[8-K] Carnival PLC Reports Material Event
Deutsche Bank AG is offering $3.0 million of 5.00% Fixed-Rate Callable Senior Debt Funding Notes maturing on 29 June 2029. The notes are issued at 100% of principal (minimum 99.65% for certain institutional or fee-based accounts) in minimum denominations of $1,000. Interest is paid annually in arrears each 30 June, calculated on a 30/360 basis. The bank may, at its sole discretion and subject to regulatory approval, redeem the notes at par in whole (not in part) on any semi-annual Optional Redemption Date beginning 30 June 2026 and ending 30 December 2028.
The securities are unsecured, unsubordinated senior preferred obligations intended to qualify as eligible liabilities for the EU Minimum Requirement for Own Funds and Eligible Liabilities (MREL). They are not FDIC-insured and carry typical Deutsche Bank credit risk. As bail-in eligible instruments, holders explicitly consent to possible Resolution Measures under EU/ German banking law, including write-down to zero or conversion into equity should the Single Resolution Board deem the bank non-viable.
Key economics
- Issue/Settlement dates: 26 June 2025 / 30 June 2025
- Principal amount: $3,000,000
- Gross proceeds to issuer: $2,994,000 after 0.35% maximum selling concession ($3.50 per note)
- CUSIP/ISIN: 25161FJF6 / US25161FJF62
- No stock-exchange listing; book-entry only via DTC
Primary risks include issuer credit risk, discretionary early redemption, interest-rate reinvestment risk if called, and potential bail-in loss under EU resolution rules. The small size and standard terms make the issuance largely immaterial to Deutsche Bank’s capital structure, but investors should assess whether the 5% fixed coupon adequately compensates for the credit and structural risks.
Deutsche Bank AG offre 3,0 milioni di dollari di Note di Debito Senior Callable a Tasso Fisso del 5,00% con scadenza il 29 giugno 2029. Le note sono emesse al 100% del valore nominale (minimo 99,65% per alcuni conti istituzionali o a commissione) con tagli minimi di 1.000 dollari. Gli interessi vengono pagati annualmente in arretrato ogni 30 giugno, calcolati su base 30/360. La banca può, a sua esclusiva discrezione e previa approvazione regolamentare, rimborsare le note alla pari per intero (non parzialmente) in qualsiasi Data di Rimborso Opzionale semestrale a partire dal 30 giugno 2026 fino al 30 dicembre 2028.
Questi titoli sono obbligazioni senior preferenziali non garantite e non subordinate, progettate per qualificarsi come passività ammissibili ai sensi del requisito minimo UE per Fondi Propri e Passività Ammissibili (MREL). Non sono assicurati dalla FDIC e comportano il rischio di credito tipico di Deutsche Bank. Essendo strumenti eleggibili al bail-in, i detentori acconsentono esplicitamente a possibili Misure di Risoluzione secondo la normativa bancaria UE/tedesca, inclusa la possibile cancellazione totale o conversione in azioni qualora il Single Resolution Board ritenga la banca non sostenibile.
Principali caratteristiche economiche
- Date di emissione/liquidazione: 26 giugno 2025 / 30 giugno 2025
- Importo nominale: 3.000.000 di dollari
- Proventi lordi per l’emittente: 2.994.000 dollari dopo una commissione massima dello 0,35% (3,50 dollari per nota)
- CUSIP/ISIN: 25161FJF6 / US25161FJF62
- Non quotate in borsa; solo registrazione elettronica tramite DTC
I principali rischi includono il rischio di credito dell’emittente, il rimborso anticipato discrezionale, il rischio di reinvestimento degli interessi in caso di richiamo e la potenziale perdita da bail-in secondo le regole di risoluzione UE. La dimensione ridotta e le condizioni standard rendono l’emissione poco rilevante per la struttura patrimoniale di Deutsche Bank, ma gli investitori devono valutare se il coupon fisso del 5% compensi adeguatamente i rischi di credito e strutturali.
