Pricing
Supplement No. 3015
To prospectus supplement
dated July 7
,
2017 and
prospectus dated July
7
,
2017
|
Registration Statement No
.
333
–
218897
Rule
424
(
b
)(
2
)
|
Deutsche Bank AG
$650,000,000 3 Year Floating Rate Eligible
Liabilities Senior Notes due January 22, 2021
General
|
·
|
The 3 Year Floating Rate
Eligible Liabilities Senior Notes due January 22, 2021 (the “
notes
”) pay interest quarterly in arrears at a
variable rate equal to 3-month USD LIBOR
plus
0.815%. The notes are designed for investors who seek quarterly interest payments
with the return of principal at maturity. 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 January 22, 2021
|
|
·
|
Minimum denominations
of $100,000 and integral multiples of $1,000 (the “
Principal Amount
”) in excess thereof
|
|
·
|
The notes priced on January
17, 2018 (the “
Trade Date
”) and are expected to settle on January 22, 2018 (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:
|
Interest will be paid on a quarterly basis in arrears at the Interest Rate set forth below on each Interest Payment Date, based on an actual/360 day count convention. The Interest Rate for each Reset Period commencing on an Interest Reset Date will be equal to the Base Rate (to be determined by the calculation agent on the relevant Interest Determination Date)
plus
the Spread. The Initial Interest Rate will be equal to the Base Rate (to be determined by the calculation agent on the second London Banking Day prior to the Settlement Date)
plus
the Spread.
|
Base Rate:
|
3-month USD LIBOR
|
Spread:
|
Plus 0.815%
|
Reset Period:
|
Each period from, and including, an Interest Reset Date to, but excluding, the following Interest Reset Date, with the final Reset Period ending on, but excluding, the Maturity Date
|
Interest Reset Date:
|
Each Interest Payment Date
|
Interest Determination Date:
|
The second London Banking Day preceding an Interest Reset Date. A “
London Banking Day
” is any day on which dealings in deposits in U.S. dollars are transacted in the London interbank market.
|
Interest Payment Dates:
|
January 22, April 22, July 22 and October 22 of each year, commencing on April 22, 2018 and ending on the Maturity Date. If any scheduled Interest Payment Date (other than the Maturity Date) is not a Business Day (as defined below), the Interest Payment Date will be postponed to the following Business Day, except that, if that Business Day would fall in the next calendar month, the Interest Payment Date will be the immediately preceding Business Day.
|
Trade Date:
|
January 17, 2018
|
Settlement Date:
|
January 22, 2018
|
Maturity Date:
|
January 22, 2021
|
Listing:
|
The notes will not be listed on any securities exchange.
|
CUSIP / ISIN:
|
251526BQ1 / US251526BQ11
|
Investing
in the notes involves a number of risks
.
See
“
Risk Factors
”
beginning on page PS
–
4
of the accompanying prospectus supplement and page 9 of the accompanying prospectus and
“
Selected Risk Considerations
”
beginning on page PS
–
5 of this pricing supplement
.
By acquiring
the notes
,
you will be bound by and deemed irrevocably 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
–
2 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%
|
0.225%
|
99.775%
|
Total
|
$650,000,000
|
$1,462,500
|
$648,537,500
|
|
(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
January 17, 2018
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
”).
The Bank Recovery and Resolution Directive required each member state of the European Union to adopt and publish by December 31,
2014 the laws, regulations and administrative provisions necessary to comply with the Bank Recovery and Resolution Directive. Germany
adopted the Recovery and Resolution Act (
Sanierungs
-
und Abwicklungsgesetz
, or 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 has been 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 deemed irrevocably
to consent to the provisions set forth in the accompanying prospectus, which we have summarized below.
Pursuant to the German
Banking Act as amended by the German law on the mechanism for the resolution of banks of November 2, 2015 (
Abwicklungsmechanismusgesetz
,
or the “
Resolution Mechanism Act
”), 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
and would be satisfied only if all such other senior unsecured unsubordinated obligations of the Issuer have been paid in full.
