Deutsche Bank in Public Offering of $1.5 Billion Fixed to Fixed Reset Rate Subordinated Tier 2 Notes Due 2028

May 24, 2013

Cleary Gottlieb was counsel to Deutsche Bank in its public offering of $1,500,000,000 aggregate principal amount of 4.296% Fixed to Fixed Reset Rate Subordinated Tier 2 Notes due 2028. The Lead Book-Running Manager was Deutsche Bank Securities and Co-Managers included a syndicate of 19 banks. The Subordinated Notes priced on May 21. The transaction closed on May 24.

The Subordinated Notes are intended to qualify as Tier 2 regulatory banking capital under the Basel 3 rules on the capital requirements for financial institutions, once they are fully applicable in Germany.

According to Deutsche Bank, the transaction is the first-ever benchmark callable Tier 2 issuance by a bank in the U.S. market.

Deutsche Bank also completed a €3 billion capital increase in April. Cleary Gottlieb also advised the issuer in this common equity transaction.