Published on 8/23/2013 in the Prospect News Structured Products Daily.
New Issue: Deutsche Bank prices $3.64 million review notes linked to Brent crude
By Susanna Moon
Chicago, Aug. 23 - Deutsche Bank AG, London Branch priced $3.64 million of 0% review notes due Aug. 29, 2014 linked to Brent crude futures contracts, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an 11.9% annualized premium if crude futures close at or above call level on any review date. The call price will be $109.81, 100% of the initial price, for the first call date; $106.52, 97% of the initial price, for the second review date; $103.22, 94% of the initial price, for the third review date; and $99.93, equal to 91% of the initial price, for the final review date.
If the notes are not called, the payout at maturity will be par if the price of Brent crude finishes at above the 80% trigger level.
Otherwise, investors will be fully exposed to any losses.
JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the placement agents.
| Issuer: | Deutsche Bank AG, London Branch
|
| Issue: | Review notes
|
| Underlying component: | Brent crude futures contracts
|
| Amount: | $3,642,000
|
| Maturity: | Aug. 29, 2014
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par if final price is at least 80% of initial price; otherwise, full exposure to losses
|
| Initial price: | $109.81
|
| Call level: | $109.81, 100% of initial price
|
| Trigger level: | $87.85, 80% of initial price
|
| Call: | At par plus 11.9% annualized if Brent crude closes at or above call level on any of four review dates; call price will be $109.81, 100% of the initial price, for the first call date; $106.52, 97% of the initial price, for the second review date; $103.22, 94% of the initial price, for the third review date; and $99.93, equal to 91% of the initial price, for the final review date
|
| Pricing date: | Aug. 21
|
| Settlement date: | Aug. 27
|
| Agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 25152REE9
|
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