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Offering Overview: Deutsche Bank AG is marketing 5.35% Fixed Rate Callable Senior Debt Funding Notes due July 16, 2035 under its shelf registration (424B2). The preliminary pricing supplement indicates a 100% issue price, with pricing on or about July 14, 2025 and settlement July 16, 2025.

Key Terms:

• Coupon: 5.35% fixed, paid annually in arrears every July 16, calculated on an unadjusted 30/360 basis; first payment July 16, 2026.
• Optional Redemption: Deutsche Bank may redeem the notes in whole at par plus accrued interest on any Jan 16 or Jul 16 from Jan 16, 2027 through Jan 16, 2035, with at least 5 business-day notice and required regulatory approval.
• Tenor & Denomination: 10-year maturity (Jul 16, 2035); minimum $1,000 principal and integral multiples thereafter.
• Structure: Unsecured, unsubordinated senior preferred obligations intended to qualify as MREL-eligible liabilities.
• CUSIP/ISIN: 25161FDB1 / US25161FDB13; no stock-exchange listing (DTC book-entry only).

Pricing & Distribution: Public price $1,000 per note; Deutsche Bank Securities Inc. (affiliate) earns up to $40 per-note concession. Institutional or fee-based accounts may purchase between $975.10 and $1,000.

Risk Highlights: The notes are subject to EU/German bail-in powers, allowing authorities to write down or convert principal and interest if the bank is deemed non-viable. Holders face issuer credit risk, reinvestment risk from the semi-annual call feature, lack of listing-driven liquidity constraints, and no governmental insurance.

Investor Takeaway: The 5.35% coupon offers a yield pick-up over comparable U.S. Treasuries, but investors must weigh bail-in, call and credit risks when assessing risk-adjusted return.

Kronos Bio, Inc. (KRON) filed a Form 15-12G with the U.S. SEC on 30 June 2025, certifying the termination of registration of its common stock under Section 12(g) of the Securities Exchange Act of 1934 and suspending the company鈥檚 duty to file reports under Sections 13 and 15(d).

The company relied on Rule 12g-4(a)(1) and Rule 12h-3(b)(1)(i), disclosing an approximate holder count of one. No other securities remain subject to reporting obligations. The notice was signed by Chief Financial Officer Michael Hearne.

Once the Form 15 becomes effective, Kronos Bio will no longer submit periodic filings such as Forms 10-K, 10-Q or 8-K, significantly reducing public disclosure and potentially affecting liquidity for remaining shareholders.

Deutsche Bank AG is issuing $5 million of 5.05% Fixed-Rate Callable Senior Debt Funding Notes due 28 June 2030 under its shelf registration (File No. 333-278331). The securities are unsecured, unsubordinated senior preferred obligations that qualify as eligible liabilities for the bank鈥檚 Minimum Requirement for Own Funds and Eligible Liabilities (MREL).

Coupon & cash-flow profile: Investors receive a fixed 5.05% annual coupon, paid each 30 June, with the first payment on 30 June 2026 and final payment at maturity, calculated on a 30/360 basis. Deutsche Bank may call the notes semi-annually at par beginning 30 June 2026 and each 30 June/30 December thereafter through 30 December 2029, subject to five business-day notice and regulatory approval.

Pricing & distribution: The notes were priced at 100.00% on 26 June 2025 and settle on 30 June 2025 via DTC. Minimum denomination is $1,000. Deutsche Bank Securities Inc. (DBSI), an affiliate, acts as sole agent and receives up to $7.00 per note in selling concessions; proceeds to the issuer are at least 99.3% of face, or $4,974,500 total.

Risk framework: The notes are subject to European Union resolution law (BRRD/SRM). In a resolution scenario, the competent authority may apply "Resolution Measures" including write-down to zero or conversion to equity (bail-in) without triggering an event of default. The securities are not FDIC-insured and rank pari passu with other senior preferred debt.

Covenants & listing: No stock-exchange listing is planned. Investors must rely solely on Deutsche Bank鈥檚 credit for all payments and accept potential early redemption at issuer discretion, which caps upside if market yields fall.

iShares BB Rated Corporate Bond ETF, a series of iShares Trust, filed its routine Form NPORT-P for the monthly period ended 30-Apr-2025.

The fund reported total assets of $286.0 million, liabilities of $81.6 million, and net assets of $204.4 million. No borrowings were outstanding and no controlled foreign corporations were used. Cash and cash equivalents not otherwise disclosed totaled $0.20 million.

Interest-rate DV01 exposure in U.S. dollars was modest, led by the 5-year bucket at $26.96 thousand; a 100-bp parallel shift (DV100) would change portfolio value by $5.17 million in the 5-year tenor. Credit-spread sensitivity shows the portfolio is predominately non-investment-grade, with a 5-year CS01 of $55.35 thousand.

