2022 would have been a really great ride for Commerzbank given the rise in interest rates, but only if we can just disregard the happenings to its subsidiary, mBank. On the other hand, seeing how the majority of the Tier 2 bonds issued by European banks have been called this year, it seems that Commerzbank is likely to do the same. Will the tailwind from the interest rates be sufficient to overcome the headwind of the litigation it faces? Let us find out.