SEC Form 20-F - Deutsche Bank Annual Report 2012

Deutsche Bank Additional Notes F-174
Annual Report 2010 on Form 20-F 42 – Condensed Consolidating Financial Information
The following table presents the Parent Company’s long-term debt by remaining maturities.
By remaining maturities
Due in
2011
Due in
2012
Due in
2013
Due in
2014
Due in
2015
Due after
2015
Total
Dec 31,
2010
Total
Dec 31,
2009
in € m.
Senior debt:
Bonds and notes:
Fixed rate 12,794 12,397 8,143 7,132 15,041 24,640 80,147 79,735
Floating rate 10,242 10,586 6,012 1,981 3,724 16,685 49,230 48,323
Subordinated debt
Bonds and notes:
Fixed rate 2,786 1,546 2,273 501 1,600 6,275 14,981 13,317
Floating rate 3,025 657 224 233 84 291 4,514 4,231
Total long-term debt 28,847 25,186 16,652 9,847 20,449 47,891 148,872 145,606
42 – Condensed Consolidating Financial Information
On June 4, 1999, Deutsche Bank, acting through a subsidiary, acquired all outstanding shares of Deutsche
Bank Trust Corporation (formerly Bankers Trust Corporation), a bank holding company headquartered in New
York. Deutsche Bank conducts some of its activities in the United States through Deutsche Bank Trust
Corporation and its subsidiaries (“DBTC”). On July 10, 2002, Deutsche Bank issued full and unconditional
guarantees of DBTC’s outstanding SEC-registered obligations. DBTC is a wholly-owned subsidiary of
Deutsche Bank. Set forth below is condensed consolidating financial information regarding the Parent,
DBTC and other subsidiaries of Deutsche Bank on a combined basis.
Deutsche Bank AG has, via several subsidiaries, issued “trust preferred” securities that are listed on the New York
Stock Exchange. In each such transaction, an indirect wholly-owned subsidiary of Deutsche Bank AG organized
in the form of a Delaware business trust (the “Trust”) issues trust preferred securities (the “Trust Preferred
Securities”) in a public offering in the United States. All the proceeds from the sale of the Trust Preferred
Securities are invested by the Trust in the Class B Preferred Securities (the “Class B Preferred Securities”) of a
second wholly-owned subsidiary of Deutsche Bank AG organized in the form of a limited liability company (the
“LLC”). The LLC uses all the proceeds from the sale of the Class B Preferred Securities to the Trust to purchase
a debt obligation from Deutsche Bank AG (the “Debt Obligation”). The distributions on the Class B Preferred
Securities match those of the Trust Preferred Securities. The Trust Preferred Securities and the Class B Preferred
Securities pay distributions quarterly in arrears and are redeemable only upon the occurrence of certain events
specified in the documents governing the terms of those securities. Subject to limited exceptions, the Class B
Preferred Securities generally cannot be redeemed until at least five or ten years after their issuance. The Trust
Preferred Securities and the Class B Preferred Securities are each subject to a full and unconditional subordinated
guarantee of Deutsche Bank AG. These subordinated guarantees are general and unsecured
obligations of Deutsche Bank AG and rank, both as to payment and in liquidation of Deutsche Bank AG, junior
in priority of payment to all current and future indebtedness of Deutsche Bank AG and on parity in priority of
payment with the most senior preference shares, if any, of Deutsche Bank AG. The Group treats the Class B
Preferred Securities of the LLC as Tier 1 or Upper Tier 2 regulatory capital on a consolidated basis. In the
following 2010 condensed consolidating balance sheet, a total of € 5.1 billion of the long-term debt of the
Parent and Deutsche Bank AG Consolidated represents the Debt Obligations issued by Deutsche Bank AG
to the LLC in these transactions.