Pricing
Supplement No. E120
To prospectus supplement dated
April 26, 2024 and
prospectus dated April 26, 2024 |
Registration Statement No. 333–278331
Rule 424(b)(2)
|
Deutsche Bank AG
$1,183,000 5.50% Fixed Rate Callable Senior
Debt Funding Notes due November 29, 2034
General
| · | The notes pay interest semi-annually in arrears
at a fixed rate per annum, as specified below. We may, in our sole discretion, redeem the notes in whole, but not in part, on the Optional
Redemption Dates specified below. 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 preferred obligations
of Deutsche Bank AG due November 29, 2034 |
| · | The notes are intended to qualify as eligible
liabilities for the minimum requirement for own funds and eligible liabilities of the Issuer. |
| · | Minimum denominations of $1,000 (the “Principal
Amount”) and integral multiples in excess thereof |
| · | The notes priced on November 26, 2024 (the “Trade
Date”) and are expected to settle on November 29, 2024 (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 |
Issue Price: |
100.00% |
Interest Rate: |
5.50% per annum, payable semi-annually in arrears on each Interest Payment Date, based on an unadjusted 30/360 day count convention. |
Interest Payment Dates: |
Semi-annually, on the 29th calendar day of each May and November, commencing on May 29, 2025 and ending on the Maturity Date or Optional Redemption Date, if applicable. 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. |
Optional Redemption: |
We have the right to redeem the notes in our sole discretion in whole, but not in part, on the Optional Redemption Dates, at 100% of the Principal Amount together with any accrued but unpaid interest by giving not less than 5 business days’ prior notice, subject to regulatory approval. |
Optional Redemption Dates: |
Quarterly, on the 29th calendar day of each February, May, August and November, commencing on November 29, 2025 and ending on August 29, 2034. |
Trade Date: |
November 26, 2024 |
Settlement Date: |
November 29, 2024 |
Maturity Date: |
November 29, 2034 |
Listing: |
None |
CUSIP / ISIN: |
25161F4Y1 / US25161F4Y15 |
Investing in the notes involves a number of
risks. See “Risk Factors” beginning on page PS–6 of the accompanying prospectus supplement
and page 20 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 will be 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. If any Resolution Measure becomes applicable
to us, you may lose some or all of your investment in the notes. Please see “Resolution Measures” beginning
on page 75 in the accompanying prospectus and “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(1) |
Discounts and Commissions(2) |
Proceeds to Us(2) |
Per Note |
$1,000.00 |
$20.00 |
$980.00 |
Total |
$1,183,000.00 |
$23,660.00 |
$1,159,340.00 |
| (1) | The
price to public for an eligible institutional investor and an investor purchasing the notes
in a fee-based advisory account will vary based on then-current market conditions and the
negotiated price determined at the time of each sale; provided, however, the price to public
for such investors will not be less than $980.00 per note and will not be more than $1,000
per note. The price to public for such investors reflects a foregone selling concession with
respect to such sales as described below. The total price to public in the table above assumes
a price to public of $1,000 per note for each note sold in this offering. |
| (2) | Deutsche
Bank Securities Inc. (“DBSI”) and UBS Securities LLC (“UBS”)
are the agents in connection with the sale of the notes. The agents will receive discounts
and commissions of up to $20.00 per note, and from such agent discount will allow selected
dealers a selling concession of up to $20.00 per note depending on market conditions that
are relevant to the value of the notes at the time an order to purchase the notes is submitted
to such agent. Dealers who purchase the notes for sales to eligible institutional investors
and fee-based advisory accounts may forgo some or all selling concessions. The per note discounts
and commissions in the table above represents the maximum discounts and commissions payable
per note and the per note proceeds to the Issuer represents the minimum proceeds to the Issuer
per note (based on the maximum discounts and commissions). The total discounts and commissions
in the table above reflects the difference between the assumed total price to public described
above and the actual proceeds to the Issuer. For more detailed information about discounts
and commissions, please see “Supplemental Plan of Distribution (Conflicts of Interest)”
in this pricing supplement. |
DBSI, one of the
agents 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 |
UBS Securities
LLC |
November 26, 2024
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 (Directive 2014/59/EU, as amended the “Bank Recovery and Resolution Directive” or
the “BRRD”), 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 BRRD 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 (Regulation (EU) No 806/2014, as amended, 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 the issue to or conferral on 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. The write-down
and conversion powers are commonly referred to as the “bail-in tool” and the bail-in tool and each of the other resolution
measures are hereinafter referred to 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 Amended and Restated Senior Debt Funding Indenture dated
August 3, 2021, as amended and supplemented by the First Supplemental Senior Debt Funding Indenture dated as of April 26, 2024, in each
case among us, Delaware Trust Company, 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 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 April 26, 2024, including the risk factors beginning on page
20 of such prospectus.
