Transaction Update: Deutsche Bank AG Mortgage Covered Bond Program

Standard&Poor's Ratings Services affirmed its ratings on Deutsche Bank AG's covered bonds on Feb. 20, 2013 (see "Ratings On Deutsche Bank's Mortgage Covered Bonds Affirmed At 'AAA'; Outlook Stable," on RatingsDirect). We regard asset-liability maturity mismatch (ALMM) risk for the program as low. The program category is '1', which means we consider it to have full flexibility to raise funding if needed. Combined, these features allow for a maximum possible uplift of seven notches above the issuer credit rating (ICR) on Deutsche Bank AG (A/Stable/A-1). Currently, only five notches are needed to assign a rating of 'AAA' to the program. Based on data as of March 31, 2013, the available credit enhancement of 56.53% comfortably exceeded the target

...Standard & Poor's Ratings Services affirmed its ratings on Deutsche Bank AG's covered bonds on Feb. 20, 2013 (see "Ratings On Deutsche Bank's Mortgage Covered Bonds Affirmed At '###'; Outlook Stable," on RatingsDirect). We regard asset-liability maturity mismatch (ALMM) risk for the program as low. The program category is '1', which means we consider it to have full flexibility to raise funding if needed. Combined, these features allow for a maximum possible uplift of seven notches above the issuer credit rating (ICR) on Deutsche Bank AG (A/Stable/A-1). Currently, only five notches are needed to assign a rating of '###' to the program. Based on data as of March 31, 2013, the available credit enhancement of 56.53% comfortably exceeded the target credit enhancement of 16.01% for the rating. The stable outlook reflects our opinion that a downgrade of Deutsche Bank or a negative reassessment of the bank's ALMM measure would not automatically trigger a change in the ratings on the covered bonds....

Transaction Update Report