Published on 4/29/2014 in the Prospect News Structured Products Daily.
New Issue: Deutsche Bank prices $19.86 million review notes tied to WTI crude oil
By Marisa Wong
Madison, Wis., April 29 - Deutsche Bank AG, London Branch priced $19.86 million of 0% review notes due July 31, 2015 linked to WTI crude oil futures contracts, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annualized premium of 9.3% if the futures contract price closes at or above the applicable call price on a quarterly review date. The call price is equal to the initial price on the first review date, 95% of the initial price on the second review date, 90% of the initial price on the third review date, 85% of the initial price on the fourth review date and 80% of the initial price on the final review date.
If the notes are not called, the payout at maturity will be par plus the underlying return with full exposure to losses.
J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
| Issuer: | Deutsche Bank AG, London Branch
|
| Issue: | Review notes
|
| Underlying asset: | WTI crude oil futures contracts
|
| Amount: | $19,858,000
|
| Maturity: | July 31, 2015
|
| Coupon: | 0%
|
| Price: | Par of $1,000
|
| Payout at maturity: | Par plus underlying return with full exposure to losses
|
| Call: | Automatically at par plus 9.3% per year if futures contract price closes at or above applicable call price on a quarterly review date; call price is equal to initial price on first review date, 95% of initial price on second review date, 90% of initial price on third review date, 85% of initial price on fourth review date and 80% of initial price on final review date
|
| Initial price: | $100.60
|
| Final price: | Average of closing prices on five averaging dates ending July 28, 2015
|
| Pricing date: | April 25
|
| Settlement date: | April 30
|
| Agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA (placement)
|
| Fees: | 1.2%
|
| Cusip: | 25152RJX2
|
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