Published on 5/1/2012 in the Prospect News Structured Products Daily.
New Issue: Deutsche Bank prices $2.27 million review notes linked to S&P 500
By Angela McDaniels
Tacoma, Wash., May 1 - Deutsche Bank AG, London Branch priced $2.27 million of 0% review notes due May 15, 2013 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus a call premium if the index closes at or above the initial index level on any of four quarterly review dates. The call premium is 2.925% on the first review date, 5.85% on the second review date, 8.775% on the third review date and 11.7% on the final review date.
If the notes are not called and the final index level is at least 90% of the initial level, the payout at maturity will be par. Otherwise, investors will lose 1.1111% for every 1% that the index declines beyond 10%.
JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the placement agents.
Issuer: | Deutsche Bank AG, London Branch
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Issue: | Review notes
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Underlying index: | S&P 500
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Amount: | $2,266,000
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Maturity: | May 15, 2013
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par if final index level is at least 90% of initial level; otherwise, 1.1111% loss for every 1% that index declines beyond 10%
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Call: | Automatically at par plus 11.7% per year if index closes at or above initial level on Aug. 9, 2012, Nov. 8, 2012, Feb. 7, 2013 or May 10, 2013
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Initial index level: | 1,403.36
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Pricing date: | April 27
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Settlement date: | May 2
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Agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
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Fees: | 1%
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Cusip: | 2515A1JL6
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