Norton Rose Fulbright advises international banking syndicate on the issue of a tier 2 bond by Deutsche Bank

Global law firm Norton Rose Fulbright has advised a syndicate of international banks comprising Deutsche Bank Aktiengesellschaft, Barclays Bank Ireland PLC, Commerzbank Aktiengesellschaft, Erste Group Bank AG, Landesbank Baden-Württemberg, NatWest Markets N. V., Norddeutsche Landesbank - Girozentrale -, Standard Chartered Bank AG and UBS AG London Branch on the successful issue of a tier 2 subordinated bond (ISIN: DE000A46Z858) by Deutsche Bank Aktiengesellschaft with a volume of Euro 1 billion.

Tier 2 subordinated bonds are issued by credit institutions to raise own funds within the meaning of the Capital Requirements Regulation (CRR) and have loss absorbing characteristics. They rank junior to all other obligations that do not qualify as own funds and have a minimum maturity of at least five years. During the final five years until maturity, tier 2 bonds are only partially eligible for inclusion in the total capital ratio of the issuing credit institution.

The bond was admitted to trading on the regulated market of the Luxembourg Stock Exchange (ISIN: DE000A46Z858). It will mature in May 2041 and pay an annual fixed interest rate of 4.45 per cent. per annum until May 2036, as of which, subject to a call option of the issuer, the interest rate to be paid annually until maturity will be reset on the basis of the then prevailing five year Euro Midswap Rate plus a margin of 1.55 per cent.

The banking syndicate was advised in connection with the successful issue of the tier 2 bond by a Norton Rose Fulbright team led by Frankfurt partner Christoph Enderstein.
Enderstein, who is also responsible for Norton Rose Fulbright's debt capital markets practice in Germany, commented: "My team and I have previously advised in connection with various capital markets transactions of Deutsche Bank. We are pleased that Deutsche Bank again placed its trust in our team in connection with the issue of its new tier 2 bond."

Christoph Enderstein (Debt Capital Markets, Frankfurt) was supported by counsels Dr Michael Born and Jochen Vester (both Debt Capital Markets/Financial Services, Frankfurt) senior associate Florian Fraunhofer and 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.