Deutsche Bank AG ofrece 3,0 millones de dólares en Notas de Deuda Senior Callable a Tasa Fija del 5,00% con vencimiento el 29 de junio de 2029. Las notas se emiten al 100% del principal (mínimo 99,65% para ciertas cuentas institucionales o basadas en comisiones) en denominaciones mínimas de 1.000 dólares. Los intereses se pagan anualmente a vencimiento cada 30 de junio, calculados sobre una base 30/360. El banco puede, a su sola discreción y sujeto a aprobación regulatoria, redimir las notas a la par en su totalidad (no parcialmente) en cualquier Fecha de Redención Opcional semestral desde el 30 de junio de 2026 hasta el 30 de diciembre de 2028.
Los valores son obligaciones preferentes senior no garantizadas y no subordinadas diseñadas para calificar como pasivos elegibles bajo el Requisito Mínimo de Fondos Propios y Pasivos Elegibles (MREL) de la UE. No están asegurados por la FDIC y conllevan el riesgo crediticio típico de Deutsche Bank. Como instrumentos sujetos a bail-in, los tenedores consienten explícitamente posibles Medidas de Resolución bajo la legislación bancaria de la UE/Alemania, incluyendo la reducción a cero o conversión en acciones si el Single Resolution Board determina que el banco no es viable.
Aspectos económicos clave
- Fechas de emisión/liquidación: 26 de junio de 2025 / 30 de junio de 2025
- Monto principal: 3.000.000 dólares
- Ingresos brutos para el emisor: 2.994.000 dólares tras una concesión máxima de venta del 0,35% (3,50 dólares por nota)
- CUSIP/ISIN: 25161FJF6 / US25161FJF62
- No cotizan en bolsa; solo registro electrónico vía DTC
Los riesgos principales incluyen el riesgo crediticio del emisor, redención anticipada discrecional, riesgo de reinversión de intereses si se llama, y posible pérdida por bail-in bajo normas de resolución de la UE. El tamaño pequeño y términos estándar hacen que la emisión sea poco relevante para la estructura de capital de Deutsche Bank, pero los inversores deben evaluar si el cupón fijo del 5% compensa adecuadamente los riesgos crediticios y estructurales.
도이체방크 AG는 5.00% 고정금리 콜 가능 선순위 부채 펀딩 노트를 3백만 달러 규모로 2029년 6월 29일 만기 조건으로 발행합니다. 노트는 원금의 100% (특정 기관 또는 수수료 계좌는 최소 99.65%)에 최소 단위 1,000달러로 발행됩니다. 이자는 매년 6월 30일에 후불로 지급되며 30/360 방식으로 계산됩니다. 은행은 독자적 재량과 규제 승인을 조건으로 2026년 6월 30일부터 2028년 12월 30일까지 매 반기 선택적 상환일에 전체(부분 불가) 원금 상환을 액면가로 상환할 수 있습니다.
이 증권은 무담보 비후순위 선순위 우선채무로, EU 최소 자기자본 및 적격 부채 요건(MREL)을 충족하기 위한 적격 부채로 설계되었습니다. FDIC 보험이 적용되지 않으며 도이체방크의 일반적인 신용 위험을 포함합니다. 베일인 대상 상품으로서, 투자자는 단일 해산 위원회가 은행을 존속 불가능하다고 판단할 경우 해산 조치로서 원금 전액 손실 또는 주식 전환에 동의하는 것으로 간주됩니다.
주요 경제 사항
- 발행/결제일: 2025년 6월 26일 / 2025년 6월 30일
- 원금 총액: 3,000,000 달러
- 발행자 실수령액: 최대 0.35% 판매 수수료 공제 후 2,994,000 달러 (노트당 3.50 달러)
- CUSIP/ISIN: 25161FJF6 / US25161FJF62
- 증권거래소 상장 없음; DTC를 통한 전자등록만 가능
주요 위험은 발행자 신용 위험, 임의 조기 상환, 콜 시 이자 재투자 위험과 EU 해산 규정에 따른 베일인 손실 가능성입니다. 소규모 발행과 표준 조건으로 도이체방크 자본 구조에 미치는 영향은 미미하지만, 투자자는 5% 고정 쿠폰이 신용 및 구조적 위험을 적절히 보상하는지 신중히 평가해야 합니다.