The fund is active in securities lending: across 20 counterparties, securities on loan totaled roughly $38.8 million (鈮�19% of net assets). Largest borrowers include Barclays Bank plc (~$9.0 m), BNP Paribas Prime Brokerage (~$7.25 m) and RBC Capital Markets (~$6.30 m). The filing indicates that some counterparties provided non-cash collateral, though exact amounts were not disclosed.

No preferred stock is outstanding, and the filing does not indicate that this will be the fund鈥檚 final NPORT-P submission.

iShares BB Rated Corporate Bond ETF, a series of iShares Trust, filed its routine Form NPORT-P for the monthly period ended 30-Apr-2025.

The fund reported total assets of $286.0 million, liabilities of $81.6 million, and net assets of $204.4 million. No borrowings were outstanding and no controlled foreign corporations were used. Cash and cash equivalents not otherwise disclosed totaled $0.20 million.

Interest-rate DV01 exposure in U.S. dollars was modest, led by the 5-year bucket at $26.96 thousand; a 100-bp parallel shift (DV100) would change portfolio value by $5.17 million in the 5-year tenor. Credit-spread sensitivity shows the portfolio is predominately non-investment-grade, with a 5-year CS01 of $55.35 thousand.

The fund is active in securities lending: across 20 counterparties, securities on loan totaled roughly $38.8 million (鈮�19% of net assets). Largest borrowers include Barclays Bank plc (~$9.0 m), BNP Paribas Prime Brokerage (~$7.25 m) and RBC Capital Markets (~$6.30 m). The filing indicates that some counterparties provided non-cash collateral, though exact amounts were not disclosed.

No preferred stock is outstanding, and the filing does not indicate that this will be the fund鈥檚 final NPORT-P submission.

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鈥檚 capital structure, but investors should assess whether the 5% fixed coupon adequately compensates for the credit and structural risks.

Deutsche Bank AG is issuing $6.077 million of unsecured Senior Debt Funding Market Linked Notes (Series E, Pricing Supplement No. E243) that mature on 1 July 2030. The Notes are tied to an unequally weighted basket of five equity indices: EURO STOXX 50庐 (40%), Nikkei 225 (25%), FTSE庐 100 (17.5%), Swiss Market Index (10%) and S&P/ASX 200 (7.5%). The initial basket value is set at 100 on the Trade Date 26 June 2025.

Return profile: At maturity investors receive (i) full principal if the Basket Return is 鈮�0, or (ii) principal plus 137% participation of any positive Basket Return. There are no interim coupons or dividends.

Pricing: Issue price is $1,000 per Note. Upfront selling concession is $35 (3.5%), leaving net proceeds of $965 per Note. Deutsche Bank鈥檚 estimated fair value on the Trade Date is $925.70, 7.4% below the issue price, reflecting dealer commission and hedging costs. Minimum purchase is $1,000 and the Notes will not be listed on any exchange.

Key dates: Settlement 30 June 2025, Final Valuation 26 June 2030 (subject to adjustment), and Maturity 1 July 2030.

Risk highlights: 鈥� The Notes are senior, unsecured, unsubordinated obligations exposed to Deutsche Bank credit risk. 鈥� Under EU/German resolution regulations, the instruments are subject to 鈥渂ail-in鈥� Resolution Measures, permitting authorities to write down or convert the Notes to equity, potentially resulting in total loss. 鈥� Secondary market liquidity is uncertain; any bid is expected to be below both the issue price and Deutsche Bank鈥檚 estimated value. 鈥� Investors forego ordinary dividends from the reference indices and face market exposure without downside protection beyond the principal repayment at maturity.

Use of proceeds / strategic relevance: This is a standard capital markets issuance sized well below 1% of Deutsche Bank鈥檚 total funding and does not materially alter its capital structure. The instrument is designed to meet the bank鈥檚 Minimum Requirement for Own Funds and Eligible Liabilities (MREL).

Deutsche Bank AG is issuing $2.308 million of Senior Debt Funding Market Linked Notes tied to the S&P 500 Index. The seven-year notes (Trade Date 26-Jun-2025; Maturity 1-Jul-2032) offer 100% participation in any positive index return, capped at a 72.25% Maximum Gain (maximum payment $1,722.50 per $1,000 face). If the index return is flat or negative, investors receive only the principal at maturity.

The product is unsecured, unsubordinated and subject to Deutsche Bank credit and bail-in risk. Any resolution measure could write down or convert the notes, potentially causing a total loss. The notes will not be listed on any exchange.

Key economics: Issue price $1,000; issuer鈥檚 estimated value $944 (reflecting funding spread, hedging costs and agent commissions). Placement is through Deutsche Bank Securities and UBS; selling concession $35 per note. Minimum investment is $1,000.

Because the face amount is small relative to Deutsche Bank鈥檚 balance sheet, the issuance is not material to DB shareholders, but prospective noteholders should weigh market, credit and liquidity risks against the capped upside.