Deutsche Bank plans trigger phoenix autocallables on Chesapeake Energy

By Toni Weeks

San Luis Obispo, Calif., May 22 - Deutsche Bank AG, London Branch plans to price trigger phoenix autocallable optimization securities due Nov. 28, 2014 linked to the common stock of Chesapeake Energy Corp., according to an FWP filing with the Securities and Exchange Commission.

If the price of Chesapeake stock closes at or above the trigger price - 70% of the initial share price - on any quarterly observation date, the issuer will pay an annualized contingent coupon of 10% to 12.7%. Otherwise, no coupon will be paid for that quarter. The exact coupon will be set at pricing. Interest is payable quarterly.

If the share price is greater than or equal to the initial price on any of the quarterly observation dates, the notes will be called at par of $10 plus the contingent coupon.

If the notes are not called and the Chesapeake share price finishes at or above the 70% trigger price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be fully exposed to the share price decline.

The notes (Cusip: 25155H524) are expected to price May 29 and settle May 31.

UBS Financial Services Inc. and Deutsche Bank Securities Inc. are the agents.

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