Q2 2018 Fixed Income Investor Conference Call
New German insolvency hierarchy and implications
Order of bail-in sequence
From 21 July 2018, DB can now issue plain vanilla debt in senior preferred format
in addition to previous non-preferred debt format
German creditor hierarchy
Different senior rating categories
Notching difference
Deposits €100k / short-term liabilities(1)
Deposits >€ 100k of natural persons / SMEs
Structured notes,
derivatives,
other deposits
>100k(2)
Plain vanilla
senior preferred
bonds
Plain vanilla
senior non-preferred
bonds
Tier 2
AT1
CET1
NEW
MOODY'S
INVESTORS SERVICE
A3
Baa2
2N
Size of the boxes does not indicate volume of any instrument
Insured deposits and deposits by credit institutions and investment firms with original maturity <7 days are excluded from bail-in
Deposits >€ 100k of large caps, all remaining deposits of financial institutions and the public sector
Note:
(1)
(2)
Deutsche Bank
Investor Relations
Q2 2018 Fixed Income Investor Call
27 July 2018
S&P Global
Ratings
Fitch Ratings
BBB+
BBB-
2N
A-
1N
BBB+
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