Act provided national resolution authorities with a set of resolution powers to intervene in the event
that a bank is failing or likely to fail and certain other conditions are met. From January 1, 2016, the power to initiate resolution
measures applicable to significant banking groups (such as Deutsche Bank Group) in the European Banking Union was transferred to
the European Single Resolution Board which, based on the European Union regulation establishing uniform rules and a uniform procedure
for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a
Single Resolution Fund (the “SRM Regulation”), works in close cooperation with the European Central Bank, the
European Commission and the national resolution authorities. Pursuant to the SRM Regulation, the Resolution Act and other applicable
rules and regulations, the notes may be subject to any Resolution Measure by the competent resolution authority if we become, or
are deemed by the competent supervisory authority to have become, “non-viable” (as defined under the then-applicable
law) and are unable to continue our regulated banking activities without a Resolution Measure becoming applicable to us.
By acquiring the notes,
you will be bound by and will be deemed irrevocably to consent to the provisions set forth in the accompanying prospectus, which
we have summarized below. Under the relevant resolution laws and regulations as applicable to us from time to time, the notes may
be subject to the powers exercised by the competent resolution authority to: (i) write down, including to zero, any payment on
the notes; (ii) convert the notes into ordinary shares of (a) the Issuer, (b) any group entity or (c) any bridge bank or other
instruments of ownership of such entities qualifying as common equity tier 1 capital (and issue to or confer on the holders (including
the beneficial owners) such ordinary shares or instruments); and/or (iii) apply any other resolution measure including, but not
limited to, any transfer of the notes to another entity, the amendment, modification or variation of the terms and conditions of
the notes or the cancellation of the notes. We refer to each of these measures as a “Resolution Measure.” A
“group entity” refers to an entity that is included in the corporate group subject to a Resolution Measure. A “bridge
bank” refers to a newly chartered German bank that would receive some or all of our equity securities, assets, liabilities
and material contracts, including those attributable to our branches and subsidiaries, in a resolution proceeding.
Furthermore, by acquiring
the notes, you:
|
·
|
are
deemed irrevocably to have agreed, and you will agree: (i) to be bound by, to acknowledge and to accept any Resolution Measure
and any amendment, modification or variation of the terms and conditions of the notes to give effect to any Resolution Measure;
(ii) that you will have no claim or other right against us arising out of any Resolution Measure; and (iii) that the imposition
of any Resolution Measure will not constitute a default or an event of default under the notes, under the Eligible Liabilities
Senior Indenture dated April 19, 2017 among us, The Bank of New York Mellon, as trustee, and Deutsche Bank Trust Company Americas,
as paying agent, authenticating agent, issuing agent and registrar, as supplemented by the first supplemental eligible liabilities
senior indenture dated as of July 10, 2017, the second supplemental eligible liabilities senior indenture dated as of July 21,
2018 and the third supplemental eligible liabilities senior indenture dated as of November 17, 2020, and as may be further amended
and supplemented from time to time (the “Indenture”), or for the purposes of, but only to the fullest extent
permitted by, the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”);
|
|
·
|
waive, to the fullest extent permitted
by the Trust Indenture Act and applicable law, any and all claims against the trustee and the paying agent, the issuing agent and
the registrar (each, an “indenture agent”) for, agree not to initiate a suit against the trustee or the indenture
agents in respect of, and agree that the trustee and the indenture agents will not be liable for, any action that the trustee or
any of the indenture agents takes, or abstains from taking, in either case in accordance with the imposition of a Resolution Measure
by the competent resolution authority with respect to the notes; and
|
|
·
|
will be deemed to have: (i) consented to
the imposition of any Resolution Measure as it may be imposed without any prior notice by the competent resolution authority of
its decision to exercise such power with respect to the notes; (ii) authorized, directed and requested DTC and any direct participant
in DTC or other intermediary through which you hold such notes to take any and all necessary action, if required, to implement
the imposition of any Resolution Measure with respect to the notes as it may be imposed, without any further action or direction
on your part or on the part of the trustee or the indenture agents; and (iii) acknowledged and accepted that the Resolution Measure
provisions described herein and in the “Resolution Measures” section of the accompanying prospectus are exhaustive
on the matters described herein and therein to the exclusion of any other agreements, arrangements or understandings between you
and the Issuer relating to the terms and conditions of the notes.
|
This is only a summary,
for more information please see the accompanying prospectus dated August 20, 2018, including the risk factors beginning
on page 19 of such prospectus.
SUMMARY
You should
read this pricing supplement together with the prospectus supplement dated August 20, 2018 relating to our Eligible Liabilities
Senior Notes, Series D of which these notes are a part and the prospectus dated August 20, 2018. You may access these documents
on the website of the Securities and Exchange Commission (the “SEC”) at.www.sec.gov
as follows (or, if such address has changed, by reviewing our filings for the relevant date on the SEC website):
|
·
|
Prospectus
supplement dated August 20, 2018:
|
https://www.sec.gov/Archives/edgar/data/1159508/000095010318009814/dp94665_424b2-prosupsd.htm
|
·
|
Prospectus
dated August 20, 2018:
|
https://www.sec.gov/Archives/edgar/data/1159508/000119312518252721/d567315d424b21.pdf
Our Central
Index Key, or CIK, on the SEC website is 0001159508. As used in this pricing supplement, “we,” “us”
or “our” refers to Deutsche Bank AG, including, as the context requires, acting through one of its branches.
This
pricing supplement, together with the documents listed above, contains the terms of the notes and supersedes all other prior or
contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence,
trade ideas, structures for implementation, sample structures, brochures or other educational materials of ours. You should carefully
consider, among other things, the matters set forth in this pricing supplement and in “Risk Factors” in the accompanying
prospectus supplement and prospectus. We urge you to consult your investment, legal, tax, accounting and other advisers before
deciding to invest in the notes.
In
making your investment decision, you should rely only on the information contained or incorporated by reference in this pricing
supplement relevant to your investment and the accompanying prospectus supplement and prospectus with respect to the notes offered
by this pricing supplement and with respect to Deutsche Bank AG. We have not authorized anyone to give you any additional or different
information. The information in this pricing supplement and the accompanying prospectus supplement and prospectus may only be accurate
as of the dates of each of these documents, respectively.
You
should be aware that the regulations of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and the
laws of certain jurisdictions (including regulations and laws that require brokers to ensure that investments are suitable for
their customers) may limit the availability of the notes. This pricing supplement and the accompanying prospectus supplement and
prospectus do not constitute an offer to sell or a solicitation of an offer to buy the notes under any circumstances in which such
offer or solicitation is unlawful.
We
are offering to sell, and are seeking offers to buy, the notes only in jurisdictions where such offers and sales
are permitted. Neither the delivery of this pricing supplement nor the accompanying prospectus supplement or prospectus
nor any sale made hereunder implies that there has been no change in our affairs or that the information in this pricing supplement
and accompanying prospectus supplement and prospectus is correct as of any date after the date hereof.
You
must (i) comply with all applicable laws and regulations in force in any jurisdiction in connection with the
possession or distribution of this pricing supplement and the accompanying prospectus supplement and prospectus and the purchase,
offer or sale of the notes and (ii) obtain any consent, approval or permission required to be obtained
by you for the purchase, offer or sale by you of the notes under the laws and regulations applicable to you in force in
any jurisdiction to which you are subject or in which you make such purchases, offers or sales; neither we nor the
agents shall have any responsibility therefor.
SELECTED
RISK CONSIDERATIONS
An
investment in the notes involves risks. This section describes the most significant risks relating to the notes. For a complete
list of risk factors, please see the accompanying prospectus supplement and prospectus.
|
·
|
THE
VALUE OF THE NOTES MAY DECLINE DUE TO SUCH FACTORS AS A RISE IN INFLATION AND/OR INTEREST RATES OVER THE TERM OF THE NOTES
— Because the notes mature in 2026, their value may decline over time due to such factors as inflation and/or rising
interest rates. In addition, if the market interest rates rise during the term of the notes, the Interest Rate on the notes may
in the future be lower than the interest rates for similar debt securities then prevailing in the market. If this occurs, you
will not be able to require the Issuer to redeem the notes and will, therefore, bear the risk of holding the notes and of earning
a lower return than you could earn on other investments until the Maturity Date.
|
|
·
|
THE
NOTES ARE SUBJECT TO THE CREDIT OF DEUTSCHE BANK AG — The notes are unsecured and unsubordinated senior non-preferred
obligations of Deutsche Bank AG and are not, either directly or indirectly, an obligation of any third party. Any interest payments
to be made on the notes and the repayment of principal at maturity depend on the ability of Deutsche Bank AG to satisfy its obligations
as they become due. An actual or anticipated downgrade in Deutsche Bank AG’s credit rating or increase in the credit spreads
charged by the market for taking Deutsche Bank AG’s credit risk will likely have an adverse effect on the value of the notes.
