Obligation Deutsch Bank 1.75% ( XS2011155749 ) en USD

Deutsch Bank

83.59 % ▲

Allemagne

XS2011155749 ( en USD )

1.75% par an ( paiement annuel )

29/10/2028

Prospectus brochure de l'obligation Deutsche Bank XS2011155749 en USD 1.75%, échéance 29/10/2028

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30/10/2025 ( Dans 45 jours )

Deutsche Bank est une banque universelle allemande, offrant une large gamme de services financiers aux particuliers, entreprises et institutions, opérant à l'échelle mondiale.

Une obligation de type corporate, portant le code ISIN XS2011155749 et émise par Deutsche Bank, institution financière allemande d'envergure mondiale et acteur majeur du secteur bancaire international, est actuellement cotée sur le marché à 83.59% de sa valeur nominale en dollars américains (USD) ; cette dette, dont le pays d'émission est l'Allemagne, propose un taux d'intérêt nominal de 1.75% versé annuellement et arrivera à maturité le 29 octobre 2028, le prix de marché actuel impliquant un rendement à l'échéance supérieur au taux de coupon nominal, reflétant les dynamiques de marché et la perception du risque de crédit associé à l'émetteur.

Final Terms no.9 dated 25 September 2020
DEUTSCHE BANK AG
Issue of up to 25,000 Eight Year Steepener Notes (corresponds to product no. 62 in the
Securities Note for Notes) at USD 2,000 each with an aggregate nominal amount of up to
USD 50,000,000, due October 2028
(the "Securities")
under its
Programme for the Issuance of Certificates, Warrants and Notes
Issue Price: 100.00 per cent. of the Nominal Amount per Security
WKN/ISIN: DC5PQU / XS2011155749
The Prospectus (including any supplements), under which the Securities described in
these Final Terms are being issued, will cease to be valid when the Securities Note
dated 24 April 2020 ceases to be valid (12 months after approval), and is therefore
valid until 30 April 2021. From that date, these Final Terms must be read together with
the respective current version of the Securities Note and the respective current
version
of
the
Registration
Document,
as
published
on
the
website
www.xmarkets.db.com.

This document constitutes the Final Terms of the Securities described herein and comprises
the following parts:
Economic terms of the Securities
Terms and Conditions (Specific Terms of the Securities)
Further information about the offering of the Securities
Issue-specific summary

These Final Terms have been prepared for the purposes of Article 8(5) of the
Prospectus Regulation and must be read in conjunction with the Base Prospectus,
comprising the Securities Note dated 24 April 2020 (the "Securities Note") and the
Registration Document dated 6 April 2020, as supplemented (the "Registration
Document"), in order to obtain all relevant information. Full information on the Issuer
and the Securities is only available on the basis of the combination of these Final
Terms, the Securities Note and the Registration Document.
The Securities Note dated 24 April 2020, the Registration Document dated 6 April 2020,
any supplements to the Base Prospectus or the Registration Document, and the Final
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WKN/ISIN: DC5PQU / XS2011155749

Terms are published, in accordance with Article 21(2)(a) of the Prospectus Regulation,
in electronic form on the Issuer's website (www.xmarkets.db.com).
In addition, the Securities Note dated 24 April 2020 and the Registration Document
dated 6 April 2020 and any supplements to the Base Prospectus or the Registration
Document shall be available free of charge at the registered office of the Issuer,
Deutsche Bank AG , Mainzer Landstrasse 11-17, 60329 Frankfurt am Main and its Milan
branch, Via Filippo Turati 27, 20121 Milan, Italy.
A summary of the individual issuance is annexed to the Final Terms.
Terms not otherwise defined herein shall have the meaning given in the General Conditions
of the Securities set out in the Terms and Conditions.