Deutsche Bank AG propose 3,0 millions de dollars de notes de dette senior remboursables à taux fixe de 5,00% arrivant à échéance le 29 juin 2029. Les notes sont émises à 100 % du principal (minimum 99,65 % pour certains comptes institutionnels ou à frais) en coupures minimales de 1 000 dollars. Les intérêts sont payés annuellement à terme échu chaque 30 juin, calculés selon une base 30/360. La banque peut, à sa seule discrétion et sous réserve d’approbation réglementaire, rembourser les notes au pair en totalité (pas partiellement) à toute date semestrielle de rachat optionnel entre le 30 juin 2026 et le 30 décembre 2028.
Les titres sont des obligations senior privilégiées non garanties et non subordonnées destinées à être éligibles aux passifs admissibles selon l’exigence minimale de fonds propres et passifs admissibles (MREL) de l’UE. Ils ne sont pas assurés par la FDIC et comportent le risque de crédit habituel de Deutsche Bank. En tant qu’instruments soumis au bail-in, les détenteurs consentent explicitement à d’éventuelles mesures de résolution selon la législation bancaire UE/allemande, incluant une éventuelle radiation totale ou conversion en actions si le Single Resolution Board juge la banque non viable.
Principaux paramètres économiques
- Dates d’émission/règlement : 26 juin 2025 / 30 juin 2025
- Montant principal : 3 000 000 dollars
- Produit brut pour l’émetteur : 2 994 000 dollars après une commission maximale de 0,35% (3,50 dollars par note)
- CUSIP/ISIN : 25161FJF6 / US25161FJF62
- Pas de cotation en bourse ; inscription uniquement en compte via DTC
Les principaux risques incluent le risque de crédit de l’émetteur, le remboursement anticipé discrétionnaire, le risque de réinvestissement des intérêts en cas de rachat anticipé, ainsi que la perte potentielle liée au bail-in selon les règles de résolution de l’UE. La taille réduite et les conditions standard rendent cette émission peu significative pour la structure du capital de Deutsche Bank, mais les investisseurs doivent évaluer si le coupon fixe de 5 % compense adéquatement les risques de crédit et structurels.
Deutsche Bank AG bietet 3,0 Millionen US-Dollar in Form von 5,00% festverzinslichen, kündbaren Senior Debt Funding Notes mit Fälligkeit am 29. Juni 2029 an. Die Notes werden zu 100% des Nennwerts (mindestens 99,65% für bestimmte institutionelle oder gebührenbasierte Konten) in Mindeststückelungen von 1.000 US-Dollar ausgegeben. Die Zinsen werden jährlich nachträglich jeweils am 30. Juni auf Basis 30/360 gezahlt. Die Bank kann nach eigenem Ermessen und vorbehaltlich behördlicher Genehmigung die Notes ab dem 30. Juni 2026 bis zum 30. Dezember 2028 an jedem halbjährlichen Optionale Rückzahlungstermin ganz (nicht teilweise) zum Nennwert zurückzahlen.
Die Wertpapiere sind ungesicherte, nicht nachrangige vorrangige Verbindlichkeiten, die als zulässige Verbindlichkeiten für die EU-Mindestanforderung an Eigenmittel und zulässige Verbindlichkeiten (MREL) qualifizieren sollen. Sie sind nicht FDIC-versichert und tragen das typische Kreditrisiko der Deutschen Bank. Als bail-in-fähige Instrumente stimmen die Inhaber ausdrücklich möglichen Abwicklungsmaßnahmen nach EU-/deutschem Bankenrecht zu, einschließlich einer vollständigen Abschreibung oder Umwandlung in Eigenkapital, falls der Single Resolution Board die Bank als nicht überlebensfähig einstuft.