The Resolution Mechanism Act could lead to increased losses for the holders of the notes if insolvency proceedings were initiated
or Resolution Measures imposed upon the Issuer
. See “Selected Risk Considerations” in this pricing supplement and
“Risk Factors” in the accompanying prospectus for more information.
By acquiring the notes,
you will be bound by and deemed irrevocably to consent to the imposition of any Resolution Measure by the competent resolution
authority. 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 the issue to or conferral of the holders (including the beneficial
owners) of 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 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 authenticating
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 irrevocably 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 July 7
,
2017
,
including the risk factors beginning
on page 9 of such prospectus
.
SUMMARY
You
should read this pricing supplement together with the prospectus supplement dated July 7, 2017 relating to our Eligible Liabilities
Senior Notes, Series D of which these notes are a part and the prospectus dated July 7, 2017. 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 July 7, 2017:
|
https://www.sec.gov/Archives/edgar/data/1159508/000119312517224065/d412421d424b21.pdf
|
·
|
Prospectus dated July
7, 2017:
|
https://www.sec.gov/Archives/edgar/data/1159508/000119312517224058/d603970d424b21.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
NOTES ARE SUBJECT TO THE CREDIT OF DEUTSCHE BANK AG
— The notes are unsecured, 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. On March 28, 2017,
Standard & Poor’s downgraded Deutsche Bank AG’s long-term issue ratings on certain senior unsecured debt instruments
reclassified as senior subordinated debt due to Germany’s recently introduced law from “BBB+” to “BBB-.”
On December 12, 2017, Moody’s affirmed Deutsche Bank AG’s senior unsecured rating of Baa2 but changed the outlook
for this debt class from “stable” to “negative.” 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
.
IN A GERMAN INSOLVENCY PROCEEDING OR IN THE EVENT OF THE IMPOSITION OF RESOLUTION MEASURES WITH RESPECT
TO THE ISSUER
,
THE NOTES WOULD BE SATISFIED ONLY IF CERTAIN OTHER UNSECURED UNSUBORDINATED OBLIGATIONS OF THE ISSUER HAVE
BEEN PAID IN FULL
.
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 the issue to or conferral of the holders (including the beneficial owners) of 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.
|
The
Resolution Mechanism Act provides that, in a German insolvency proceeding of 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 and would be satisfied
only if
all such other senior unsecured unsubordinated
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 the Resolution Mechanism Act
or are expressly exempted from such definition.
Among
those unsecured unsubordinated obligations that are expressly exempted are money market instruments and senior unsecured debt
instruments whose terms provide that (i) 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 settlement is effected in a way other
than by monetary payment, or (ii) 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 fixed or floating reference interest rate and settlement is effected by
monetary payment. This order of priority introduced by the Resolution Mechanism Act became effective on January 1, 2017 and would
apply to the then outstanding debt instruments of the Issuer if German insolvency proceedings were instituted, or if Resolution
Measures were imposed, on such debt instruments. In a German insolvency proceeding or in the event of the imposition of Resolution
Measures with respect to the Issuer, the competent resolution authority or court would determine whether the securities offered
by the prospectus have the terms described in clauses (i) or (ii) above, referred to herein as “
Structured Debt Securities
,”
or whether they do not, referred to herein as “
Non
-
Structured
Debt
Securities
.”
We expect and intend the notes offered herein to be classified as Non
-
Structured Debt Securities
.
In a German insolvency proceeding or in the event of the imposition of Resolution Measures with respect to the Issuer, the unsecured
unsubordinated obligations of the Issuer that either fall outside the statutory definition of debt instruments that rank junior
to other senior unsecured obligations or are expressly exempted from such definition, including any Structured Debt Securities,
are expected to bear losses
after
the Non-Structured Debt Securities (including the notes) as described above.
The Resolution
Mechanism Act could lead to increased losses for the holders of the notes if insolvency proceedings were initiated or Resolution
Measures imposed upon the Issuer
.
