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Deutsche to sell semiannual review notes on S&P 500 via JPMorgan
By Susanna Moon
Chicago, June 23 - Deutsche Bank AG, London branch plans to price 0% semiannual review notes due June 30, 2011 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc. are the agents.
The notes will be called automatically if the index closes at or above 90% of the initial index level on the first two review dates and equal to the initial level on the remaining review dates.
The redemption amount will be par plus at least 5.35% if the notes are called on Dec. 28, 2009, par plus at least 10.7% if called on July 2, 2010, par plus at least 16.05% if called on Dec. 27, 2010 and par plus at least 21.4% if called on June 27, 2011. The exact redemption amounts will be set at pricing.
The payout at maturity will be par unless the index falls by more than 10%, in which case investors will lose 1.1111% for every 1% decline beyond 10%.
The notes are expected to price on June 26 and settle on July 1.
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