FINANCIALS: DB have announced 2 AT1 calls/non-call for 30th April
The DB 7.5% Perp will be called on April 30th, float spread was +500 over 5y USD Swap
The DB 4.789% Perp will not be called on April 30th, will reset to USD 5y swap (currently 4.11) + 4.358%
The decision looks somewhat economic from DB, although one could argue they would struggle to issue a new AT1 with a float <500bps. DB's most recent AT1 was the DB 8.125% Perp (€1.5bn EUR), issued 06/24 with 526bps float spread, subfin at the time was trading 104bps, compared to current 114bps. That bond is currently trading with a spread to bench of only 428bps however.
The next decision from DB will be the DB 6% Perp , float spread 452bps, trading at 7.5% YTC / 8.2% YTM currently
DB Statement: https://investor-relations.db.com/files/documents/creditor-information/2025-03-21-AT1-Release-1.pdf