SUMMARY
You should read
this pricing supplement together with the prospectus supplement dated April 26, 2024 relating to our Senior Debt Funding Notes, Series
E of which these notes are a part and the prospectus dated April 26, 2024. 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 April 26, 2024: |
https://www.sec.gov/Archives/edgar/data/1159508/000095010324005864/crt_dp210218-424b2.pdf
| · | Prospectus
dated April 26, 2024: |
https://www.sec.gov/Archives/edgar/data/1159508/000119312524118649/d776815d424b21.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 —
The value of the notes 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 HAVE REINVESTMENT RISK — As described under “Key Terms—Optional Redemption,” we retain the option to
redeem the notes in our sole discretion, in whole but not in part, on the Optional Redemption Dates, 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 early, you may have to reinvest the proceeds
in a lower interest rate environment. |
| · | THE
NOTES ARE SUBJECT TO THE CREDIT OF DEUTSCHE BANK AG — The notes are unsecured and unsubordinated obligations of Deutsche Bank
AG, ranking in priority to its senior non-preferred obligations, 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: (i) writing down, including to zero, any claim for payment on the notes; (ii) converting the notes
into ordinary shares of (x) the Issuer, (y) any group entity or (z) any bridge bank or other instruments of ownership of such entities
qualifying as common equity tier 1 capital (and the issue to or conferral on the holders (including the beneficial owners) of such ordinary
shares or instruments); or (iii) 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 the competent
supervisory authority determines that we are failing or likely to fail and that certain other conditions are met (as set forth under
the applicable law). The BRRD, the Resolution Act and, as applicable, the SRM Regulation 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.
| · | OUR
SENIOR DEBT FUNDING SECURITIES, INCLUDING THE NOTES OFFERED HEREIN, ARE INTENDED TO QUALIFY AS ELIGIBLE LIABILITIES WITHIN THE MEANING
OF ARTICLE 72B(2), WITH THE EXCEPTION OF POINT (D), CRR FOR THE MINIMUM REQUIREMENT FOR OWN FUNDS AND ELIGIBLE LIABILITIES UNDER THE
ISSUER REGULATORY CAPITAL PROVISIONS APPLICABLE TO US. THEY ARE EXPECTED TO CONSTITUTE “SENIOR PREFERRED” DEBT SECURITIES
AND WOULD, IF INSOLVENCY PROCEEDINGS ARE OPENED AGAINST US OR IF RESOLUTION MEASURES ARE IMPOSED ON US, BEAR LOSSES AFTER OUR “SENIOR
NON-PREFERRED” DEBT INSTRUMENTS BUT BEFORE OTHER LIABILITIES WITH AN EVEN MORE SENIOR RANK, FOR EXAMPLE, COVERED DEPOSITS AND DEPOSITS
HELD BY NATURAL PERSONS AND MICRO, SMALL AND MEDIUM-SIZED ENTERPRISES — The
notes are intended to qualify as eligible liabilities instruments within the meaning of Article 72b(2), with the exception of point (d),
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, including restrictions on the aggregate amount of similar instruments that we may use for such purposes,
but do not constitute senior non-preferred debt instruments within the meaning of Section 46f(6) sentence 1 of the German Banking Act
(Kreditwesengesetz). The notes will constitute our unsecured and unsubordinated obligations ranking pari passu among themselves
and with all of our other unsecured and unsubordinated obligations, subject, however, to statutory priorities conferred upon certain
unsecured and unsubordinated obligations in the event of any Resolution Measures imposed on us or in the event of our dissolution, liquidation,
insolvency or composition, or if other proceedings are opened for the avoidance of the insolvency of, or against, us; in accordance with
Section 46f(5) of the German Banking Act (Kreditwesengesetz), our obligations under the notes will rank in priority to our senior
