Norton Rose Fulbright advises international banking syndicate on the first issuance of a European Green Bond by Deutsche Bank

Global law firm Norton Rose Fulbright has advised a syndicate of international banks comprising Deutsche Bank Aktiengesellschaft, ABN AMRO Bank N.V., Crédit Agricole Corporate and Investment Bank, Natixis, NatWest Markets N.V. and Skandinaviska Enskilda Banken AB (publ) on the successful issue of Deutsche Bank's inaugural European Green Bond (EuGB) which has a volume of Euro 500 million.

The issuance is the first by Deutsche Bank under the European Green Bond Standard which the European legislator has introduced as new market standard for green bonds. According to the relevant Regulation (EU) 2023/2631, bond-related requirements must be complied with in order to use the statutory designation "European Green Bond" or "EuGB". At the heart of these requirements is the use of proceeds for economic activities that are classified as environmentally sustainable under Regulation (EU) 2020/852 (Taxonomy Regulation), the cornerstone of European ESG legislation. European Green Bonds offer investors a high degree of transparency and are subject to comprehensive reporting requirements and external reviews.

The transaction follows the update of Deutsche Bank's Sustainable Instruments Framework and the publication of its European Green Bond Factsheet in January 2026.

Deutsche Bank will use the issuance proceeds exclusively to refinance Taxonomy Regulation - aligned residential real estate loans.

The bond was admitted to trading on the regulated market of the Luxembourg Stock Exchange (ISIN: DE000A460FV1). It will mature in February 2030 and pay an annual fixed interest rate of 2.875 per cent. per annum until February 2029, as of which, subject to a call option of the issuer, the interest rate to be paid quarterly until maturity will be reset quarterly on the basis of the then prevailing 3-months EURIBOR plus a margin of 0.65 per cent.

With this transaction, the Norton Rose Fulbright team led by partner Christoph Enderstein (Debt Capital Markets, Frankfurt) builds on its recent advisory work for Deutsche Bank in connection with the successful issue of a Tier 2 bond by Deutsche Bank.

Christoph Enderstein, who is also responsible for Norton Rose Fulbright's debt capital markets practice in Germany, commented:
"The successful placement of Deutsche Bank's first European Green Bond sends an important signal for sustainable financing in Europe, and we are pleased to have supported the Joint Lead Managers in connection with this important transaction."

The Norton Rose Fulbright team also included counsel Dr. Michael Born (Debt Capital Markets/Financial Services, Frankfurt) who advised on the regulatory aspects of the transaction, senior associate Florian Fraunhoferand associate Quynh-Anh Nguyen-Walter(both Debt Capital Markets, Frankfurt).

In-house advice at Deutsche Bank Aktiengesellschaft was provided by Dr. Ute Münstermann.

Norton Rose Fulbright's Debt Capital Markets team in Frankfurt led by partner Christoph Enderstein advises both investment banks and issuers in connection with national and international capital markets transactions in the areas of debt capital markets and structured finance, in particular on bonds, electronic securities, covered bonds (Pfandbriefe), structured bonds, securitized derivatives, hybrid instruments, commercial paper, registered bonds, Schuldschein loans and debt issuance programmes as well as the related regulatory aspects including sustainable finance matters.