In
November 2016, the European Commission proposed substantial amendments to, among other laws, the Capital Requirements Regulation,
the Bank Recovery and Resolution Directive and the SRM Regulation. The proposals cover multiple areas, including the ranking of
certain unsecured debt instruments in national insolvency proceedings (to include a new category of ‘non-preferred’
senior debt referred to as “eligible liabilities instruments”), the introduction of a moratorium tool, refinements
of the minimum requirement for own funds and eligible liabilities (or “
MREL
”) framework, and the integration
of the minimum total loss-absorbing capacity (or “
TLAC
”) standard into EU legislation. Based upon the current
proposals, we expect the notes to qualify as “eligible liabilities instruments” and to continue to rank similar to
Non-Structured Debt Securities once the proposals become effective. The proposals, if they are enacted as proposed, may also enable
us to issue instruments similar to the notes but ranking senior to them. The proposals are to be considered by the European Parliament
and the Council of the European Union and therefore remain subject to change. The legislation when final may not include all elements
of the proposals and new or amended elements may be introduced in the course of the legislative process. Until the proposals are
in final form, it is uncertain how the proposals will affect us or holders of the notes. The current proposals, as well as the
economic and financial environment at the time of implementation and beyond, can have a material impact on our operations and
financial condition and they may require us to raise additional capital or issue additional “eligible liabilities instruments.”
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.
You may lose some or all of your investment in the notes
if a Resolution Measure becomes applicable to us
.
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 a 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, because the notes are subject
to any Resolution Measure, 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, secondary
market trading in the notes may not follow the trading behavior associated either with Structured Debt Securities issued by us
or with securities issued by other financial institutions that are not subject to the Resolution Mechanism Act or similar laws.
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
any indenture agent in respect of, and agree that the trustee and the indenture agents will not be liable for, any action that
the trustee or any indenture agent 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.
Accordingly
,
you may have limited or circumscribed
rights to challenge any decision of the competent resolution authority to impose any Resolution Measure
.
|
·
|
THE NOTES CONTAIN LIMITED
EVENTS OF DEFAULT
,
AND THE REMEDIES AVAILABLE THEREUNDER ARE LIMITED
— As described in “Description of 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.
|
·
|
UNCERTAINTY
ABOUT THE FUTURE OF LIBOR MAY ADVERSELY AFFECT THE RETURN ON YOUR NOTES
— On July 27, 2017, the Chief Executive of the
United Kingdom Financial Conduct Authority, which regulates LIBOR, announced that it intends to stop persuading or compelling
banks to submit rates for the calculation of LIBOR to the administrator of LIBOR after 2021. The announcement indicates that,
due to the absence of active underlying markets, the continuation of LIBOR benchmarks that are based on these markets cannot and
will not be guaranteed after 2021. It is impossible to predict whether, and to what extent, banks will continue to provide LIBOR
submissions to the administrator of LIBOR to allow for the calculation of LIBOR in its current form, or whether any additional
reforms to LIBOR may be enacted in the United Kingdom or elsewhere.
|
At
this time, no consensus exists as to what rate or rates may become accepted alternatives to LIBOR and it is impossible to predict
the effect of any such alternatives on the value of LIBOR-based securities, such as the notes. Uncertainty as to the nature of
alternative reference rates and as to potential changes or other reforms to LIBOR may adversely affect LIBOR, and thus, your return
on the notes as well as the trading market for the notes.