As a result, the actual and perceived creditworthiness of Deutsche Bank AG will affect the value of the notes. Any future downgrade
could materially affect Deutsche Bank AG’s funding costs and cause the trading price of the notes to decline significantly.
Additionally, under many derivative contracts to which Deutsche Bank AG is a party, a downgrade could require it to post additional
collateral, lead to terminations of contracts with accompanying payment obligations or give counterparties additional remedies.
In the event Deutsche Bank AG were to default on its payment obligations or become subject to a Resolution Measure, you might
not receive interest and principal payments owed to you under the terms of the notes and you could lose your entire investment.
|
|
·
|
THE
NOTES MAY BE WRITTEN DOWN, BE CONVERTED INTO ORDINARY SHARES OR OTHER INSTRUMENTS OF OWNERSHIP OR BECOME SUBJECT TO OTHER
RESOLUTION MEASURES. YOU MAY LOSE SOME OR ALL OF YOUR INVESTMENT IF ANY SUCH MEASURE BECOMES APPLICABLE TO US —
Pursuant to the SRM Regulation, the Resolution Act and other applicable rules and regulations described above under “Resolution
Measures and Deemed Agreement,” the notes are subject to the powers exercised by the competent resolution authority to impose
Resolution Measures on us, which may include: writing down, including to zero, any claim for payment on the notes; converting
the notes into ordinary shares of (i) the Issuer, (ii) any group entity or (iii) any bridge bank or other instruments of ownership
of such entities qualifying as common equity tier 1 capital (and issuing to or conferring on the holders (including the beneficial
owners) such ordinary shares or instruments); or applying any other resolution measure including, but not limited to, transferring
the notes to another entity, amending, modifying or varying the terms and conditions of the notes or cancelling the notes. The
competent resolution authority may apply Resolution Measures individually or in any combination. Imposition of a Resolution Measure
would likely occur if we become, or are deemed by the competent supervisory authority to have become, “non-viable”
(as defined under the then-applicable law) and are unable to continue our regulated banking activities without a Resolution Measure
becoming applicable to us. The Bank Recovery and Resolution Directive and the Resolution Act are intended to eliminate the need
for public support of troubled banks, and you should be aware that public support, if any, would only potentially be used by the
competent supervisory authority as a last resort after having assessed and exploited, to the maximum extent practicable, the resolution
tools, including the bail-in tool.
|
By acquiring the notes, you would
have no claim or other right against us arising out of any Resolution Measure and we would have no obligation to make payments
under the notes following the imposition of such Resolution Measure. In particular, the imposition of any Resolution Measure will
not constitute a default or an event of default under the notes, under the Indenture or for the purposes of, but only to the fullest
extent permitted by, the Trust Indenture Act. Furthermore, it will be difficult to predict when, if at all, a Resolution Measure
might become applicable to us in our individual case. Accordingly, secondary market trading in the notes may not follow the trading
behavior associated with similar types of securities issued by other financial institutions which may be or have been subject to
a Resolution Measure.
In addition, by your acquisition
of the notes, you waive, to the fullest extent permitted by the Trust Indenture Act and applicable law, any and all claims against
the trustee and the indenture agents for, agree not to initiate a suit against the trustee or the indenture agents in respect of,
and agree that the trustee and the indenture agents will not be liable for, any action that the trustee or the indenture agents
take, or abstain from taking, in either case in accordance with the imposition of a Resolution Measure by the competent resolution
authority
with respect to the notes. Accordingly,
you may have limited or circumscribed rights to challenge any decision of the competent resolution authority to impose any Resolution
Measure.
|
·
|
IN A GERMAN INSOLVENCY
PROCEEDING OR IN THE EVENT OF THE IMPOSITION OF RESOLUTION MEASURES WITH RESPECT TO US, CERTAIN SPECIFICALLY DEFINED SENIOR UNSECURED
DEBT INSTRUMENTS, INCLUDING THE NOTES, WILL RANK JUNIOR TO ALL OF OUR OTHER OUTSTANDING SENIOR UNSECURED UNSUBORDINATED OBLIGATIONS,
AND WILL BE SATISFIED ONLY IF ALL OF OUR OTHER SENIOR UNSECURED UNSUBORDINATED OBLIGATIONS HAVE BEEN PAID IN FULL. SUCH RANKING
MIGHT RESULT IN HIGHER LOSSES BEING ALLOCATED TO THE NOTES THAN TO OUR OTHER OUTSTANDING UNSECURED UNSUBORDINATED OBLIGATIONS —German
law provides that, in a German insolvency proceeding of the Issuer, certain specifically defined senior unsecured debt instruments
would rank junior to, without constituting subordinated debt, all other outstanding unsecured unsubordinated obligations of the
Issuer and be satisfied only if all such other senior unsecured obligations of the Issuer have been paid in full. This prioritization
would also be given effect if Resolution Measures are imposed on the Issuer, so that obligations under debt instruments that rank
junior in insolvency as described above would be written down or converted into common equity tier 1 instruments before any other
senior unsecured obligations of the Issuer are written down or converted. A large portion of our liabilities consist of senior
unsecured obligations that either fall outside the statutory definition of debt instruments that rank junior to other senior unsecured
obligations according to German law or are expressly exempted from such definition.
|
Among those unsecured unsubordinated
obligations that do not constitute debt instruments are instruments with an initial maturity of less than one year as well as senior
unsecured instruments of indebtedness whose terms provide that (i) the repayment or the amount of the repayment depends on the
occurrence or non-occurrence of an event which is uncertain at the point in time when the senior unsecured debt instruments are
issued or is settled in a way other than by monetary payment or (ii) the payment of interest or the amount of the interest payments
depends on the occurrence or non-occurrence of an event which is uncertain at the point in time when the senior unsecured debt
instruments are issued unless the payment of interest or the amount of the interest payments solely depends on a customary fixed
or floating reference interest rate and is settled by monetary payment. In a German insolvency proceeding or in the event of the
imposition of Resolution Measures with respect to us, the competent regulatory authority or court would determine which of our
senior debt securities issued under the prospectus have the terms described in clauses (i) or (ii) above, referred to herein as
the “structured” debt securities, and which do not, referred to herein as the “non-structured” debt
securities. We expect the notes offered herein to be classified as “non-structured” debt securities, but the
competent regulatory authority or court may classify the notes differently.
Beginning January 1, 2017, according
to the German Banking Act, our non-structured senior unsecured debt instruments have become subordinated, by operation of law,
to all of our other outstanding unsecured unsubordinated obligations, including debt instruments issued prior to January 1, 2017.
We refer to the debt instruments subject to such subordination as “senior non-preferred” debt and the debt to which
they are subordinated as “senior preferred” debt. To harmonize the ranking of unsecured debt instruments issued by
banks in the European Union, a directive amending the Bank Recovery and Resolution Directive was published on December 27, 2017.
The relevant changes were implemented into German law by amending Section 46f(5) to (9) of the German Banking Act. The German Banking
Act in its form before the amendments of July 21, 2018, as described above, remains applicable to debt instruments issued prior
to July 21, 2018. Accordingly, debt instruments constituting “senior non-preferred” debt prior to the changes continue
to rank as senior non-preferred debt even if they do not contain an express reference to their lower ranking as required for issuances
from and after July 21, 2018.
Following the effectiveness of
the changes to the German Banking Act on July 21, 2018, our structured senior debt securities continue to constitute “senior
preferred” debt securities. In addition, we are now able to issue “non-structured” senior debt securities as
“senior preferred” debt securities, ranking pari passu with our structured senior debt securities, which was
not possible before the changes became effective. Such new senior preferred debt securities, whether “structured” or
“non-structured,” rank pari passu with, among other obligations, debt instruments with an initial term of less
than one year, derivatives and, generally, corporate deposits (unless they rank even more senior).