Wichtige wirtschaftliche Eckdaten
- Emissions-/Abwicklungstermine: 26. Juni 2025 / 30. Juni 2025
- Nominalbetrag: 3.000.000 US-Dollar
- Bruttoerlös für den Emittenten: 2.994.000 US-Dollar nach maximaler Verkaufsprovision von 0,35% (3,50 US-Dollar pro Note)
- CUSIP/ISIN: 25161FJF6 / US25161FJF62
- Keine Börsennotierung; nur Buchung über DTC
Die Haupt-Risiken umfassen Emittenten-Kreditrisiko, diskretionäre vorzeitige Rückzahlung, Wiederanlagerisiko bei Zinszahlung im Falle eines Calls und potenzielle Bail-in-Verluste gemäß EU-Abwicklungsregeln. Aufgrund der geringen Größe und der Standardbedingungen ist die Emission für die Kapitalstruktur der Deutschen Bank weitgehend unerheblich, jedoch sollten Investoren prüfen, ob der feste Kupon von 5% die Kredit- und Struktur-Risiken angemessen kompensiert.
- 5.00% fixed coupon offers a moderate spread over comparable 4-year USD benchmarks.
- MREL-eligible status marginally supports Deutsche Bank’s resolution buffer.
- Senior preferred ranking sits above subordinated debt, providing better recovery prospects than capital instruments.
- Issuer call option from year 1 caps potential upside and introduces reinvestment risk.
- Bail-in/Resolution Measure provisions allow write-down or conversion, elevating structural risk versus traditional senior bonds.
- Unsecured exposure to Deutsche Bank credit without FDIC or other guarantee.
- Illiquidity risk due to small $3 million issue size and no exchange listing.
Insights
TL;DR: 5% coupon attractive versus USD swaps, but call option and bail-in clause limit upside.
The 5.00% coupon is roughly 170-190 bp wide of the USD 4-year swap rate (as of late-June 2025), offering reasonable spread for a senior preferred Deutsche Bank exposure. However, the issuer-friendly call commencing in 12 months reduces the yield-to-worst to par call dates, translating to a yield just above 5% if redeemed early. Because the issue is small, secondary liquidity will likely be limited. Credit-wise, Deutsche Bank’s senior preferred debt is rated Baa2/BBB/A-, so the spread is broadly in line with comps. Yet, the BRRD bail-in language means these notes rank ahead of tier-2 but can still be written down or converted, adding non-negligible tail risk. Overall, risk-adjusted return is fair but not exceptional; investors seeking higher certainty of carry may prefer non-call structures.
TL;DR: MREL-eligible issuance modestly strengthens Deutsche Bank’s loss-absorbing stack; negligible balance-sheet impact.
Because the notes qualify as eligible liabilities under EU MREL rules, they incrementally enhance Deutsche Bank’s resolution buffer with senior preferred paper that can be bailed in ahead of senior unsecured deposits. The $3 million size, however, is de-minimis relative to Deutsche Bank’s €1.3 trillion balance sheet and will not materially affect capital ratios. Regulatory call permissions underscore ongoing supervisory scrutiny. For portfolio managers, the filing signals continued optimization of the funding stack rather than a meaningful change in funding conditions.
Deutsche Bank AG offre 3,0 milioni di dollari di Note di Debito Senior Callable a Tasso Fisso del 5,00% con scadenza il 29 giugno 2029. Le note sono emesse al 100% del valore nominale (minimo 99,65% per alcuni conti istituzionali o a commissione) con tagli minimi di 1.000 dollari. Gli interessi vengono pagati annualmente in arretrato ogni 30 giugno, calcolati su base 30/360. La banca può, a sua esclusiva discrezione e previa approvazione regolamentare, rimborsare le note alla pari per intero (non parzialmente) in qualsiasi Data di Rimborso Opzionale semestrale a partire dal 30 giugno 2026 fino al 30 dicembre 2028.
Questi titoli sono obbligazioni senior preferenziali non garantite e non subordinate, progettate per qualificarsi come passività ammissibili ai sensi del requisito minimo UE per Fondi Propri e Passività Ammissibili (MREL). Non sono assicurati dalla FDIC e comportano il rischio di credito tipico di Deutsche Bank. Essendo strumenti eleggibili al bail-in, i detentori acconsentono esplicitamente a possibili Misure di Risoluzione secondo la normativa bancaria UE/tedesca, inclusa la possibile cancellazione totale o conversione in azioni qualora il Single Resolution Board ritenga la banca non sostenibile.