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WKN/ISIN: DC5PQU / XS2011155749

Economic terms of the Securities
The following description of the Security explains the economic terms of the Security and its
characteristics.
Product No. 62: Steepener Note
The Steepener Note is 100% capital protected at maturity. Capital protection means that
redemption of the Steepener Note at maturity is promised at the Nominal Amount. The
redemption, which will not take place until maturity, is not guaranteed by a third party, but
solely assured by the Issuer and is therefore dependent on the Issuer's ability to meet its
payment obligations.
Investors will receive Coupon Payments on the Coupon Payment Date(s). If specified in the
Final Terms, the Steepener Note has a fixed Coupon for a set number of Coupon Periods
specified in the Final Terms. In the subsequent Coupon Periods or, as the case may be, if
specified in the Final Terms, in all Coupon Periods, investors receive variable Coupon
Payments on each Coupon Payment Date or on each of the Coupon Payment Dates during
the term. The amount of the variable Coupon Payments depends on the difference between
two Reference Rates specified in the Final Terms multiplied by the Leverage Factor, if
specified in the Final Terms. The Coupon shall equal a maximum of the Maximum Coupon
and a minimum of the Minimum Coupon.

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WKN/ISIN: DC5PQU / XS2011155749

Terms and Conditions
The following "Specific Terms of the Securities" relating to the Securities shall, for the
relevant Series of Securities, complete and put in concrete terms the General Conditions of
the Securities for the purposes of such Series of Securities. The Specific Terms of the
Securities and the General Conditions of the Securities together constitute the "Terms and
Conditions" of the relevant Securities.

Security Type
Note /
Steepener Note
ISIN
XS2011155749
WKN
DC5PQU
Common Code
201115574
Issuer
Deutsche Bank AG, Frankfurt am Main
Number of the
up to 25,000 Securities at USD 2,000 each with an aggregate
Securities
nominal amount of up to USD 50,000,000
Issue Price
100.00 per cent. of the Nominal Amount per Security
Settlement
Cash Settlement
Settlement
USD
Currency
Calculation Agent
Deutsche Bank AG, Frankfurt
Nominal Amount
USD 2,000 per Security

Coupon

Coupon Payment
Coupon Payment applies.
Coupon Amount
In respect of each Coupon Payment Date, the Coupon Amount
payable for each Security (of the Nominal Amount) shall be
calculated by multiplying the Coupon for such Coupon Period by
the Nominal Amount, and further multiplying the product by the Day
Count Fraction applied to the Coupon Period ending on, but
excluding, such Coupon Payment Date
Coupon
(a)
In respect of the Coupon Payment Date for each Coupon
Period commencing on or after the Value Date but ending
prior to and including 30 October 2023, 1.75 per cent. per
annum; and
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WKN/ISIN: DC5PQU / XS2011155749

(b)
in respect of the Coupon Payment Date for each Coupon
Period commencing on or after 30 October 2023, the
Steepener Interest Rate for such Coupon Period.
Leverage Factor
100 per cent.
Steepener Interest In respect of each Coupon Period commencing on or after 30
Rate
October 2023, a percentage determined by the Calculation Agent
for such Coupon Period equal to the product of (a) Leverage
Factor and (b) the Swap Rate Spread for such Coupon Period,
provided that such amount will not be greater than the Maximum
Coupon and will not be less than the Minimum Coupon
Swap Rate
In respect of each Coupon Period commencing on or after 30
Spread
October 2023, a percentage determined by the Calculation Agent
as the difference between (a) the Reference CMS Rate with a
Designated Maturity equal to 30 years in respect of the Coupon
Determination Date for such Coupon Period, minus (b) the
Reference CMS Rate with Designated Maturity equal to 2 years in
respect of the Coupon Determination Date for such Coupon
Period.

In respect of a Specified Period and a Coupon Determination Date,
Reference CMS
the annual swap rate for USD swap transactions with a term equal
Rate
to the Specified Period commencing on such Coupon
Determination Date, expressed as a percentage, which appears on
Reuters Screen ICESWAP1 (or any Successor Source) under the
heading "USD 11:00 AM" and above the caption "<USDSFIX=>",
on such Coupon Determination Date. If such rate does not appear
on such page (or any Successor Source as aforesaid) at such time
on such day, the Reference CMS Rate for such Coupon
Determination Date will be the rate determined by the Calculation
Agent by reference to such source(s) and at such time as it deems
appropriate.
Where "ISDA Definitions" means the 2006 ISDA Definitions as
amended and updated as at the Issue Date of the first Tranche of
the Securities, as published by International Swaps and
Derivatives Association, Inc.
Maximum Coupon 2.40 per cent. per annum
Minimum Coupon
0.50 per cent. per annum
Day Count
30/360
Fraction
Coupon Period
The period commencing on (and including) the Value Date to (but
excluding) the first Coupon Period End Date and each period
commencing on (and including) a Coupon Period End Date to (but
excluding) the next following Coupon Period End Date.
Adjusted Coupon
Not Applicable
Period
Unadjusted
Applicable
Coupon Period
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WKN/ISIN: DC5PQU / XS2011155749