|
·
|
POTENTIAL
CONFLICTS OF INTEREST MAY ARISE IF THE BASE RATE HAS BEEN PERMANENTLY DISCONTINUED OR IS UNAVAILABLE
— Because Deutsche
Bank AG, London Branch is acting as the calculation agent for the notes, a conflict of interest may arise due to our economic
interests potentially being adverse to your interests as an investor in the notes. As the calculation agent, Deutsche Bank AG,
London Branch will determine, among other things, the amount of interest payable in respect of the notes on each Interest Payment
Date. In addition, if LIBOR has been permanently discontinued, the calculation agent will select an alternative reference rate
for the notes and may adjust certain terms of the notes. The terms that the calculation agent may adjust include, but are not
limited to, the Base Rate (as defined below), the applicable currency and/or index maturity for such alternative reference rate,
the Spread, as well as the business day convention, the definition of Business Day, Interest Determination Dates and related provisions
and definitions. Furthermore, if LIBOR is unavailable on an Interest Determination Date but has not been permanently discontinued,
the calculation agent may determine the interest rate on such Interest Determination Date in its sole discretion. Any selection,
adjustments or determinations by the calculation agent could adversely affect the applicable interest rate for, and thus, your
return on, 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. There may be little or no secondary market for the notes. 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, it may not provide enough liquidity to allow you to trade or sell the notes when you wish to do
so or at a price advantageous to you. Because we do not expect that other market makers will participate significantly in the secondary
market for the notes, the price at which you may be able to sell your notes is likely to depend on the price, if any, at which
we or our affiliates are willing to buy the notes. If, at any time, we or our affiliates do not act as market makers, it is likely
that there would be little or no secondary market for the notes.
|
|
·
|
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 time remaining to the maturity of the notes;
|
|
o
|
trends relating to inflation;
|
|
o
|
interest rates and yields in the markets generally;
|
|
o
|
the actual or anticipated rate of LIBOR;
|
|
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 3 Year Floating Rate Eligible Liabilities Senior Notes
due January 22, 2021
.
General
The
notes are unsecured, unsubordinated senior non-preferred obligations of Deutsche Bank AG that pay interest at a variable rate
equal to 3-month USD LIBOR
plus
0.815%. The interest will be paid on a quarterly basis in arrears on each Interest Payment
Date, including the Maturity Date, based on an actual/360 day count convention. 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 are our direct,
unconditional, unsecured and unsubordinated obligations and rank equally and
pari passu
with all of our other unsecured
and unsubordinated debt, subject to any statutory priority regime under German law that provides certain claims will be satisfied
first in a resolution or insolvency proceeding with respect to the Issuer and save for those preferred by mandatory provisions
of law. Under German law, the notes constitute non-preferred debt instruments within the meaning of Section 46f(6) sentence 1 of
the German Banking Act (
Kreditwesengesetz
). For more information, see “Resolution Measures and Deemed Agreement”
on page PS–2 of this pricing supplement.
The notes will be issued
in minimum denominations of $100,000 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. 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.
Payments on the Notes
The “
Maturity
Date
” will be January 22, 2021, unless that day is not a Business Day, in which case the Maturity Date will be the first
following Business Day. On the Maturity Date, you will receive a cash payment, for each $1,000 Principal Amount of notes, of $1,000
plus
any accrued but unpaid interest. If the scheduled Maturity Date is not a Business Day, the principal
plus
any
accrued but unpaid interest will be paid on the first following day that is a Business Day with the full force and effect as if
made on the scheduled Maturity Date, and no interest on such postponed payment will accrue during the period from and after the
scheduled Maturity Date.
The notes will bear
interest from the Settlement Date at a variable Interest Rate, payable on a quarterly basis in arrears on January 22, April 22,
July 22 and October 22 of each year (each, an “
Interest Payment Date
”), commencing on April 22, 2018 and ending
on the Maturity Date, based on an actual/360 day count convention. If any scheduled Interest Payment Date (other than the Maturity
Date) is not a Business Day, the Interest Payment Date will be postponed to the following Business Day, except that, if that Business
Day would fall in the next calendar month, the Interest Payment Date will be the immediately preceding Business Day.
The “
Interest
Rate
” for each Reset Period commencing on an Interest Reset Date will be equal to the Base Rate (to be determined by
the calculation agent on the relevant Interest Determination Date)
plus
the Spread. The Initial Interest Rate will be equal
to the Base Rate (to be determined by the calculation agent on the second London Banking Day prior to the Settlement Date)
plus
the Spread.