Principali caratteristiche economiche
- Date di emissione/liquidazione: 26 giugno 2025 / 30 giugno 2025
- Importo nominale: 3.000.000 di dollari
- Proventi lordi per l’emittente: 2.994.000 dollari dopo una commissione massima dello 0,35% (3,50 dollari per nota)
- CUSIP/ISIN: 25161FJF6 / US25161FJF62
- Non quotate in borsa; solo registrazione elettronica tramite DTC
I principali rischi includono il rischio di credito dell’emittente, il rimborso anticipato discrezionale, il rischio di reinvestimento degli interessi in caso di richiamo e la potenziale perdita da bail-in secondo le regole di risoluzione UE. La dimensione ridotta e le condizioni standard rendono l’emissione poco rilevante per la struttura patrimoniale di Deutsche Bank, ma gli investitori devono valutare se il coupon fisso del 5% compensi adeguatamente i rischi di credito e strutturali.
Deutsche Bank AG ofrece 3,0 millones de dólares en Notas de Deuda Senior Callable a Tasa Fija del 5,00% con vencimiento el 29 de junio de 2029. Las notas se emiten al 100% del principal (mínimo 99,65% para ciertas cuentas institucionales o basadas en comisiones) en denominaciones mínimas de 1.000 dólares. Los intereses se pagan anualmente a vencimiento cada 30 de junio, calculados sobre una base 30/360. El banco puede, a su sola discreción y sujeto a aprobación regulatoria, redimir las notas a la par en su totalidad (no parcialmente) en cualquier Fecha de Redención Opcional semestral desde el 30 de junio de 2026 hasta el 30 de diciembre de 2028.
Los valores son obligaciones preferentes senior no garantizadas y no subordinadas diseñadas para calificar como pasivos elegibles bajo el Requisito Mínimo de Fondos Propios y Pasivos Elegibles (MREL) de la UE. No están asegurados por la FDIC y conllevan el riesgo crediticio típico de Deutsche Bank. Como instrumentos sujetos a bail-in, los tenedores consienten explícitamente posibles Medidas de Resolución bajo la legislación bancaria de la UE/Alemania, incluyendo la reducción a cero o conversión en acciones si el Single Resolution Board determina que el banco no es viable.
Aspectos económicos clave
- Fechas de emisión/liquidación: 26 de junio de 2025 / 30 de junio de 2025
- Monto principal: 3.000.000 dólares
- Ingresos brutos para el emisor: 2.994.000 dólares tras una concesión máxima de venta del 0,35% (3,50 dólares por nota)
- CUSIP/ISIN: 25161FJF6 / US25161FJF62
- No cotizan en bolsa; solo registro electrónico vía DTC
Los riesgos principales incluyen el riesgo crediticio del emisor, redención anticipada discrecional, riesgo de reinversión de intereses si se llama, y posible pérdida por bail-in bajo normas de resolución de la UE. El tamaño pequeño y términos estándar hacen que la emisión sea poco relevante para la estructura de capital de Deutsche Bank, pero los inversores deben evaluar si el cupón fijo del 5% compensa adecuadamente los riesgos crediticios y estructurales.
도이체방크 AG는 5.00% 고정금리 콜 가능 선순위 부채 펀딩 노트를 3백만 달러 규모로 2029년 6월 29일 만기 조건으로 발행합니다. 노트는 원금의 100% (특정 기관 또는 수수료 계좌는 최소 99.65%)에 최소 단위 1,000달러로 발행됩니다. 이자는 매년 6월 30일에 후불로 지급되며 30/360 방식으로 계산됩니다. 은행은 독자적 재량과 규제 승인을 조건으로 2026년 6월 30일부터 2028년 12월 30일까지 매 반기 선택적 상환일에 전체(부분 불가) 원금 상환을 액면가로 상환할 수 있습니다.
이 증권은 무담보 비후순위 선순위 우선채무로, EU 최소 자기자본 및 적격 부채 요건(MREL)을 충족하기 위한 적격 부채로 설계되었습니다. FDIC 보험이 적용되지 않으며 도이체방크의 일반적인 신용 위험을 포함합니다. 베일인 대상 상품으로서, 투자자는 단일 해산 위원회가 은행을 존속 불가능하다고 판단할 경우 해산 조치로서 원금 전액 손실 또는 주식 전환에 동의하는 것으로 간주됩니다.