Accordingly, (i) our non-structured
senior debt securities that were issued before July 21, 2018 and subordinated by operation of law and (ii) our eligible liabilities
senior debt securities (including the notes offered herein) that constitute our unsecured unsubordinated non-preferred obligations
will rank junior to our structured senior debt securities issued before July 21, 2018 and our senior debt securities that were
issued on or after July 21, 2018. If insolvency proceedings are opened against us or if Resolution Measures are imposed on us,
our “senior non-preferred” debt instruments, including the non-structured senior debt securities issued before July
21, 2018 and the eligible liabilities senior debt securities (including the notes offered
herein), would be written down
or converted prior to our “senior preferred” debt securities, including the non-structured senior debt securities issued
on or after July 21, 2018, the structured senior debt securities and the senior debt funding securities described in the accompanying
prospectus. Consequently, higher losses could be allocated to our eligible liabilities senior notes (including the notes offered
herein) than to our other outstanding unsecured unsubordinated obligations. You may lose some or all of your investment in the
notes offered herein if insolvency proceedings are opened against us or a Resolution Measure becomes applicable to us.
|
·
|
THE NOTES HAVE REINVESTMENT
RISK — As described under “Key Terms—Early Redemption,” we retain the option to redeem the notes, in
whole but not in part, on the Reset Date, by giving not less than 5 Business Days’ prior notice. It is more likely that we
will redeem the notes prior to the Maturity Date to the extent that the interest payable on the notes is greater than the interest
that would be payable on other instruments of ours of a comparable maturity, of comparable terms and of a comparable credit rating
trading in the market. If the notes are redeemed on the Reset Date, you may have to reinvest the proceeds in a lower interest rate
environment.
|
|
·
|
SOFR HAS A LIMITED
HISTORY, AND ITS HISTORICAL PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE — The New York Federal Reserve began
to publish SOFR in April 2018. Although the New York Federal Reserve has also begun publishing historical indicative SOFR going
back to 2014, such historical indicative data inherently involves assumptions, estimates and approximations. Therefore, SOFR has
limited performance history and no actual investment based on the performance of SOFR was possible before April 2018. The level
of SOFR over the term of the notes may bear little or no relation to the historical level of SOFR. The future performance of SOFR
is impossible to predict and therefore no future performance of SOFR or the notes may be inferred from any of the hypothetical
or actual historical performance data. Hypothetical or actual historical performance data are not indicative of the future performance
of SOFR or the notes. Changes in the levels of SOFR will affect Compounded SOFR and, therefore, the return on the notes and the
trading price of such notes, but it is impossible to predict whether such levels will rise or fall. There can be no assurance that
SOFR or Compounded SOFR will be positive.
|
|
·
|
ANY FAILURE OF SOFR
TO GAIN MARKET ACCEPTANCE COULD ADVERSELY AFFECT THE NOTES — SOFR may fail to gain market acceptance. SOFR was developed
for use in certain U.S. dollar derivatives and other financial contracts as an alternative to U.S. dollar LIBOR in part because
it is considered a good representation of general funding conditions in the overnight U.S. Treasury repurchase agreement (repo)
market. However, as a rate based on transactions secured by U.S. Treasury securities, it does not measure bank-specific credit
risk and, as a result, is less likely to correlate with the unsecured short-term funding costs of banks. This may mean that market
participants would not consider SOFR a suitable substitute or successor for all of the purposes for which LIBOR historically has
been used (including, without limitation, as a representation of the unsecured short-term funding costs of banks), which may, in
turn, lessen market acceptance of SOFR. Any failure of SOFR to gain market acceptance could adversely affect the return on the
notes and the price at which you can sell such notes.
|
|
·
|
THE COMPOSITION AND
CHARACTERISTICS OF SOFR ARE NOT THE SAME AS THOSE OF LIBOR AND NEITHER SOFR NOR COMPOUNDED SOFR IS EXPECTED TO BE A COMPARABLE
SUBSTITUTE FOR LIBOR — In June 2017, the New York Federal Reserve’s Alternative Reference Rates Committee (the
“ARRC”) announced SOFR as its recommended alternative to U.S. dollar LIBOR. However, the composition and characteristics
of SOFR are not the same as those of LIBOR. SOFR is a broad Treasury repo financing rate that represents overnight secured funding
transactions. This means that SOFR is fundamentally different from LIBOR for two key reasons. First, SOFR is a secured rate, while
LIBOR is an unsecured rate. Second, SOFR is an overnight rate, while LIBOR represents interbank funding over different maturities.
As a result, there can be no assurance that SOFR will perform in the same way as LIBOR would have at any time, including, without
limitation, as a result of changes in interest and yield rates in the market, market volatility or global or regional economic,
financial, political, regulatory, judicial or other events. For example, since publication of SOFR began in April 2018, daily changes
in SOFR have, on occasion, been more volatile than daily changes in comparable benchmark or other market rates. For additional
information regarding SOFR, see “Description of the Notes—Compounded SOFR” below.
|
|
·
|
SOFR MAY BE MODIFIED
OR DISCONTINUED, AND THE NOTES MAY BEAR INTEREST DURING THE FLOATING RATE PERIOD BY REFERENCE TO A RATE OTHER THAN COMPOUNDED SOFR,
WHICH COULD ADVERSELY AFFECT THE VALUE OF THE NOTES — The New York Federal Reserve (or a successor), as administrator
of SOFR, may make methodological or other changes that could change the value of SOFR, including changes related to the method
by which SOFR is calculated, eligibility criteria applicable to the transactions used to calculate SOFR, or timing related to the
publication of SOFR. In addition, the administrator may alter, discontinue or suspend calculation or dissemination of SOFR (in
which
|
case a fallback method of determining
the interest rate on the notes during the Floating Rate Period as further described under “Description of the Notes—Compounded
SOFR” will apply). The administrator has no obligation to consider your interests in calculating, adjusting, converting,
revising or discontinuing SOFR.
If we or our designee determine
that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred in respect of SOFR, then the interest
rate on the notes during the Floating Rate Period will no longer be determined by reference to SOFR, but instead will be determined
by reference to a different rate, which will be a different benchmark than SOFR, plus a spread adjustment, which we refer to as
a “Benchmark Replacement,” as further described under “Description of the Notes—Compounded SOFR”
below.
If a particular Benchmark Replacement
or Benchmark Replacement Adjustment cannot be determined, then the next-available Benchmark Replacement or Benchmark Replacement
Adjustment will apply. These replacement rates and adjustments may be selected, recommended or formulated by (i) the Relevant Governmental
Body (such as the ARRC), (ii) ISDA or (iii) in certain circumstances, us or our designee. In addition, the terms of the notes expressly
authorize us or our designee to make Benchmark Replacement Conforming Changes with respect to, among other things, changes to the
definition of “Interest Period,” timing and frequency of determining rates and making payments of interest and other
administrative matters. The determination of a Benchmark Replacement, the calculation of the interest rate on the notes during
the Floating Rate Period by reference to a Benchmark Replacement (including the application of a Benchmark Replacement Adjustment),
any implementation of Benchmark Replacement Conforming Changes and any other determinations, decisions or elections that may be
made under the terms of the notes in connection with a Benchmark Transition Event could adversely affect the value of the notes,
the return on the notes and the price at which you can sell such notes.
Any determination, decision or
election described above will be made in our or our designee’s sole discretion.
In addition, (i) the composition
and characteristics of the Benchmark Replacement will not be the same as those of SOFR, the Benchmark Replacement will not be the
economic equivalent of SOFR, there can be no assurance that the Benchmark Replacement will perform in the same way as SOFR would
have at any time and there is no guarantee that the Benchmark Replacement will be a comparable substitute for SOFR (each of which
means that a Benchmark Transition Event could adversely affect the value of the notes, the return on the notes and the price at
which you can sell such notes), (ii) any failure of the Benchmark Replacement to gain market acceptance could adversely affect
the notes, (iii) the Benchmark Replacement may have a very limited history and the future performance of the Benchmark Replacement
cannot be predicted based on historical performance, (iv) the secondary trading market for notes linked to the Benchmark Replacement
may be limited and (v) the administrator of the Benchmark Replacement may make changes that could change the value of the Benchmark
Replacement or discontinue the Benchmark Replacement and has no obligation to consider your interests in doing so.