non-preferred obligations under (i) any of our debt instruments (Schuldtitel) 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 and (ii) eligible liabilities
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”). |
You as holder of notes may not set off
or net your claims arising under the notes against any of our claims. No collateral or guarantee shall be provided at any time to secure
claims of a holder of notes under the notes; any collateral or guarantee already provided or granted in the future in connection with
our other liabilities may not be used for claims under the notes.
No subsequent agreement may enhance the
seniority of the obligations as described above or shorten the term of the notes or any applicable notice period. Any redemption, repurchase
or termination of the notes prior to their scheduled maturity is subject to the prior approval of the competent resolution authority.
If insolvency proceedings are opened
against us or if Resolution Measures are imposed on us, our “senior preferred” debt securities (including the notes offered
herein) are expected to be among the unsecured unsubordinated obligations that would bear losses after our “senior non-preferred”
debt instruments, including our non-structured senior debt securities issued before July 21, 2018.
On the other hand, there are liabilities
with an even more senior rank, for example, covered deposits and deposits held by natural persons and micro, small and medium-sized enterprises.
Therefore, 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 CONTAIN LIMITED EVENTS OF DEFAULT, AND THE REMEDIES AVAILABLE THEREUNDER ARE LIMITED — As described in “Description
of Debt Securities — Senior Debt Funding 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.
| · | ASSUMING
NO CHANGES IN MARKET CONDITIONS AND OTHER RELEVANT FACTORS, THE PRICE YOU MAY RECEIVE FOR YOUR NOTES IN SECONDARY MARKET TRANSACTIONS
WOULD GENERALLY BE LOWER THAN THE ISSUE PRICE — Assuming no changes in market conditions or our creditworthiness and other
relevant factors, the price, if any, at which we or our affiliates would be willing to purchase the notes from you in secondary market
transactions, if at all, would generally be lower than the Issue Price due to the inclusion in the Issue Price of the agent’s commissions,
if any, and the cost of hedging our obligations under the notes through one or more hedge counterparties. Such hedging cost includes
our or our hedge counterparty’s expected cost of providing such hedge, as well as the profit we or our hedge counterparty expect
to realize in consideration for assuming the risks inherent in providing such hedge. However, during the period of approximately six
months beginning from the Settlement Date, we or our affiliates may, in our sole discretion, increase the purchase price at which we
or our affiliates would be willing to purchase the notes by an amount equal to a portion of the estimated cost of hedging our obligations
under the notes, the agent’s commissions, if any, and other costs in connection with the notes which we or our affiliates will
no longer expect to incur over the term of the notes, prorated over such period on a straight-line basis, for transactions that are individually
and in the aggregate of the expected size for ordinary secondary market repurchases, as discussed further under “Supplemental Plan
of Distribution (Conflicts of Interest).” The amount of this temporary upward adjustment will steadily decline to zero over the
temporary adjustment period described above. |
| · | 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 | 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 Debt Securities—Senior Debt Funding 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 5.50% Fixed Rate Senior Debt Funding Notes due November 29, 2034.
