The case describes a 2016 debt buyback transaction for Deutsche Bank, a major, global, systemically important bank. The case focuses on the large, global bank during a turbulent period, giving students the opportunity to consider both the specific issue of whether Deutsche Bank should do a debt buyback as well as the strategic, regulatory, and macroeconomic issues the bank was facing. This case is suitable for an MBA elective course in capital markets, financial institutions or financial strategy. It is also suitable to be taught at an EMBA or GEMBA program.