|
·
|
THE INTEREST RATE ON
THE NOTES DURING THE FLOATING RATE PERIOD IS BASED ON A COMPOUNDED SOFR RATE, WHICH IS RELATIVELY NEW IN THE MARKETPLACE —
For each Interest Period during the Floating Rate Period, the interest rate on the notes is based on Compounded SOFR, which
is calculated using the specific formula described under “Description of the Notes—Compounded SOFR”, not the
SOFR rate published on or in respect of a particular date during such Interest Period or an arithmetic average of SOFR rates during
such period. For this and other reasons, the interest rate on the notes during any Interest Period within the Floating Rate Period
will not be the same as the interest rate on other SOFR-linked investments that use an alternative basis to determine the applicable
interest rate. Further, if the SOFR rate in respect of a particular date during an Interest Period within the Floating Rate Period
is negative, its contribution to Compounded SOFR will be less than one, resulting in a reduction to Compounded SOFR used to calculate
the interest payable on the notes on the Interest Payment Date for such Interest Period.
|
In addition, limited market precedent
exists for securities that use SOFR as the interest rate and the method for calculating an interest rate based upon SOFR in those
precedents varies. Accordingly, the specific formula for the Compounded SOFR rate used in the notes may not be widely adopted by
other market participants, if at all. If the market adopts a different calculation method, that would likely adversely affect the
market value of the notes.
|
·
|
COMPOUNDED SOFR WITH RESPECT TO A PARTICULAR
INTEREST PERIOD DURING THE FLOATING RATE PERIOD WILL ONLY BE CAPABLE OF BEING DETERMINED AT THE END OF THE RELEVANT INTEREST PERIOD
— The level of Compounded SOFR applicable to a particular Interest Period during the Floating Rate Period and, therefore,
the amount of interest payable with respect to such Interest Period will be determined on the Interest Period End Date for such
Interest Period (or the Rate Cut-Off Date for the final Interest Period). Because each such date is near the end of such Interest
Period, you will not know the amount of interest payable with respect to a particular Interest Period until shortly prior to the
|
related Interest Payment Date
and it may be difficult for you to reliably estimate the amount of interest that will be payable on each such Interest Payment
Date. In addition, some investors may be unwilling or unable to trade the notes without changes to their information technology
systems, both of which could adversely impact the liquidity and trading price of the notes.
|
·
|
WE OR OUR SUBSIDIARIES
OR AFFILIATES MAY PUBLISH RESEARCH THAT COULD AFFECT THE MARKET VALUE OF THE NOTES — We or our subsidiaries or affiliates
may, at present or in the future, publish research reports with respect to movements in interest rates generally, or the LIBOR
transition or SOFR specifically. This research is modified from time to time without notice and may express opinions or provide
recommendations that are inconsistent with purchasing or holding the notes. Any of these activities may affect the market value
of such notes.
|
|
·
|
WE OR OUR DESIGNEE
WILL MAKE DETERMINATIONS WITH RESPECT TO THE NOTES — We or our designee will make certain determinations with respect
to the notes as further described in this pricing supplement. In addition, if a Benchmark Transition Event and its related Benchmark
Replacement Date have occurred, we or our designee will make certain determinations with respect to the notes in our or our designee’s
sole discretion as further described under “Description of the Notes—Compounded SOFR” below. Any of these determinations
may adversely affect the payout to investors. Moreover, certain determinations may require the exercise of discretion and the making
of subjective judgments, such as with respect to Compounded SOFR or the occurrence or non-occurrence of a Benchmark Transition
Event and any Benchmark Replacement Conforming Changes. These potentially subjective determinations may adversely affect the payout
to you on the notes. For further information regarding these types of determinations, see “Description of the Notes—Compounded
SOFR” below.
|
|
·
|
IN DETERMINING COMPOUNDED
SOFR FOR THE FINAL INTEREST PERIOD IN THE FLOATING RATE PERIOD, THE LEVEL OF SOFR FOR ANY DAY FROM AND INCLUDING THE RATE CUT-OFF
DATE TO BUT EXCLUDING THE MATURITY DATE WILL BE THE LEVEL OF SOFR IN RESPECT OF SUCH RATE CUT-OFF DATE — For the final
Interest Period, because the level of SOFR for any day from and including the Rate Cut-Off Date to but excluding the Maturity Date
will be the level of SOFR in respect of such Rate Cut-Off Date, you will not receive the benefit of any increase in the level in
respect of SOFR on any date following the Rate Cut-Off Date in connection with the determination of the interest payable with respect
to such Interest Period, which could adversely impact the amount of interest payable with respect to that Interest Period.
|
|
·
|
THE NOTES CONTAIN LIMITED
EVENTS OF DEFAULT, AND THE REMEDIES AVAILABLE THEREUNDER ARE LIMITED — As described in “Description of Debt Securities
— Eligible Liabilities Senior Debt Securities — Events of Default” in the accompanying prospectus, the notes
provide for no event of default other than the opening of insolvency proceedings against us by a German court having jurisdiction
over us. In particular, the imposition of a Resolution Measure will not constitute an event of default with respect to the Indenture
or the notes.
|
If an event of default occurs,
holders of the notes have only limited enforcement remedies. If an event of default with respect to the notes occurs or is continuing,
either the trustee or the holders of not less than 33 1⁄3% in aggregate principal amount of all outstanding debt securities
issued under the Indenture, including the notes, voting as one class, may declare the principal amount of the notes and interest
accrued thereon to be due and payable immediately. We may issue further series of debt securities under the Indenture and these
would be included in that class of outstanding debt securities.
In particular, holders of the
notes will have no right of acceleration in the case of a default in the payment of principal of, interest on, or other amounts
owing under, the notes. If such a default occurs and is continuing with respect to the notes, the trustee and the holders of the
notes could take legal action against us, but they may not accelerate the maturity of the notes. Moreover, if we fail to make any
payment because of the imposition of a Resolution Measure, the trustee and the holders of the notes would not be permitted to take
such action, and in such a case you may permanently lose the right to the affected amounts.
Holders will also have no rights
of acceleration due to a default in the performance of any of our other covenants under the notes.
|
·
|
THE NOTES WILL NOT BE LISTED
AND THERE WILL LIKELY BE LIMITED LIQUIDITY — The notes will not be listed on any securities exchange. Since SOFR is a
relatively new market rate, an established trading market may never develop or may not be very liquid. Market terms for debt securities
linked to SOFR (such as the notes) may evolve over time and, as a result, trading prices of the notes may be lower than those of
later-issued debt securities that are linked to SOFR. Similarly, if SOFR does not prove to be widely used in debt
|
securities similar to the notes,
the trading price of the notes may be lower than that of debt securities linked to rates that are more widely used. We or our affiliates
intend to act as market makers for the notes but are not required to do so and may cease such market making activities at any time.
Even if there is a secondary market, investors in the notes may not be able to sell such notes at all or may not be able to sell
such notes at prices that will provide them with a yield comparable to similar investments that have a developed secondary market.
Further, investors wishing to sell the notes in the secondary market will have to make assumptions as to the future performance
of SOFR during the Interest Period in which they intend the sale to take place. As a result, investors may suffer from increased
pricing volatility and market risk.
|
·
|
MANY ECONOMIC AND MARKET
FACTORS WILL AFFECT THE VALUE OF THE NOTES — The value of the notes prior to maturity will be affected by a number of
economic and market factors that may either offset or magnify each other, including:
|
|
o
|
the actual or anticipated level of SOFR;
|
|
o
|
the volatility of the level of SOFR;
|
|
o
|
the time remaining to the maturity of the notes;
|
|
o
|
trends relating to inflation;
|
|
o
|
interest rates and yields in the markets generally;
|
|
o
|
geopolitical conditions and economic, financial, political, regulatory
or judicial events that affect the markets generally;
|
|
o
|
supply and demand for the notes; and
|
|
o
|
our creditworthiness, including actual or anticipated downgrades
in our credit ratings.
|
During
the term of the notes, it is possible that their value may decline significantly due to the factors described above, and any sale
prior to the Maturity Date could result in a substantial loss to you. You must hold the notes to maturity to receive the repayment
of principal.
DESCRIPTION OF THE NOTES
The
following description of the terms of the notes supplements the description of the general terms of the debt securities set forth
under the headings “Description of Notes” in the accompanying prospectus supplement and “Description
of Eligible Liabilities Senior Debt Securities” in the accompanying prospectus. Capitalized terms used but
not defined in this pricing supplement have the meanings assigned to them in the accompanying prospectus supplement and prospectus.
The term “notes” refers to our Fixed-to-Floating Rate Eligible Liabilities Senior Notes due
November 24, 2026.
