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In late November and early December 2025, Deutsche Bank Aktiengesellschaft issued and announced multiple fixed‑coupon, senior unsecured, callable notes across maturities from 2029 to 2050, including several Eurobond and Eurodollar formats priced at par with discounts of 0.4% to 5% per security.
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This burst of fixed‑income issuance highlights Deutsche Bank’s active use of debt markets to refine its funding profile and support its broader banking activities, coinciding with a senior hire to lead global private bank investment solutions.
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We will now examine how this wave of senior unsecured bond issuance might influence Deutsche Bank’s investment narrative and future earnings mix.
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To own Deutsche Bank, you need to believe it can convert improving profitability and disciplined capital returns into durable earnings, despite low forecast growth and lingering asset quality and litigation risks. The recent wave of fixed coupon senior unsecured issuance modestly tightens the funding story but does not materially change the near term focus on credit costs, especially in U.S. CRE, or on managing large one off items that still cloud earnings quality.
Among recent announcements, the appointment of Vivienne Chia as global head of private bank investment solutions stands out as most connected to this funding activity, because it speaks to the mix of fee based and interest driven earnings these bonds may support over time. As the private bank builds out higher margin investment solutions on top of a still credit heavy balance sheet, the key question is how quickly that mix can offset pressures from regulation, competition and capital requirements.
Yet investors should be aware that rising regulatory complexity and capital requirements could still…
Read the full narrative on Deutsche Bank (it’s free!)
Deutsche Bank’s narrative projects €33.8 billion revenue and €6.8 billion earnings by 2028. This requires 4.0% yearly revenue growth and about a €1.3 billion earnings increase from €5.5 billion today.
Uncover how Deutsche Bank’s forecasts yield a €31.30 fair value, in line with its current price.
Seven fair value estimates from the Simply Wall St Community span roughly €17 to about €35.89 per share, underlining how far apart views on Deutsche Bank’s upside can sit. When you weigh those opinions against the risk of persistently elevated credit losses and high bad loans, it becomes even more important to compare several viewpoints before deciding how this bank might fit into your portfolio.