By Jennifer Chiou
New York, March 3 - Deutsche Bank AG, London Branch priced $77,619,490 of 9% STEP Income Securities due March 13, 2015 linked to the common stock of General Motors Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If the final price of GM stock is greater than or equal to the step level, the payout at maturity will be par of $10 plus 1.76%. The step level is 109% of the initial share price.
If the final share price is greater than or equal to the initial share price but less than the step level, investors will receive par.
If the final share price is less than the initial share price, investors will have 1-to-1 exposure to the decline.
BofA Merrill Lynch is the agent.
| Issuer: | Deutsche Bank AG, London Branch
|
| Issue: | STEP Income Securities
|
| Underlying stock: | General Motors Co. (Symbol: GM)
|
| Amount: | $77,619,490
|
| Maturity: | March 13, 2015
|
| Coupon: | 9%, payable quarterly
|
| Price: | Par of $10.00
|
| Payout at maturity: | If final price of GM stock is greater than or equal to step level, par of $10 plus 1.76%; if final share price is greater than or equal to initial share price but less than step level, par; if final share price is less than initial share price, 1-to-1 exposure to decline
|
| Initial share price: | $36.46, volume-weighted average price of stock on pricing date
|
| Step level: | $39.74, 109% of initial share price
|
| Pricing date: | Feb. 27
|
| Settlement date: | March 6
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 1.75%
|
| Cusip: | 25155G419
|
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