General
The notes are unsecured,
unsubordinated senior non-preferred obligations of Deutsche Bank AG that pay interest semi-annually in arrears for the first five
years at a rate of 2.129% per annum and, thereafter, at a variable rate per annum equal to Compounded SOFR (as defined below) plus
1.87%. The notes are our Eligible Liabilities Senior Notes, Series D referred to in the accompanying prospectus supplement and
prospectus. The notes will be issued by Deutsche Bank AG New York Branch under an indenture among us, The Bank of New York Mellon,
as trustee, and Deutsche Bank Trust Company Americas, as paying agent, authenticating agent, issuing agent and registrar. From
time to time, we may create and issue additional notes with the same terms, so that the additional notes will be
considered as part of the same issuance as the earlier notes.
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.
The notes constitute
our unsecured and unsubordinated senior non-preferred obligations under debt instruments (Schuldtitel) within the meaning
of Section 46f(6) sentence 1 of the German Banking Act (Kreditwesengesetz) or any successor provision, and are intended
to qualify as eligible liabilities instruments within the meaning of Articles 72a and 72b(2) of Regulation (EU) No 575/2013 of
the European Parliament and of the Council, as amended, supplemented or replaced from time to time (the “CRR”)
for the minimum requirement for own funds and eligible liabilities, as described and provided for in the bank regulatory capital
provisions to which we are subject. Our obligations under the notes rank pari passu among themselves and pari passu with
all of our other unsecured and unsubordinated senior non-preferred obligations under debt instruments within the meaning of Section
46f(6) sentence 1 of the German Banking Act (including the senior non-preferred obligations under any such debt instruments that
we issued before July 21, 2018 and that are subject to Section 46f(9) of the German Banking Act) or any successor provision; this
includes eligible liabilities within the meaning of Article 72b(2) CRR where point (d) of such Article does not apply. For more
information, see “Resolution Measures and Deemed Agreement” on page PS–3 of this pricing supplement.
The notes will be issued
in minimum denominations of $150,000 and integral multiples of $1,000 in excess thereof. The principal amount (the “Principal
Amount”) of the notes is $1,000 and the Issue Price of the notes is $1,000.00. The notes will be issued in registered
form and represented by one or more permanent global notes registered in the name of The Depository Trust Company (“DTC”)
or its nominee, as described under “Description of Notes — Form, Legal Ownership and Denomination of Notes” in
the accompanying prospectus supplement and “Forms of Securities — Legal Ownership — Global Securities”
in the accompanying prospectus.
The specific terms
of the notes are set forth under the heading “Key Terms” on the cover page of this pricing supplement and in the subsections
below.
Early Redemption
We have the right to
redeem the notes in whole, but not in part, at 100% of the Principal Amount together with any accrued but unpaid interest on November
24, 2025 (the “Reset Date”) by giving not less than 5 Business Days’ prior notice. If the scheduled Reset
Date is not a Business Day, it will be postponed to the following Business Day. Any redemption of notes prior to maturity will
be subject to (i) receipt by the Issuer of approval of the competent authority (except in the cases referred to in Article 72c(3)
CRR) and (ii) compliance with any other regulatory requirements. If the notes are redeemed by us without the approval of such competent
authority, if then legally required, then the amounts paid on the notes must be returned to us irrespective of any agreement to
the contrary.
Payments on the Notes
We will irrevocably
deposit with DTC no later than the opening of business on the applicable Interest Payment Date and the Maturity Date funds sufficient
to make payments of the amount payable with respect to the notes on such date. We will give DTC irrevocable instructions and authority
to pay such amount to the holders of the notes entitled thereto.
Subject to the foregoing
and to applicable law (including, without limitation, United States federal laws) and subject to approval by the competent authority
if then required under applicable law, capital adequacy guidelines, regulations or
policies of such competent authority, we
or our affiliates may, at any time and from time to time, purchase outstanding notes by tender, in open market transactions or
by private agreement.
Secured Overnight Financing Rate
SOFR is published by
the Federal Reserve Bank of New York (the “New York Federal Reserve”) and is intended to be a broad measure
of the cost of borrowing cash overnight collateralized by U.S. Treasury securities. The New York Federal Reserve reports that SOFR
includes all trades in the Broad General Collateral Rate and bilateral Treasury repurchase agreement (repo) transactions cleared
through the delivery-versus-payment service offered by the Fixed Income Clearing Corporation (the “FICC”), a
subsidiary of The Depository Trust & Clearing Corporation (“DTCC”), and SOFR is filtered by the New York
Federal Reserve to remove some (but not all) of the foregoing transactions considered to be “specials.” According to
the New York Federal Reserve, “specials” are repos for specific-issue collateral, which take place at cash-lending
rates below those for general collateral repos because cash providers are willing to accept a lesser return on their cash in order
to obtain a particular security.
The New York Federal
Reserve reports that SOFR is calculated as a volume-weighted median of transaction-level tri-party repo data collected from The
Bank of New York Mellon as well as General Collateral Finance Repo transaction data and data on bilateral Treasury repo transactions
cleared through the FICC’s delivery-versus-payment service. The New York Federal Reserve also notes that it obtains information
from DTCC Solutions LLC, an affiliate of DTCC.
If data for a given
market segment were unavailable for any day, then the most recently available data for that segment would be utilized, with the
rates on each transaction from that day adjusted to account for any change in the level of market rates in that segment over the
intervening period. SOFR would be calculated from this adjusted prior day’s data for segments where current data were unavailable,
and unadjusted data for any segments where data were available. To determine the change in the level of market rates over the intervening
period for the missing market segment, the New York Federal Reserve would use information collected through a daily survey conducted
by its Trading Desk of primary dealers’ repo borrowing activity. Such daily survey would include information reported by
Deutsche Bank AG, as a primary dealer, or its affiliates.
The New York Federal
Reserve notes on its publication page for SOFR that use of SOFR is subject to important limitations, indemnification obligations
and disclaimers, including that the New York Federal Reserve may alter the methods of calculation, publication schedule, rate revision
practices or availability of SOFR at any time without notice.
Each U.S. Government
Securities Business Day, the New York Federal Reserve publishes SOFR on its website at approximately 8:00 a.m., New York City time.
If errors are discovered in the transaction data provided by The Bank of New York Mellon or DTCC Solutions LLC, or in the calculation
process, subsequent to the initial publication of SOFR but on that same day, SOFR and the accompanying summary statistics may be
republished at approximately 2:30 p.m., New York City time. Additionally, if transaction data from The Bank of New York Mellon
or DTCC Solutions LLC had previously not been available in time for publication, but became available later in the day, the affected
rate or rates may be republished at around this time. Rate revisions will only be effected on the same day as initial publication
and will only be republished if the change in the rate exceeds one basis point. Any time a rate is revised, a footnote to the New
York Federal Reserve’s publication would indicate the revision. This revision threshold will be reviewed periodically by
the New York Federal Reserve and may be changed based on market conditions.
Because SOFR is published
by the New York Federal Reserve based on data received from other sources, we have no control over its determination, calculation
or publication.
The information contained
in this section “Secured Overnight Financing Rate” is based upon the New York Federal Reserve’s Website and other
U.S. government sources.
Compounded SOFR
The
terms set forth in the accompanying prospectus supplement under “Description of Debt Securities—Floating Rate Notes—How
Floating Interest Rates Are Reset” shall not apply to the notes.
Notwithstanding
the terms set forth under “Description of Debt Securities—Floating Rate Notes—How Interest Is Calculated”
in the accompanying prospectus supplement, the following provisions apply to the notes during the Floating Rate Period instead
of the provisions of such subsection. On each Interest Payment Date, accrued interest will be paid for the most recently completed
Interest Period. Interest on the notes will accrue from, and including, the most recent Interest Period End Date to which interest
has been paid or duly provided for (or the Reset Date in the case of the first Interest Period during the Floating Rate Period)
to, but excluding, the next Interest Period End Date (or the Maturity Date in the case of the final Interest Period during
the Floating Rate Period).
The
calculation agent will notify the paying agent of each determination of the interest rate applicable to the notes promptly after
the determination is made.
Accrued
interest on the notes during the Floating Rate Period will be calculated by multiplying the Principal Amount of such notes by an
accrued interest factor. This accrued interest factor will be computed by adding the interest factors calculated for each day in
the Interest Period for which interest is being paid. The interest factor for each day is computed by dividing the interest rate
applicable to that day by 360. The interest rate applicable to a given day during the Floating Rate Period is the sum of Compounded
SOFR plus the Spread. The “Compounded SOFR” will be computed as follows:
“d0”,
for any Interest Period, is the number of U.S. Government Securities Business Days in the relevant Interest Period.
