Deutsche Bank raised €1.25bn via a Perpetual non-call 7Y (PerpNC7) AT1 bond at a yield of 4.625%, a strong 62.5bp inside initial guidance of 5.25% area. The bonds have expected ratings of B1/BB-/BB-, and received orders over €5.5bn, 4.4x issue size. The bonds are callable from October 30, 2027 to (but excluding) the first reset date (April 30, 2028) or any interest reset date thereafter. If not called, the coupon resets every five years thereafter to the prevailing 5Y euro swap rate + 474.7bp. A trigger event would occur if, at any time, the consolidated CET1 ratio falls below 5.125%. In the table below, we have listed all the euro denominated AT1s issued this year thus far.