Deutsche Bank plans airbag phoenix autocallables linked to Delta

By Susanna Moon

Chicago, May 15 - Deutsche Bank AG, London Branch plans to price airbag phoenix autocallable optimization securities due Nov. 20, 2015 linked to Delta Air Lines, Inc. shares, according to an FWP filing with the Securities and Exchange Commission.

The notes will pay a contingent monthly coupon at an annual rate of 8% to 9.5% if Delta shares close at or above the coupon barrier, 75% of the initial share price, on the observation date for that month. The exact contingent coupon rate will be set at pricing.

The notes will be called at par if Delta shares close at or above the initial share price on any quarterly observation date.

If the notes are not called and Delta shares finish at or above the conversion price, 80% of the initial share price, the payout at maturity will be par.

Otherwise, investors will receive a number of Delta shares equal to $1,000 divided by the conversion price.

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

The notes will price on May 16 and settle on May 21.

The Cusip number is 25155Q375.

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