Strong demand for Deutsche Bank’s debt

Deutsche Bank enjoyed strong support from its debt investors, which allowed the bank to refinance at very attractive spreads. In 2014, Deutsche Bank issued a total of € 44.1 billion in debt instruments at an average spread of 45 bps over the relevant floating index (for example, LIBOR) with an average tenor of 4.8 years. Thereof, € 22 billion were benchmark issuances, meeting certain minimum size requirements. Another € 22 billion were raised via targeted retail issuance and other private placements.

The most significant transactions in 2014 included the Additional Tier 1 securities issued in May and November 2014. With these two issuances, the bank substantially completed its target issuance for the end of 2015 of € 5 billion in CRD 4-compliant Additional Tier 1 capital. Deutsche Bank’s inaugural € 3.5 billion Additional Tier 1 benchmark issue in May was split into three tranches. The second issue in November was a US$ 1.5 billion perpetual, non-callable 10-year bond with a 7.5 % coupon.

Overall Deutsche Bank’s issuance activities are well diversified across markets, instruments, currencies and types of investors. At the end of December 2014, 76 % of the bank’s total funding comes from the most stable funding sources, such as retail and transaction banking deposits, capital markets issuance and equity.

Key figures comparison

Compare key figures of the past years. more