“i”
is a series of whole numbers from one to d0, each representing the relevant U.S. Government Securities Business Days
in chronological order from, and including, the first U.S. Government Securities Business Day in the relevant Interest Period.
“SOFRi”,
for any U.S. Government Securities Business Day “i” in the relevant Interest Period, is a reference rate equal to SOFR
in respect of that day.
“ni”
is the number of calendar days in the relevant Interest Period from, and including, the U.S. Government Securities Business Day
“i” to, but excluding, the following U.S. Government Securities Business Day.
“d”
is the number of calendar days in the relevant Interest Period.
For
these calculations, the daily SOFR in effect on any U.S. Government Securities Business Day will be the applicable SOFR as reset
on that date.
For purposes of determining
Compounded SOFR, “SOFR” means, with respect to any U.S. Government Securities Business Day:
|
(1)
|
the Secured Overnight Financing Rate in respect of such U.S. Government Securities Business Day
as published by the New York Federal Reserve, as the administrator of such rate (or a successor administrator), on the New York
Federal Reserve’s Website on or about 5:00 p.m. (New York City time) on the immediately following U.S. Government Securities
Business Day; or
|
|
(2)
|
if the Secured Overnight Financing Rate in respect of such U.S. Government Securities Business
Day does not appear as specified in paragraph (1), unless both a Benchmark Transition Event and its related Benchmark Replacement
Date have occurred, the Secured Overnight Financing Rate in respect of the last U.S. Government Securities Business Day for which
such rate was published on the New York Federal Reserve’s Website; or
|
|
(3)
|
if a Benchmark Transition Event and its related Benchmark
Replacement Date have occurred:
|
|
·
|
the sum of: (a)
the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the
then-current Benchmark for the applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment; or
|
|
·
|
the sum of: (a)
the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or
|
|
·
|
the sum of: (a)
the alternate rate of interest that has been selected by us or our designee as the replacement for the then-current Benchmark for
the applicable Corresponding Tenor giving due consideration to any industry-accepted rate of interest as a replacement for the
then-current Benchmark for U.S. dollar-denominated floating rate notes at such time and (b) the Benchmark Replacement Adjustment.
|
“Benchmark”
means the Compounded SOFR as defined above; provided that if a Benchmark Transition Event and its related Benchmark Replacement
Date have occurred with respect to the Compounded SOFR or the then-current Benchmark, then “Benchmark” means the applicable
Benchmark Replacement.
“Benchmark
Replacement” means the first alternative set forth in the order presented in clause (3) of the definition of “SOFR”
that can be determined by us or our designee as of the Benchmark Replacement Date. In connection with the implementation of a Benchmark
Replacement, we or our designee will have the right to make Benchmark Replacement Conforming Changes from time to time.
“Benchmark
Replacement Adjustment” means the first alternative set forth in the order below that can be determined by us or our
designee as of the Benchmark Replacement Date:
|
(1)
|
the spread adjustment, or method for calculating or determining
such spread adjustment, (which may be a positive or negative value or zero) that has been selected or recommended by the Relevant
Governmental Body for the applicable Unadjusted Benchmark Replacement;
|
|
(2)
|
if the applicable Unadjusted Benchmark Replacement is equivalent
to the ISDA Fallback Rate, then the ISDA Fallback Adjustment;
|
|
(3)
|
the spread adjustment (which may be a positive or negative
value or zero) that has been selected by us or our designee giving due consideration to any industry-accepted spread adjustment,
or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable
Unadjusted Benchmark Replacement for U.S. dollar-denominated floating rate notes at such time.
|
“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational
changes (including changes to the definition of “Interest Period,” timing and frequency of determining rates and making
payments of interest and other administrative matters) that we or our designee decide may be appropriate to reflect the adoption
of such Benchmark Replacement in a manner substantially consistent with market practice (or, if we or our designee decide that
adoption of any portion of such market practice is not administratively feasible or if we or our designee determine that no market
practice for use of the Benchmark Replacement exists, in such other manner as we or our designee determine is reasonably necessary).
“Benchmark
Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:
|
(1)
|
in the case of clause (1) or (2) of the definition of “Benchmark
Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and
(b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or
|
|
(2)
|
in the case of clause (3) of the definition of “Benchmark
Transition Event,” the date of the public statement or publication of information referenced therein.
|
For
the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than,
the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the
Reference Time for such determination.
“Benchmark
Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:
|
(1)
|
a public statement or publication of information by or on
behalf of the administrator of the Benchmark announcing that such administrator has ceased or will cease to provide the Benchmark,
permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that
will continue to provide the Benchmark;
|
|
(2)
|
a public statement or publication of information by the regulatory
supervisor for the administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with
jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the
Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which
states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided
that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark;
or
|
|
(3)
|
a public statement or publication of information by the regulatory
supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative.
|
A
“Business Day” means any day other than a day that is (i) a Saturday or Sunday, (ii) a day on which banking
institutions generally in the City of New York are authorized or obligated by law, regulation or executive order to close, (iii)
a day on which transactions in U.S. dollars are not conducted in the City of New York or (iv) a day on which TARGET2 is not operating.
“Corresponding
Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the same length
(disregarding business day adjustment) as the applicable tenor for the then-current Benchmark.
“ISDA
Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or
any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives
published from time to time.
“ISDA
Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply
for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event
with respect to the Benchmark for the applicable tenor.
“ISDA
Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective
upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable
ISDA Fallback Adjustment.
“New
York Federal Reserve” means the Federal Reserve Bank of New York.
“New
York Federal Reserve’s Website” means the website of the New York Federal Reserve, currently at http://www.newyorkfed.org,
or any successor source.
“Reference
Time” with respect to any determination of the Benchmark means the time determined by us or our designee in accordance
with the Benchmark Replacement Conforming Changes.
“Relevant
Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially
endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.
“U.S.
Government Securities Business Day” means any day except for a Saturday, Sunday or a day on which the Securities
Industry and Financial Markets Association (or any successor thereto) recommends that the fixed income departments of its members
be closed for the entire day for purposes of trading in U.S. government securities.
“Unadjusted
Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.
If
a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, any determination, decision or election
that may be made by us or our designee pursuant to this section “Compounded SOFR,” including any determination with
respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision
to take or refrain from taking any action or any selection:
|
·
|
will be conclusive and binding absent manifest error;
|
|
·
|
will be made in our or our designee’s sole discretion;
and
|
|
·
|
notwithstanding anything to the contrary in the documentation
relating to the notes, shall become effective without consent from the holders of the notes or any other party.
|
Calculation Agent
Deutsche Bank AG, London
Branch will act as the calculation agent. As the calculation agent, Deutsche Bank AG, London Branch will determine, among other
things, the amount of interest payable in respect of your notes on each Interest Payment Date. Unless otherwise specified in this
pricing supplement, all determinations made by the calculation agent will be at the sole discretion of the calculation agent and
will, in the absence of manifest error, be conclusive for all
purposes and binding on you, the trustee
and us. We may appoint a different calculation agent from time to time after the date of this pricing supplement without your consent
and without notifying you.
The calculation agent
will provide written notice to the trustee at its New York office, on which notice the trustee may conclusively rely, of the amount
to be paid on each Interest Payment Date and at maturity on or prior to 11:00 a.m., New York City time, on the Business Day preceding
each Interest Payment Date and the Maturity Date, as applicable.
All calculations with
respect to the amount of interest payable on the notes will be rounded to the nearest one hundred-thousandth, with five one-millionths
rounded upward (e.g., 0.876545 would be rounded to 0.87655); all U.S. dollar amounts related to determination of
the payment per $1,000 Principal Amount of notes at maturity will be rounded to the nearest ten-thousandth, with five one hundred-thousandths
rounded upward (e.g., 0.76545 would be rounded up to 0.7655); and all U.S. dollar amounts paid on the aggregate Principal
Amount of notes per holder will be rounded to the nearest cent, with one-half cent rounded upward.
Events of Default
Under the heading “Description
of Debt Securities — Eligible Liabilities Senior Debt Securities — Events of Default” in the accompanying prospectus
is a description of the event of default relating to eligible liabilities senior debt securities including the notes. The notes
provide for no event of default other than the opening of insolvency proceedings against us by a German court having jurisdiction
over us.
The Indenture provides
that there is no right of acceleration in the case of a default in the payment of principal of, interest on, or other amounts owing
under the notes or a default in the performance of any of our other covenants under the notes or the Indenture.