Coupon
The second Business Day before the Coupon Payment Date for
Determination
the relevant Coupon Period
Date
Coupon Payment Means each Coupon Period End Date or, if such day is not a
Date
Business Day the Coupon Payment Date is postponed to the next
day which is a Business Day unless it would then fall in the
following calendar month, in which case the Coupon Payment
Date is brought forward to the immediately preceding Business
Day.
Business Day
Modified Following Business Day Convention
Convention
Coupon Period
30 October 2021, 30 October 2022, 30 October 2023, 30 October
End Date
2024, 30 October 2025, 30 October 2026, 30 October 2027 and
the Settlement Date.
Coupon Cessation The Settlement Date
Date

Relevant Dates
Issue Date 30 October 2020
Value Date 30 October 2020
Settlement Date
30 October 2028

Specific Terms
Product No. 62: Steepener Note
Cash Amount
The Nominal Amount

Further

Information
Business Day
A day on which the Trans-European Automated Real-time Gross
Settlement Express Transfer (TARGET2) system is open and on
which commercial banks and foreign exchange markets settle
payments in the Business Day Locations specified in the Product
Terms and on which each relevant Clearing Agent settles
payments. Saturday and Sunday are not considered Business
Days.
Business Day
London and New York City
Locations
Payment Day
London and New York City
Locations
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WKN/ISIN: DC5PQU / XS2011155749

Form of Securities Global Security in bearer form

Clearing Agent
Euroclear Bank S.A./N.V., 1 boulevard Albert II, 1210 Bruxelles,
Belgium
Clearstream Banking Luxembourg S.A., 42 avenue John F.
Kennedy, L-1855 Luxembourg
Governing Law
German Law
Minimum
Applicable
Redemption
Amount Payable
Minimum
100 per cent. of the Nominal Amount
Redemption
Amount
Correction Period
Two Business Days prior to the due date for any payment or
delivery under the Securities, the amount of which is determined in
whole or in part by reference to such value or price of the
Reference Item.
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WKN/ISIN: DC5PQU / XS2011155749

Further information about the offering of the Securities
Listing and trading

Listing and trading
Application will be made to admit to trading the
Securities on the multilateral trading facility (MTF)
EuroTLX of EuroTLX SIM S.p.A., which is not a
regulated market for the purposes of Directive
2014/65/EU (as amended).
No application has been made to admit the Securities
to the regulated market of any exchange.

Minimum trade size
One Security
Estimate of total expenses related to
EUR 3,000
admission to trading

Offering of Securities

Investor minimum subscription amount
One Security (USD 2,000)
Investor maximum subscription amount
Not Applicable
The subscription period
Applications to subscribe for the Securities may be
made through the Distributor from 25 September 2020
(inclusively) until the "Primary Market End Date" which
is 27 October 2020 (inclusively) (subject to
adjustment) during the hours in which banks are
generally open for business in Italy, except for the
"door-to-door" offer for which the Subscription Period
will be from, and including, 25 September 2020 to, and
including, 20 October 2020 and except for the offer
using "distance marketing techniques" for which the
Subscription Period will be from, and including, 25
September 2020 to, and including, 13 October 2020.
The Issuer reserves the right for any reason to reduce
the number of Securities offered.
In the event that during the Subscription Period the
requests exceed the amount of the offer destined to
prospective investors equal to the maximum
aggregate nominal amount, the Issuer may proceed to
early terminate the Subscription Period and may
immediately suspend the acceptance of further
requests.
Any such change or any amendment to the
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WKN/ISIN: DC5PQU / XS2011155749

