Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 398

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 398
---
 € 18.0billion is split as follows: € 3.0billion in capital issuances, € 6.9billion of senior non-preferred funding, € 8.1billion in senior preferred. From a currency perspective, the total issuance volume is divided as follows: Euros(€ 9.6billion), US dollars (€ 6.2billion), Japanese Yen (€ 0.6billion) and other currencies aggregated (€ 1.6billion). The Group’s investor base for 2024 issuances was as follows: asset managers and pension funds ( 62%), banks ( 11%), retail customers ( 8%), insurance companies ( 7%), other institutional investors ( 7%), Governments and agencies ( 2%) and Other ( 3%). The geographical distribution was split between Germany ( 16%), rest of Europe ( 44%), U.S. ( 23%), Asia/Pacific ( 14%) and Other ( 3%). The average spread of issuance over 3-months-Euribor/RFR (Risk Free Rate) was 110bps for the full year. The average tenor was 5.6years. The Group issued the following volumes over each quarter: Q1: € 5.1billion, Q2: € 5.6billion, Q3: € 5.6billion and Q4: € 1.7billion. Deutsche Bank’s issuance plan for 2025 is € 15-20 billion, broadly in line with last year’s plan. Focus will be on senior non-preferred bonds and capital instruments. Senior preferred issuances will be primarily in non-benchmark format. The Group also plans to raise a portion of this funding in U.S. dollar and may enter into cross currency swaps to manage any residual requirements. The Bank has total capital markets maturities, excluding legally exercisable calls, of approximately € 12billion. Furthermore, the Bank issued structured notes with a volume of around € 10billion in 2024 and plans to issue ~ € 9 billion in 2025. This activity is conducted by the FIC division and not part of the Treasury issuance plan. Funding Diversification In 2024, total external funding increased by € 49.5billion from € 975.3billion at December 31, 2023, to € 1,024.8billion at December