Payment Upon an Event of Default
If
an event of default occurs and the maturity of the notes is accelerated, we will pay a default amount for each $1,000 Principal
Amount of notes equal to $1,000 plus any accrued but unpaid interest to, but excluding, the date of acceleration, calculated as
if the date of such acceleration were the Maturity Date, final Interest Period End Date (if applicable) and final Interest Payment
Date.
If the maturity of
the notes is accelerated because of an event of default as described above, we will, or will cause the calculation agent to, provide
written notice to the trustee at its New York office, on which notice the trustee may conclusively rely, and to DTC of the cash
amount due with respect to the notes as promptly as possible and in no event later than two Business Days after the date of acceleration.
Modification
Under the heading “Description
of Debt Securities — Eligible Liabilities Senior Debt Securities — Modification of the Indenture” in the accompanying
prospectus is a description of when the consent of each affected holder of debt securities is required to modify the Indenture.
Listing
The notes will not
be listed on any securities exchange.
Book-Entry Only Issuance —
The Depository Trust Company
DTC will act as securities
depositary for the notes. The notes will be issued only as fully registered securities registered in the name of Cede &
Co. (DTC’s nominee). One or more fully registered global notes certificates, representing the total aggregate Principal Amount
of the notes, will be issued and will be deposited with DTC. See the descriptions contained in the accompanying prospectus supplement
under the headings “Description of Notes — Form, Legal Ownership and Denomination of Notes.” The notes are offered
on a global basis. Investors may elect to hold interests in the registered global notes held by DTC through Clearstream, Luxembourg
or the Euroclear operator if they are participants in those systems, or indirectly through organizations that are participants
in those systems. See “Series D Notes Offered on a Global Basis — Book-Entry, Delivery and Form” in the accompanying
prospectus supplement.
Governing Law
The notes will be governed
by and construed in accordance with the laws of the State of New York, except as may be otherwise required by mandatory provisions
of law and except with respect to the provisions relating to the ranking of such notes and their status under Section 46f(6) sentence
1 of the German Banking Act (Kreditwesengesetz), which will
be governed by and construed in accordance
with German law, including, in relation to such provisions, any determination of whether a Resolution Measure has been imposed
on us.
Tax Considerations
In the opinion of our
special tax counsel, Davis Polk & Wardwell LLP, the notes should be treated for U.S. federal income tax purposes as “variable
rate debt instruments” that provide for a single fixed rate followed by a qualified floating rate (“QFR”).
In order to determine
the amount of qualified stated interest (“QSI”) and original issue discount ("OID") in respect
of the notes, an equivalent fixed rate debt instrument must be constructed. The equivalent fixed rate debt instrument is constructed
in the following manner: (i) first, the initial fixed rate is converted to a QFR that would preserve the fair market value of the
notes, and (ii) second, each QFR (including the QFR determined under (i) above) is converted to a fixed rate substitute (which
will generally be the value of that QFR as of the Settlement Date of the notes). Under Treasury regulations applicable to certain
unconditional options arising under the terms of a debt instrument, in determining the amount of QSI and OID, we will be deemed
to exercise our optional redemption right if doing so would reduce the yield on the equivalent fixed rate debt instrument. Accordingly,
if, as of the Settlement Date, redeeming the notes on November 24, 2025 would reduce the yield of the equivalent fixed rate debt
instrument, the notes will be treated as fixed rate debt instruments maturing on November 24, 2025 (the “Notional November
2025 Notes”). Under those circumstances, if the notes are not actually redeemed by us on November 24, 2025, solely for
purposes of the OID rules, they will be deemed retired for their principal amount and reissued, and will thereafter be treated
as floating rate debt instruments with a term of one year (the “Notional 1-year Notes”). The Notional November
2025 Notes would be treated as issued without OID, and all payments of interest thereon would be treated as QSI. Taking into account
the last possible date that the notes could be outstanding under their terms, interest on the Notional 1-year Notes should generally
be taken into account when received or accrued, according to your method of tax accounting. However, it is possible that the Notional
1-year Notes could be subject to the special rules applicable to short-term obligations as defined under Treasury Regulations section
1.1272-1(f). You should consult your own tax adviser regarding the U.S. federal tax consequences of an investment in the notes,
as well as any tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction as discussed below.
If, as of the Settlement
Date, redeeming the notes on November 24, 2025 would not reduce the yield on the equivalent fixed rate debt instrument, the rules
under “United States Federal Income Taxation - Tax Consequences to U.S. Holders - OID Notes” must be applied to the
equivalent fixed rate debt instrument to determine the amounts of QSI and any OID on the notes. Under those circumstances, the
notes may be issued with OID.
Whether the notes have
been issued with OID, and the amount thereof, cannot be determined prior to the Settlement Date. If the notes are issued with OID,
information regarding the annual accrual of OID on the notes will be filed with the Internal Revenue Service on a Form 8281 and
will be made publicly available.
A U.S. holder is required
to include any QSI in income accordance with the U.S. holder's regular method of accounting for U.S. federal income tax purposes.
U.S. holders will be required to include any OID in income for U.S. federal income tax purposes as it accrues, in accordance with
a constant yield method based on a compounding of interest. QSI allocable to an accrual period must be increased (or decreased)
by the amount, if any, which the interest actually accrued or paid during an accrual period (including the fixed rate payments
made during the initial period) exceeds (or is less than) the interest assumed to be accrued or paid during the accrual period
under the equivalent fixed rate debt instrument.
The discussion above
does not address the consequences to taxpayers subject to special tax accounting rules under Section 451(b) of the Internal Revenue
Code of 1986, as amended.
If you are a non-U.S.
holder, you generally will not be subject to U.S. federal income tax (including withholding tax), provided that you fulfill certain
certification requirements and certain other conditions are met. See “United States Federal Income Taxation — Tax Consequences
to Non-U.S. Holders” on page PS-32 of the accompanying prospectus supplement.
As discussed in the
section of the accompanying prospectus supplement entitled “United States Federal Income Taxation - `FATCA' Legislation,”
payments in respect of the notes and gross proceeds from any taxable disposition of a note (including retirement) may be subject
to withholding under FATCA. However, recently proposed Treasury Regulations (the preamble to which specifies that taxpayers are
permitted to rely on them pending finalization) eliminate the withholding requirement on payments of gross proceeds (other than
any amount treated as interest). You should consult your tax adviser regarding the potential application of FATCA to the notes.
Under current law,
the United Kingdom will not impose withholding tax on payments made with respect to the notes.
For a discussion of
certain German tax considerations relating to the notes, you should refer to the section in the accompanying prospectus supplement
entitled “Taxation by Germany of Non-Resident Holders.”
You should consult
your tax adviser regarding the U.S. federal tax consequences of an investment in the notes, as well as tax
consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.
USE OF PROCEEDS; HEDGING
The
net proceeds we receive from the sale of the notes will be used for general corporate purposes, as more particularly described
in “Use of Proceeds” in the accompanying prospectus.
We
or our affiliates may acquire a long or short position in securities similar to the notes from time to time and may, in our or
their sole discretion, hold or resell those securities. Although we have no reason to believe that any of these activities will
have a material impact on the value of the notes, we cannot assure you that these activities will not have such an effect.
SUPPLEMENTAL PLAN OF DISTRIBUTION (CONFLICTS
OF INTEREST)
Under the terms and
subject to the conditions contained in the Distribution Agreement entered into between Deutsche Bank AG and DBSI, as agent thereunder,
and certain other agents that may be party to the Distribution Agreement from time to time (each, an “Agent,”
and, collectively with DBSI, the “Agents”), each Agent participating in the offering of the notes has agreed
to purchase, and we have agreed to sell, the Principal Amount of notes indicated opposite such Agent’s name in the following
table.