Subscription Period will be communicated to investors
by means of a notice published on the website of the
Issuer (www.it.x-markets.db.com).
Cancellation of the issuance of the
The Issuer reserves the right for any reason to cancel
Securities
the issuance of the Securities.
Any such decision will be communicated to investors
by means of a notice published on the website of the
Issuer (www.it.x-markets.db.com).
For the avoidance of doubt, if any application has
been made by a potential investor and the Issuer
exercises such a right, each such potential investor
shall not be entitled to subscribe or otherwise
purchase any Securities.
Early closing of the subscription period of
The Issuer reserves the right for any reason to close
the Securities
the Subscription Period early.
Any such decision will be communicated to investors
by means of a notice published on the website of the
Issuer (www.it.x-markets.db.com)
Conditions to which the offer is subject:
Offers of the Securities are conditional on and subject
to admission to listing being obtained by the Issue
Date otherwise the offer will be deemed withdrawn
and the issuance cancelled.
Description of the application process:
Applications for the Securities can be made in Italy at
participating branches of a Distributor.
Applications will be in accordance with the relevant
Distributor's usual procedures, notified to investors by
the relevant Distributor
Prospective investors will not be required to enter into
any contractual arrangements directly with the Issuer
relating to the subscription for the Securities
Description of possibility to reduce
Not applicable
subscriptions and manner for refunding
excess amount paid by applicants:
Details of the method and time limits for
Investors will be notified by the Issuer or the relevant
paying up and delivering the Securities:
financial intermediary of their allocations of Securities
and the settlement arrangements in respect thereof.
The Securities will be issued on the Issue Date and
the Securities will be delivered on the Value Date
against payment to the Issuer of the net subscription
price.
Manner in and date on which results of
The Issuer will in its sole discretion determine the final
the offer are to be made public:
amount of Securities to be issued (which will be
dependent on the outcome of the offer), up to a limit of
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WKN/ISIN: DC5PQU / XS2011155749

25,000 Securities
The precise number of Securities to be issued will be
published on the website of the Issuer (www.it.x-
markets.db.com) on or around the Issue Date
The results of the offer will be available from the
Distributor following the Subscription Period and prior
to the Issue Date
Procedure for exercise of any right of pre-
Not applicable
emption, negotiability of subscription
rights and treatment of subscription rights
not exercised:
Categories of potential investors to which
Qualified investors within the meaning of the
the Securities are offered and whether
Prospectus Regulation and non-qualified investors
tranche(s) have been reserved for certain
countries:
The Offer may be made in Italy to any person which
complies with all other requirements for investment as
set out in the Securities Note or otherwise determined
by
the
Issuer
and/or
the
relevant
financial
intermediaries. In other EEA countries, offers will only
be made pursuant to an exemption under the
Prospectus Regulation.
Process for notification to applicants of
Each investor will be notified by the relevant
the amount allotted and the indication
Distributor of its allocation of Securities after the end
whether dealing may begin before
of the Subscription Period and before the Issue Date
notification is made:
No dealings in the Security may take place prior to the
Issue Date
Name(s) and address(es), to the extent
Deutsche Bank S.p.A. of Piazza del Calendario 3,
known to the Issuer, of the placement
20126, Milan, Italy (a "Distributor" and together with
agents in the various countries where the
any other entities appointed as a distributor in respect
offer takes place.
of the Securities during the Subscription Period, the
"Distributors").
The Issuer reserves the right to appoint other
distributors during the Subscription Period, which will
be communicated to investors by means of a notice
published on the website of the Issuer (www.it.x-
markets.db.com).
Deutsche Bank S.p.A. will act as lead manager of the
placement syndicate (Responsabile del Collocamento
as defined under article 93-bis of the Financial
Services Act) (the "Lead Manager").
Consent to use of Prospectus:
The Issuer consents to the use of the Prospectus by
the
following
financial
intermediary
(individual
consent): Deutsche Bank S.p.A. of Piazza del
Calendario 3, 20126, Milan, Italy.
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WKN/ISIN: DC5PQU / XS2011155749