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# Deutsche Bank completes €1.25 billion AT1 issuance with 7% coupon
- URL: https://www.theglobalbanker.com/deutsche-bank-completed-eur1-25-billion-at1-issuance-with-7-coupon/
- Published: 2026-09-23T15:05:48.000Z
- Updated: 2026-10-02T01:31:44.000Z
- Description: Deutsche Bank completed a €1.25 billion Additional Tier 1 capital issuance carrying a fixed 7% coupon until April 2034, strengthening its leverage, Tier 1 and total capital ratios.
- Author: TGB Editorial Team
- Tags: Banking News, Europe

Deutsche Bank completed a €1.25 billion Additional Tier 1 capital issuance. The securities carry a fixed 7% coupon, paid semi-annually, until 30 April 2034\. The bank said the transaction supports its leverage ratio and its Tier 1 and total capital ratios. The completed placement resolved an earlier announcement that the bank intended to issue the instruments.

The securities have the ISIN DE000A5GS6T9 and denominations of €200,000\. Deutsche Bank acted as sole bookrunner. The issuer said a Luxembourg Stock Exchange listing was expected.

#### CALL AND RESET TERMS SET

Subject to supervisory approval, Deutsche Bank may call the securities during a window beginning on 30 October 2033 and ending on 30 April 2034\. Equivalent windows will recur every five years. If the instruments remain outstanding, their coupon will reset from 30 April 2034.

The reset rate will be based on the prevailing five-year euro swap rate plus the original annual credit spread of 3.656 percentage points. 

#### CAPITAL BUFFER STRENGTHENS

AT1 securities sit below senior debt and are designed to absorb losses when regulatory triggers are reached. For Deutsche Bank, the issue adds to regulatory capital without issuing common shares. The 7% coupon represents the bank's funding cost until the first reset date, subject to the instruments' terms.

The next milestone is the expected Luxembourg listing, followed by the first scheduled coupon payment. Any redemption from October 2033 will remain conditional on supervisory consent.