Published on 7/15/2008 in the Prospect News Structured Products Daily.
New Issue: Deutsche Bank prices $13.82 million annual review notes linked to S&P 500 via JPMorgan
By Susanna Moon
Chicago, July 15 - Deutsche Bank AG, London Branch priced $13.82 million of 0% annual review notes due July 28, 2011 linked to the S&P 500 index via JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at increasing premiums if the index closes at or above its call level on any of three annual review dates. The call level is equal to 90% of the initial index level on the first review date and equal to the initial index level on the second and third review dates.
The redemption amount will be par plus 10.45% if the notes are called on July 27, 2009, par plus 20.9% if called on July 26, 2010 and par plus 31.35% if called on July 25, 2011.
If the notes are not called, the payout at maturity will be par if the final index level is at least 90% of the initial level. Otherwise, investors will lose 1.1111% for every 1% decline beyond 10%.
| Issuer: | Deutsche Bank AG, London Branch
|
| Issue: | Annual review notes
|
| Underlying index: | S&P 500
|
| Amount: | $13,819,000
|
| Maturity: | July 28, 2011
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par if final index level is at least 90% of the initial level; otherwise, 1.1111% loss for every 1% index decline beyond 10%
|
| Call: | At par plus 10.45% if the notes are called on July 27, 2009, par plus 20.9% if called on July 26, 2010 and par plus 31.35% if called on July 25, 2011; notes will be called automatically if index closes at or above call level on a review date, with call level equal to 90% of initial level on first review date and 100% of initial level on second and third review dates
|
| Initial index level: | 1,239.49
|
| Pricing date: | July 11
|
| Settlement date: | July 16
|
| Agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc.
|
| Fees: | 2%
|
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