Agents
|
Principal Amount of Notes
|
Deutsche Bank Securities Inc.
|
$1,590,000,000
|
Citigroup Global Markets Inc.
|
$60,000,000
|
Scotia Capital (USA) Inc.
|
$60,000,000
|
TD Securities (USA) LLC
|
$60,000,000
|
BBVA Securities Inc.
|
$20,000,000
|
Citizens Capital Markets, Inc.
|
$20,000,000
|
Commerz Markets LLC
|
$20,000,000
|
Intesa Sanpaolo S.p.A.
|
$20,000,000
|
Regions Securities LLC
|
$20,000,000
|
Santander Investment Securities Inc.
|
$20,000,000
|
SG Americas Securities, LLC
|
$20,000,000
|
UBS Securities LLC
|
$20,000,000
|
UniCredit Capital Markets LLC
|
$20,000,000
|
Academy Securities, Inc.
|
$10,000,000
|
AmeriVet Securities, Inc.
|
$10,000,000
|
Bancroft Capital LLC
|
$10,000,000
|
Capital Institutional Services, Inc.
|
$10,000,000
|
Mischler Financial Group, Inc.
|
$10,000,000
|
Total
|
$2,000,000,000
|
Notes sold by the Agents
to the public will initially be offered at the Issue Price set forth on the cover of this pricing supplement. If all of the notes
are not sold at the Issue Price, the Agents may change the offering price and the other selling terms.
The Agents will receive
a selling concession in connection with the sale of the notes of 0.325% or $3.25 per $1,000 Principal Amount of notes. The Agents
may also sell the notes to or through dealers, and such dealers may receive compensation in the form of underwriting discounts,
concessions or commissions from the Agents and/or the purchasers of the notes for whom they may act as agent, and such compensation
received by such dealers will not be in excess of the selling concession the Agents receive from us. In connection with the sale
of the notes, the Agents may receive commissions from the purchasers of the notes for whom they may act as agent. The Agents and
any dealers that participate with the Agents in the distribution of the notes may be deemed to be underwriters, and any discounts
or commissions received by them and any profit on the resale of the notes by them may be deemed to be underwriting discounts or
commissions.
We own, directly or
indirectly, all of the outstanding equity securities of DBSI. The net proceeds received from the sale of the notes may be used,
in part, by DBSI or one of its affiliates in connection with hedging our obligations under the notes. Because DBSI is both our
affiliate and a member of FINRA, the underwriting arrangements for this offering must comply with the requirements of FINRA Rule
5121 regarding a FINRA member firm’s distribution of the securities of an affiliate and related conflicts of interest. In
accordance with FINRA Rule 5121, DBSI may not make sales in offerings of the notes to any of its discretionary accounts without
the prior written approval of the customer.
DBSI or another Agent
may act as principal or agent in connection with offers and sales of the notes in the secondary market. Secondary market offers
and sales will be made at prices related to market prices at the time of such offer or sale; accordingly, the Agents or a dealer
may change the public offering price, concession and discount after the offering has been completed.
In order to facilitate
the offering of the notes, the Agents may engage in transactions that stabilize, maintain or otherwise affect the price of the
notes. Specifically, an Agent may sell more notes than it is obligated to purchase in connection with the offering, creating a
naked short position in the notes for its own account. Such Agent must close out any naked short position by purchasing the notes
in the open market. A naked short position is more likely to be created if an Agent is concerned that there may be downward pressure
on the price of the notes in the open market after pricing that could adversely affect investors who purchase in the offering.
As an additional means of facilitating the offering, the Agents may bid for, and purchase, notes in the open market to stabilize
the price of the notes. Any of these activities may raise or maintain the market price of the notes above independent market levels
or prevent or slow a decline in the market
price of the notes. The Agents are not required
to engage in these activities and may end any of these activities at any time.
No action has been
or will be taken by us, the Agents or any dealer that would permit a public offering of the notes or possession or distribution
of this pricing supplement, the accompanying prospectus supplement or prospectus other than in the United States, where action
for that purpose is required. No offers, sales or deliveries of the notes, or distribution of this pricing supplement, the accompanying
prospectus supplement or prospectus or any other offering material relating to the notes, may be made in or from any jurisdiction
except in circumstances which will result in compliance with any applicable laws and regulations and will not impose any obligations
on us, the Agents or any dealer.
Each
Agent has represented and agreed, and any other Agent through which we may offer the notes will represent and agree, that if any
notes are to be offered outside the United States, it will not offer or sell any such notes in any jurisdiction if such offer or
sale would not be in compliance with any applicable law or regulation or if any consent, approval or permission is needed for such
offer or sale by it or for or on behalf of the Issuer unless such consent, approval or permission has been previously obtained
and such Agent will obtain any consent, approval or permission required by it for the subscription, offer, sale or delivery of
the notes, or the distribution of any offering materials, under the laws and regulations in force in any jurisdiction to which
it is subject or in or from which it makes any subscription, offer, sale or delivery.
Intesa
Sanpaolo S.p.A. is not a U.S. registered broker-dealer and it will not effect any offers or sales of any notes in the United States
unless it is through one or more U.S. registered broker-dealers as permitted by the regulations of FINRA.
Prohibition
of Sales To EEA And UK Retail Investors
The
notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available
to any retail investor in the European Economic Area (“EEA”) or in the United Kingdom (“UK”).
For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article
4(1) of Directive 2014/65/EU (as amended, “MiFID II”); or (ii) a customer within the meaning of Directive (EU)
2016/97 (as amended, the “Insurance Distributive Directive”), where that customer would not qualify as a professional
client as defined in point (10) of Article 4(1) of MiFID II. Consequently no key information document required by Regulation (EU)
No 1286/2014 (as amended, the “PRIIPs Regulation”) for offering or selling the notes or otherwise making them
available to retail investors in the EEA or in the UK has been prepared and therefore offering or selling the notes or otherwise
making them available to any retail investor in the EEA or the UK may be unlawful under the PRIIPs Regulation.
MiFID
II Product Governance/Professional Investors and ECPs-only Target Market
The
target market for the notes is eligible counterparties and professional clients, each as defined in MiFID II (all distribution
channels, with appropriateness check) having (1) at least informed knowledge and/or experience with financial products, (2) a long-term
investment horizon, (3) general capital formation/asset optimization as their investment objective, (4) no or only minor investment
loss bearing capacity and (5) a medium risk tolerance.
Settlement
We expect to deliver
the notes against payment for the notes on the Settlement Date indicated above, which is expected to be a day that is greater than
two business days following the Trade Date. Under Rule 15c6–1 of the Securities Exchange Act of 1934, as amended, trades
in the secondary market generally are required to settle in two business days, unless the parties to a trade expressly agree otherwise.
Accordingly, if the Settlement Date is more than two business days after the Trade Date, purchasers who wish to transact in the
notes more than two business days prior to the Settlement Date will be required to specify alternative settlement arrangements
to prevent a failed settlement.
Validity
of the Notes
In
the opinion of Davis Polk & Wardwell LLP, as special United States products counsel to the Issuer, when the notes offered by
this pricing supplement have been executed and issued by the Issuer and authenticated by the authenticating agent, acting on behalf
of the trustee pursuant to the Indenture, and delivered against payment as contemplated herein, such notes will be valid and binding
obligations of the Issuer, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar
laws affecting creditors’ rights generally, concepts of reasonableness and equitable principles of general applicability
(including, without limitation, concepts of good faith, fair dealing and the lack of bad faith) and possible judicial or regulatory
actions or applications giving effect to governmental actions or foreign laws affecting creditors’ rights, provided
that such counsel expresses no opinion as to (i) the effect of fraudulent conveyance, fraudulent transfer or similar provision
of applicable law on the conclusions expressed above and (ii) the validity, legally binding effect or enforceability of any provision
that permits holders to collect any portion of the
stated
principal amount upon acceleration of the notes to the extent determined to constitute unearned interest. This opinion is given
as of the date hereof and is limited to the laws of the State of New York. Insofar as this opinion involves matters governed by
German law, Davis Polk & Wardwell LLP has relied, without independent investigation, on the opinion of Group Legal Services
of Deutsche Bank AG, dated November 24, 2020, filed as an exhibit to the opinion of Davis Polk & Wardwell LLP, and this opinion
is subject to the same assumptions, qualifications and limitations with respect to such matters as are contained in such opinion
of Group Legal Services of Deutsche Bank AG. In addition, this opinion is subject to customary assumptions about the trustee’s
authorization, execution and delivery of the Indenture and the authentication of the notes by the authenticating agent and the
validity, binding nature and enforceability of the Indenture with respect to the trustee, all as stated in the opinion of Davis
Polk & Wardwell LLP dated November 24, 2020, which has been filed by the Issuer as an exhibit to a Current Report on Form 6-K
dated as of November 24, 2020.
Deutsche Bank Aktiengese... (NYSE:DB)
Historical Stock Chart
From Aug 2024 to Sep 2024
Deutsche Bank Aktiengese... (NYSE:DB)
Historical Stock Chart
From Sep 2023 to Sep 2024