The “
Base
Rate
” is 3-month USD LIBOR.
The “
Spread
”
is plus 0.815%.
Each “
Reset
Period
” will be from, and including, an Interest Reset Date to, but excluding, the following Interest Reset Date, with
the final Reset Period ending on, but excluding, the Maturity Date.
The “
Interest
Reset Dates
” will be the Interest Payment Dates.
Each “
Interest
Determination Date
” will be the second London Banking Day preceding the relevant Interest Reset Date.
A “
London
Banking Day
” is any day on which dealings in deposits in U.S. dollars are transacted in the London interbank market.
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.
A “
Business
Day
” is any day that is a London Banking 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 or London, England 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 London, England or (iv)
a day on which TARGET2 is not operating.
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.
LIBOR Determination
If 3-month USD LIBOR
cannot be determined on any Interest Determination Date as described in the first bullet of the second paragraph under “Description
of Notes — Interest Rates — Floating Rate Notes — LIBOR Notes” in the accompanying prospectus supplement,
then 3-month USD LIBOR will be determined in accordance with the following procedures, which supersede the procedures in the second
through fourth bullets of such second paragraph:
|
·
|
If
the calculation agent determines that 3-month USD LIBOR has been permanently discontinued, the calculation agent will, in its
sole discretion, select an alternative reference rate as a substitute interest rate for the notes;
provided
that if the
calculation agent determines that there is an industry accepted successor interest rate for the discontinued 3-month USD LIBOR,
the calculation agent shall use such successor interest rate as the substitute interest rate for the notes. As part of any such
substitution, the calculation agent may make adjustments to the terms of the notes, including, but not limited to, the definition
of the Base Rate (including the related fallback mechanism), the applicable currency and/or index maturity for such alternative
reference rate, the Spread, as well as the business day convention, the definition of Business Day, the Interest Determination
Dates and related provisions and definitions, in each case consistent with accepted market practice for the use of such alternative
reference rate for debt obligations such as the notes.
|
|
·
|
If the calculation agent has not selected
an alternative reference rate as a substitute interest rate for the notes as provided above, the following will apply:
|
|
o
|
If (a) fewer than two offered rates appear and Reuters
page LIBOR01 (or any other page as may replace Reuters page LIBOR01) (“
Reuters Page LIBOR01
”) does not by its
terms provide only for a single rate or (b) no rate appears and Reuters Page LIBOR01 by its terms provides only for a single rate,
then the calculation agent will request the principal London offices of each of four major reference banks (which may include
us or our affiliates) in the London interbank market, as selected by the calculation agent, to provide the calculation agent with
its offered quotation for deposits in U.S. dollars with a maturity of three months, commencing on the applicable Interest Reset
Date, to prime banks in the London interbank market at approximately 11:00 A.M., London time, on such Interest Determination Date
and in a principal amount that is representative for a single transaction in U.S. dollars in such market at such time. If at least
two such quotations are so provided, then the 3-month USD LIBOR on such Interest Determination Date will be the arithmetic mean
of such quotations.
|
|
o
|
If fewer than two such quotations are so provided by the major reference banks, then 3-month USD
LIBOR on such Interest Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 A.M., in the applicable
principal financial center, on such Interest Determination Date by three major banks (which may include us or our affiliates) in
such principal financial center selected by the calculation agent for loans in U.S. dollars to leading European banks, having a
maturity of three months and in a principal amount that is representative for a single transaction in U.S. dollars in such market
at such time.
|
|
o
|
If the banks so selected by the calculation agent are not providing quotations as set forth above,
then the calculation agent, after consulting such sources as it deems comparable to any of the foregoing quotations or display
page, or any such source as it deems reasonable from which to
|
estimate
3-month USD LIBOR, will determine 3-month USD LIBOR for that Interest Determination Date in its sole discretion.
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 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 your 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.
