Following Deutsche Bank's (NYSE:DB) recently announced efforts to raise as much as $2.56 billion using a series of debt placements, the bank has successfully issued $1.5 billion in subordinated tier 2 debt, according to a press release today.

Deutsche Bank said strong investor interest provided it with the opportunity to raise the initial offering from $1 billion to $1.5 billion. The subordinated debt has a maturity date of May 24, 2028, and yields 4.296%, equal to a 2.375% spread above the 10-year Treasury. There is a one-time call on May 24, 2023, at which time the debt will be reset to the five-year mid-swap rate, plus 2.2475%.

The subordinated debt is expected to receive, according to Deutsche Bank's recent SEC filing, ratings of Baa3 from Moody's, BBB+ from Standard and Poor's, and A- from Fitch.