주요 경제 사항
- 발행/결제일: 2025년 6월 26일 / 2025년 6월 30일
- 원금 총액: 3,000,000 달러
- 발행자 실수령액: 최대 0.35% 판매 수수료 공제 후 2,994,000 달러 (노트당 3.50 달러)
- CUSIP/ISIN: 25161FJF6 / US25161FJF62
- 증권거래소 상장 없음; DTC를 통한 전자등록만 가능
주요 위험은 발행자 신용 위험, 임의 조기 상환, 콜 시 이자 재투자 위험과 EU 해산 규정에 따른 베일인 손실 가능성입니다. 소규모 발행과 표준 조건으로 도이체방크 자본 구조에 미치는 영향은 미미하지만, 투자자는 5% 고정 쿠폰이 신용 및 구조적 위험을 적절히 보상하는지 신중히 평가해야 합니다.
Deutsche Bank AG propose 3,0 millions de dollars de notes de dette senior remboursables à taux fixe de 5,00% arrivant à échéance le 29 juin 2029. Les notes sont émises à 100 % du principal (minimum 99,65 % pour certains comptes institutionnels ou à frais) en coupures minimales de 1 000 dollars. Les intérêts sont payés annuellement à terme échu chaque 30 juin, calculés selon une base 30/360. La banque peut, à sa seule discrétion et sous réserve d’approbation réglementaire, rembourser les notes au pair en totalité (pas partiellement) à toute date semestrielle de rachat optionnel entre le 30 juin 2026 et le 30 décembre 2028.
Les titres sont des obligations senior privilégiées non garanties et non subordonnées destinées à être éligibles aux passifs admissibles selon l’exigence minimale de fonds propres et passifs admissibles (MREL) de l’UE. Ils ne sont pas assurés par la FDIC et comportent le risque de crédit habituel de Deutsche Bank. En tant qu’instruments soumis au bail-in, les détenteurs consentent explicitement à d’éventuelles mesures de résolution selon la législation bancaire UE/allemande, incluant une éventuelle radiation totale ou conversion en actions si le Single Resolution Board juge la banque non viable.
Principaux paramètres économiques
- Dates d’émission/règlement : 26 juin 2025 / 30 juin 2025
- Montant principal : 3 000 000 dollars
- Produit brut pour l’émetteur : 2 994 000 dollars après une commission maximale de 0,35% (3,50 dollars par note)
- CUSIP/ISIN : 25161FJF6 / US25161FJF62
- Pas de cotation en bourse ; inscription uniquement en compte via DTC
Les principaux risques incluent le risque de crédit de l’émetteur, le remboursement anticipé discrétionnaire, le risque de réinvestissement des intérêts en cas de rachat anticipé, ainsi que la perte potentielle liée au bail-in selon les règles de résolution de l’UE. La taille réduite et les conditions standard rendent cette émission peu significative pour la structure du capital de Deutsche Bank, mais les investisseurs doivent évaluer si le coupon fixe de 5 % compense adéquatement les risques de crédit et structurels.
Deutsche Bank AG bietet 3,0 Millionen US-Dollar in Form von 5,00% festverzinslichen, kündbaren Senior Debt Funding Notes mit Fälligkeit am 29. Juni 2029 an. Die Notes werden zu 100% des Nennwerts (mindestens 99,65% für bestimmte institutionelle oder gebührenbasierte Konten) in Mindeststückelungen von 1.000 US-Dollar ausgegeben. Die Zinsen werden jährlich nachträglich jeweils am 30. Juni auf Basis 30/360 gezahlt. Die Bank kann nach eigenem Ermessen und vorbehaltlich behördlicher Genehmigung die Notes ab dem 30. Juni 2026 bis zum 30. Dezember 2028 an jedem halbjährlichen Optionale Rückzahlungstermin ganz (nicht teilweise) zum Nennwert zurückzahlen.