General
The notes are unsecured unsubordinated
obligations of Deutsche Bank AG, ranking in priority to its senior non-preferred obligations that pay interest at a fixed rate per annum
specified under “Key Terms—Interest Rate” above. The interest will be paid semi-annually in arrears on each Interest
Payment Date, including the Maturity Date, based on an unadjusted 30/360 day count convention, unless earlier redeemed. The notes are
our Senior Debt Funding Notes, Series E referred to in the accompanying prospectus supplement and prospectus. The notes will be issued
by Deutsche Bank AG under an indenture among us, Delaware Trust Company, 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 obligations ranking pari passu among themselves
and with all of our other unsecured and unsubordinated obligations, subject, however, to statutory priorities conferred upon certain unsecured
and unsubordinated obligations in the event of any Resolution Measures imposed on us or in the event of our dissolution, liquidation,
insolvency or composition, or if other proceedings are opened for the avoidance of the insolvency of, or against, us; in accordance with
Section 46f(5) of the German Banking Act (Kreditwesengesetz), our obligations under the notes will rank in priority to our senior
non-preferred obligations (i) under any of our debt instruments (Schuldtitel) 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 and (ii) eligible liabilities 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 more information on Resolution Measures, see “Resolution Measures
and Deemed Agreement” on page PS–2 of this pricing supplement.
The notes are intended to
qualify as eligible liabilities instruments within the meaning of Article 72b(2), with the exception of point (d), 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, including restrictions on the aggregate amount of similar instruments that we may use for such purposes, but do not constitute
senior non-preferred debt instruments within the meaning of Section 46f(6) sentence 1 of the German Banking Act.
The notes will be issued in
minimum denominations of $1,000 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.
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, 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.
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 — Senior Debt Funding Securities — Events of Default” in the accompanying prospectus is a description
of the event of default relating to senior debt funding 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.
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 — Senior Debt Funding Securities — Modification of the Senior Debt Funding 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 represented by a type of global note in book-entry form referred to as a master note registered
in the name of Cede & Co. (DTC’s nominee). In connection with the issuance of the notes by us, the trustee and/or paying
agent will, in accordance with our instructions, make appropriate entries or notations in its records relating to the master note to indicate
that the master note evidences the issuance of the notes. 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 “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 the notes, which will be governed by and construed in accordance
with the laws of the Federal Republic of Germany, including, in relation to such provisions, any determination of whether a Resolution
Measure has been imposed on us.
Tax Considerations
You
should review carefully the section of the accompanying prospectus supplement entitled “United States Federal Income Taxation.”
The discussion below applies to you only if you are an initial purchaser of notes acquiring them for their Issue Price as stated on the
cover of this document. Although not free from doubt, in the opinion of our special tax counsel, Davis Polk & Wardwell LLP, the notes
will be treated for U.S. federal income tax purposes as fixed rate debt instruments and, based on the facts provided, the notes should
be treated as issued without original issue discount.
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, we do not believe that you should be required to provide an IRS Form W-8 in order to avoid 30% U.S. withholding
tax with respect to the interest payments, although the IRS could challenge this position. However, you should in any event expect to
be required to provide an appropriate IRS Form W-8 or other documentation in order to establish an exemption from backup withholding,
as described under the heading “United States Federal Income Taxation — Tax Consequences to Non-U.S. Holders” in the
accompanying prospectus supplement. If any withholding is required, we will not be required to pay any additional amounts with respect
to amounts withheld.
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, or between
Deutsche Bank AG and UBS or another agent 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 this offering of notes will agree to purchase,
and we will agree to sell, the Principal Amount of notes set forth on the cover of this pricing supplement.
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 an
underwriting discount of up to $20.00 per note, and from such underwriting discount will allow selected dealers a selling concession of
up to $20.00 per note. Dealers who purchase the notes for sales to eligible institutional investors and fee-based advisory accounts may
forgo some or all selling concessions.
The Agents and/or 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.
