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Deutsche Bank plans capped knock-out notes tied to Apple via JPMorgan
By Toni Weeks
San Diego, July 26 - Deutsche Bank AG, London Branch plans to price 0% capped knock-out notes due Aug. 15, 2012 linked to the common stock of Apple Inc., according to an FWP filing with the Securities and Exchange Commission.
A knock-out event occurs if the closing share price falls by more than 25% from the initial price during the life of the notes.
If a knock-out event does not occur, the payout at maturity is par plus any gain in the stock, subject to a contingent minimum return that is expected to be 6%.
If a knock-out event occurs, the payout at maturity will be par plus the stock return, with full exposure to losses.
In either case, the maximum return will be capped at 20%.
The exact terms will be set at pricing.
The notes (Cusip: 2515A1B26) are expected to price July 29 and settle Aug. 3.
JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC will act as agents.
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