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 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 interpreted in accordance with the laws of the State of New York, except as may otherwise be required by mandatory provisions
of law and except with respect to the provisions relating to the ranking of the notes and their status under Section 46f(6) sentence
1 of the German Banking Act (
Kreditwesengesetz
), which shall be governed by and construed in accordance with German law.
Tax Considerations
You should review carefully the section
of the accompanying prospectus supplement entitled “United States Federal Income Taxation. Although not free from doubt,
the notes will be treated as debt for U.S. federal income tax purposes. Assuming this treatment is correct, the notes will be treated
for U.S. federal income tax purposes as “variable rate debt instruments” that provide for a qualified floating rate
and are issued without original issue discount.
If you purchase a note at a price that is
greater or less than the issue price, you may be considered to have purchased the note with “amortizable bond premium”
or “market discount,” respectively. See “United States Federal Income Taxation — Tax Consequences to U.S.
Holders — Market Discount” and “United States Federal Income Taxation — Tax Consequences to U.S. Holders
— Acquisition Premium and Amortizable Bond Premium,” as applicable, on pages PS–25 and PS–26 of the accompanying
prospectus supplement.
The discussions above
and in the accompanying prospectus supplement do not address the consequences to taxpayers subject to special tax accounting rules
under Section 451(b).
If you are a non-U.S.
holder, you 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–28 of the accompanying prospectus supplement.
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.
W
e
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.
CIBC World Markets Corp.
BB&T Capital Markets, a division of BB&T Securities,
LLC
Citigroup Global Markets Inc.
Citizens Capital Markets
The Huntington Investment Company
Scotia Capital (USA) Inc.
Standard Chartered Bank
TD Securities (USA) LLC
U.S. Bancorp Investments, Inc.
Academy Securities, Inc.
Drexel Hamilton, LLC
Mischler Financial Group, Inc.
|
$555,750,000
$32,500,000
$6,500,000
$6,500,000
$6,500,000
$6,500,000
$6,500,000
$6,500,000
$6,500,000
$6,500,000
$3,250,000
$3,250,000
$3,250,000
|
Total
…………………………………………………………..
|
$650,000,000
|
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 0.225% or $2.25 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.
Standard
Chartered Bank 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 Financial Industry Regulatory Authority, Inc.
PRIIPs
Regulation/Prohibition of Sales to EEA 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. For these purposes, (a) 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
”); (ii) a customer within the meaning of Directive 2002/92/EC, where that customer would not qualify as a professional
client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in the Directive 2003/71/EC;
and (b) the expression “offer” includes the communication in any form and by any means of sufficient information
on the terms of the offer and the notes to be offered so as to enable an investor to decide to purchase or subscribe the notes.
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 European Economic Area has been
prepared and therefore offering or selling the notes or otherwise making them available to any retail investor in the European
Economic Area may be unlawful under the PRIIPs Regulation.
MiFID
II Product Governance/Professional Investors and ECPs-only Target Market
Solely
for the purposes of each manufacturer’s product approval process, the target market assessment in respect of the notes has
led to the conclusion that: (i) the target market for the notes is eligible counterparties and professional clients only, each
as defined in MiFID II; and (ii) all channels for distribution of the notes to eligible counterparties and professional clients
are appropriate. Any person subsequently offering, selling or recommending the notes (a “
distributor
”) should
take into consideration the manufacturers’ target market assessment; however, a distributor subject to MiFID II is responsible
for undertaking its own target market assessment in respect of the notes (by either adopting or refining the manufacturers’
target market assessment) and determining appropriate distribution channels.
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 the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable
law on the conclusions expressed above. 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 June 22, 2017, 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 June 22, 2017, which has been filed as an exhibit
to the registration statement referred to above.
Deutsche Bank Aktiengese... (NYSE:DB)
Historical Stock Chart
From Apr 2024 to May 2024
Deutsche Bank Aktiengese... (NYSE:DB)
Historical Stock Chart
From May 2023 to May 2024