Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 4 bis

Banco Santander S.A. has announced its irrevocable decision to redeem its outstanding EUR 1,033,400,000 of 4.375% Non-Step-Up Non-Cumulative Contingent Convertible Perpetual Preferred Tier 1 Securities on January 14, 2026.
 
The Bundesbank is proposing a phased approach, giving European banks more than five years to adapt to a potential overhaul of Additional Tier 1 (AT1) debt rules. This proposal aims to salvage a controversial plan to simplify bank capital structures, which could otherwise be disruptive. The Bundesbank's goal is to implement this change in a way that doesn't negatively impact the overall capital requirements in the system.
 
The Bundesbank is proposing a phased approach, giving European banks more than five years to adapt to a potential overhaul of Additional Tier 1 (AT1) debt rules. This proposal aims to salvage a controversial plan to simplify bank capital structures, which could otherwise be disruptive. The Bundesbank's goal is to implement this change in a way that doesn't negatively impact the overall capital requirements in the system.
Buongiorno,
cosa prevede la revisione delle norme? Grz
 
Buongiorno,
cosa prevede la revisione delle norme? Grz
One key reform idea is to combine the countercyclical capital buffer and the systemic risk buffer into a single, more flexible buffer. This consolidated buffer would allow banks to release capital in times of financial stress, enabling them to better navigate periods of economic turbulence. Another major aspect of the proposal is to restrict the use of Additional Tier 1 (AT1) capital and Tier 2 bonds to situations where a bank is in the process of being wound down, ensuring that these capital sources are used only when absolutely necessary.
Additionally, Nagel has emphasized the need for a simplified regulatory framework for smaller and less complex banks. This would alleviate some of the regulatory burdens on these institutions, which have expressed concerns about being at a disadvantage compared to their larger, more capitalized U.S. counterparts.
 

Additional Tier 1 (AT1) November 2025


Frankfurt am Main, November 24, 2025 – Deutsche Bank AG (XETRA: DBKGn.DE / NYSE: DB) announces its intention to issue securities that qualify as Additional Tier 1 (AT1) capital instruments.
The issuance, with a first call date on October 30, 2034, is intended to be of benchmark size. It will support Deutsche Bank’s Tier 1 leverage ratio and its Tier 1 and Total Capital solvency ratios.
The securities will be issued based on the authorization granted by the Annual General Meeting in 2025 under exclusion of shareholders’ pre-emptive rights. The denominations of the securities will be € 200,000. Deutsche Bank AG will act as sole bookrunner for the placement.
The securities of Deutsche Bank AG mentioned in this release have not been registered under the Securities Act of 1933, as amended (“Securities Act”) and will be issued under “Regulation S” of the Securities Act only and may not be offered, sold or delivered within the United States absent registration under the Securities Act or an exemption from registration requirements.
 

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