Die Wertpapiere sind ungesicherte, nicht nachrangige vorrangige Verbindlichkeiten, die als zulässige Verbindlichkeiten für die EU-Mindestanforderung an Eigenmittel und zulässige Verbindlichkeiten (MREL) qualifizieren sollen. Sie sind nicht FDIC-versichert und tragen das typische Kreditrisiko der Deutschen Bank. Als bail-in-fähige Instrumente stimmen die Inhaber ausdrücklich möglichen Abwicklungsmaßnahmen nach EU-/deutschem Bankenrecht zu, einschließlich einer vollständigen Abschreibung oder Umwandlung in Eigenkapital, falls der Single Resolution Board die Bank als nicht überlebensfähig einstuft.
Wichtige wirtschaftliche Eckdaten
- Emissions-/Abwicklungstermine: 26. Juni 2025 / 30. Juni 2025
- Nominalbetrag: 3.000.000 US-Dollar
- Bruttoerlös für den Emittenten: 2.994.000 US-Dollar nach maximaler Verkaufsprovision von 0,35% (3,50 US-Dollar pro Note)
- CUSIP/ISIN: 25161FJF6 / US25161FJF62
- Keine Börsennotierung; nur Buchung über DTC
Die Haupt-Risiken umfassen Emittenten-Kreditrisiko, diskretionäre vorzeitige Rückzahlung, Wiederanlagerisiko bei Zinszahlung im Falle eines Calls und potenzielle Bail-in-Verluste gemäß EU-Abwicklungsregeln. Aufgrund der geringen Größe und der Standardbedingungen ist die Emission für die Kapitalstruktur der Deutschen Bank weitgehend unerheblich, jedoch sollten Investoren prüfen, ob der feste Kupon von 5% die Kredit- und Struktur-Risiken angemessen kompensiert.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported)
| (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) | |
| Republic of |
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| (State or other jurisdiction of incorporation) | (State or other jurisdiction of incorporation) | |
| (Commission File Number) | (Commission File Number) | |
| (I.R.S. Employer Identification No.) | (I.R.S. Employer Identification No.) | |
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(Address of principal executive offices) (Zip code) |
(Address of principal executive offices) (Zip code) | |
| ( |
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| (Registrant’s telephone number, including area code) | (Registrant’s telephone number, including area code) | |
| None | None | |
| (Former name or former address, if changed since last report.) | (Former name or former address, if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| Special Voting Share, GBP 1.00 par value and Trust Shares of beneficial interest in the P&O Princess Special Voting Trust | , Inc. | |||
Indicate by check mark whether the registrants are emerging growth companies as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2) of this chapter).
Emerging growth companies
If emerging growth companies, indicate by check mark if the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 7.01 | Regulation FD. |
On June 30, 2025, Carnival Corporation & plc issued a press release announcing that Carnival plc (the “Company”) commenced a private offering of new senior unsecured notes in an aggregate principal amount of €1.0 billion, expected to mature in 2031, to fully repay the borrowings under Carnival Corporation’s first-priority senior secured term loan facility maturing in 2027 and to repay a portion of the borrowings under Carnival Corporation's first-priority senior secured term loan facility maturing in 2028.
A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein. Such press release includes forward-looking statements. See “Cautionary Note Concerning Forward-Looking Statements” within the press release for additional information.
The Company is furnishing the information in this Current Report on Form 8-K, including Exhibit 99.1 hereto, to comply with Regulation FD. Such information shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such filing.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. | Description | |
| 99.1 | Press release of Carnival Corporation and Carnival plc dated June 30, 2025. | |
| 104 | Cover Page Interactive Data File (embedded with the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, each of the registrants has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CARNIVAL CORPORATION | CARNIVAL PLC | |||
| By: | /s/ David Bernstein | By: | /s/ David Bernstein | |
| Name: | David Bernstein | Name: | David Bernstein | |
| Title: | Chief Financial Officer and Chief Accounting Officer | Title: | Chief Financial Officer and Chief Accounting Officer | |
Date: June 30, 2025 |
Date: June 30, 2025 | |||
FAQ
What interest rate do Deutsche Bank (DB) 2029 callable notes pay?
When can Deutsche Bank redeem the 5% senior notes?
Are the DB 5% notes subject to bail-in risk?
What is the minimum investment denomination for the Deutsche Bank 2029 notes?
Will the 5% Deutsche Bank notes be listed on an exchange?
How much commission does Deutsche Bank Securities receive on this offering?
