Deutsche Bank Aktiengesellschaft has launched a public tender offer to buy back eleven series of its euro-denominated mortgage Pfandbriefe, capping the maximum acceptance amount at €1.5 billion. Announced on March 31, 2026, the offer targets bonds issued from 2016 to 2023 and is governed by a detailed Tender Offer Memorandum.
Pfandbriefe are German covered bonds backed by mortgage or public-sector assets; the bonds in this tender are mortgage Pfandbriefe. The tender offer is expected to expire at 5:00 p.m. CEST on Friday, April 10, 2026.
MATURITY PROFILE AND LIQUIDITY
The tender is explicitly "designed to proactively manage Deutsche Bank’s debt maturity profile and liquidity position," as stated in the bank's official announcement. "The offer also aims to provide liquidity to bond holders," the announcement adds.
Details from the Tender Offer Memorandum, dated March 31, 2026, outline the targeted bonds: eleven euro-denominated mortgage Pfandbriefe tranches from 2016 through 2023. The announcement lists the eleven series, with coupons ranging from 0.010% to 3.375%; full pricing terms are set out in the memorandum, and the €1.5 billion maximum acceptance amount applies subject to its terms. Investors can request the full document from the tender agent.
OFFER RESTRICTIONS
The tender offer is subject to restrictions in certain jurisdictions, as described in the Tender Offer Memorandum, and the announcement states that no offer or invitation to acquire any bonds is being made pursuant to it. Information is available on Deutsche Bank's Investor Relations website.
TIMETABLE
The tender offer is expected to expire at 5:00 p.m. CEST on April 10.
The eleven series were issued from 2016 to 2023 and mature between January 2027 and June 2037.
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