Assuming no changes in market
conditions or our creditworthiness and other relevant factors, the price, if any, at which we or our affiliates would be willing to purchase
the notes from you in secondary market transactions, if at all, would generally be lower than the Issue Price due to the inclusion in
the Issue Price of the agent’s commissions, if any, and the cost of hedging our obligations under the notes through one or more
hedge counterparties. Such hedging cost includes our or our hedge counterparty’s expected cost of providing such hedge, as well
as the profit we or our hedge counterparty expect to realize in consideration for assuming the risks inherent in providing such hedge.
However, during the period of approximately six months beginning from the Settlement Date, we or our affiliates may, in our sole discretion,
increase the purchase price at which we or our affiliates would be willing to purchase the notes by an amount equal to a portion of the
estimated cost of hedging our obligations under the notes, the agent’s commissions, if any, and other costs in connection with the
notes which we or our affiliates will no longer expect to incur over the term of the notes, prorated over such period on a straight-line
basis, for transactions that are individually and in the aggregate of the expected size for ordinary secondary market repurchases. The
amount of this temporary upward adjustment will steadily decline to zero over the temporary adjustment period described above.
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.
Notice to Prospective Investors in the EEA
This pricing
supplement and the accompanying prospectus supplement and prospectus have been prepared on the basis that any offer of notes in any Member
State of the European Economic Area (“EEA”) will be made pursuant to an exemption under Regulation (EU) 2017/1129 (as
amended, the “Prospectus Regulation”) from the requirement to publish a prospectus for offers of notes. The accompanying
prospectus supplement and the accompanying prospectus are not a prospectus for the purposes of the Prospectus 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 EEA. 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 Distribution Directive”), 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 Prospectus
Regulation . The expression an 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 for 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 EEA has been prepared and therefore offering or selling
the notes or otherwise making them available to any retail investor in the EEA be unlawful under the PRIIPs Regulation.
Notice to Prospective Investors in the UK
This pricing
supplement and the accompanying prospectus supplement and prospectus have been prepared on the basis that any offer of notes in the United
Kingdom (“UK”) will be made pursuant to an exemption under Regulation (EU) 2017/1129 as it forms part of domestic law
by virtue of the European Union (Withdrawal) Act 2018 (the “UK Prospectus Regulation”) from the requirement to publish
a prospectus for offers of notes. The accompanying prospectus supplement and the accompanying prospectus are not a prospectus for the
purposes of the UK Prospectus Regulation.
Prohibition of Sales to 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 UK. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client, as defined
in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal)
Act 2018 (“EUWA”); or (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act
2000, as amended (“FSMA”), and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where
that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it
forms part of domestic law by virtue of the EUWA or (iii) not a qualified investor as defined in Article 2 of the UK Prospectus Regulation.
The expression an 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 for the
notes. Consequently no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of
the EUWA (the “UK PRIIPs Regulation”) for offering or selling the notes or otherwise making them available to retail
investors in the UK has been prepared and therefore offering or selling the notes or otherwise making them available to any retail investor
in the UK may be unlawful under the UK PRIIPs Regulation.
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 issued by the Issuer
pursuant to the Indenture, the trustee and/or paying agent has made, in accordance with the instructions from the Issuer, the appropriate
entries or notations in its records relating to the master global note that represents such notes (the “master note”), and
such notes have been 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 April 26, 2024, 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
master note 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 April 26, 2024, which has been filed as an exhibit to the Registration
Statement referred to above.
424B2
EX-FILING FEES
0001159508
333-278331
0001159508
2024-11-27
2024-11-27
iso4217:USD
xbrli:pure
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Ex-Filing Fees
CALCULATION OF FILING FEE TABLES
F-3
DEUTSCHE BANK AKTIENGESELLSCHAFT
Narrative Disclosure
The maximum aggregate offering price of the securities to which the prospectus relates is $1,183,000. The
prospectus is a final prospectus for the related offering.
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