The Group issues fixed and floating rate long-term debt denominated in various currencies, approximately half of which is denominated in euros.
The following table is a summary of the Group's long-term debt:
| By remaining maturities | Due in | Due in | Due in | Due in | Due in | Due after | December | December |
| in € m. | 2004 | 2005 | 2006 | 2007 | 2008 | 2008 | 31, 2003 | 31, 2002 |
| Total | Total | |||||||
| Senior debt | ||||||||
| Bonds and notes | ||||||||
| Fixed rate | 7,073 | 5,586 | 4,708 | 4,761 | 2,574 | 22,662 | 47,364 | 52,613 |
| Floating rate | 7,370 | 5,018 | 4,422 | 5,274 | 4,556 | 10,577 | 37,217 | 42,046 |
| Subordinated debt | ||||||||
| Bonds and notes1 | ||||||||
| Fixed rate | 791 | 165 | 1,016 | 507 | 306 | 7,594 | 10,379 | 7,190 |
| Floating rate | 228 | 56 | – | 508 | 97 | 1,631 | 2,520 | 2,206 |
| Total | 15,462 | 10,825 | 10,146 | 11,050 | 7,533 | 42,464 | 97,480 | 104,055 |
| 1 | Includes DM 1.4 billion in nominal amounts of bearer participatory certificates which matured on December 31, 2003. This certificate carries an annual dividend rate of 8.75%, and will be redeemed, subject to the stipulations on loss participation on June 30, 2004. The dividend has priority over the rights of shareholders to share in the Group profits. |
Based solely on the contractual terms of the debt issues, the following table represents the range of interest rates payable on this debt for the periods specified:
| Dec 31, 2003 | Dec 31, 2002 | |
| Senior debt | ||
| Bonds and notes | ||
| Fixed rate1 | 0.00% - 31.63% | 0.04% - 16.00% |
| Floating rate1 | 0.00% - 21.11% | 0.02% - 13.00% |
| Subordinated debt | ||
| Bonds and notes | ||
| Fixed rate | 0.81% - 10.50% | 1.71% - 10.50% |
| Floating rate | 0.74% - 8.00% | 0,27% - 8,00% |
| 1 | The lower and higher end of the range of interest rates relate to some transactions where the contractual rates are shown excluding the effect of embedded derivatives . |
Fixed rate debt outstanding at December 31, 2003 matures at various dates through 2051. The weighted-average interest rates on fixed rate debt at December 31, 2003 and 2002 were 5.23% and 4.68%, respectively. Floating rate debt outstanding at December 31, 2003 matures at various dates through 2050 excluding € 1,898 million with undefined maturities. The weighted-average interest rates on floating rate debt at December 31, 2003 and 2002 were 2.58% and 3.01%, respectively. The weighted-average interest rates for total long-term debt were 3.97% and 3.95% at December 31, 2003 and 2002, respectively.
The interest rates for the floating rate debt issues are generally based on LIBOR, although in certain instances they are subject to minimum interest rates as specified in the agreements governing the respective issues.
The Group enters into various transactions related to the debt it issues. This debt may be traded for market-making purposes or held for a period of time. Purchases of the debt are accounted for as extinguishments; however, the resulting net gains (losses) during 2003 and 2002 were insignificant.