By Angela McDaniels
Tacoma, Wash., May 30 - Deutsche Bank AG, London Branch registered to sell up to $50 million of additional 0% FI Enhanced Global High Yield exchange-traded notes due Oct. 12, 2023 linked to the MSCI World High Dividend Yield UDS Gross Total Return index, according to a 424B3 filing with the Securities and Exchange Commission.
The additional notes bring the total amount that can be sold to $150 million.
The company issued $4.5 million of the notes at par of $100 on the inception date, Oct. 7, 2013. Additional notes have been and may continue to be offered and sold from time to time at prevailing prices at the time of sale. As of May 28, the outstanding amount of notes was about $100 million.
The index is designed to reflect the performance of large- and mid-cap stocks (excluding real estate investment trusts) across 24 developed market countries selected from the MSCI World index on the basis of higher-than-average dividend yields that are potentially also sustainable and persistent.
The payout at maturity will be the average of the repurchase values on the three trading days following Oct. 4, 2023.
The repurchase value is the current principal amount plus two times the index return minus the investor fee. The index return can be positive or negative.
The current principal amount is $100 as of May 28. If the indicative value of the notes at any time on any trading day decreases below 60% of the current principal amount, a rebalancing event will have occurred and the current principal amount will be reduced and reset to the closing indicative value of the notes minus a 0.05% rebalancing fee, and the initial index level will also be reset to the closing level of the index on the rebalancing date.
The investor fee was zero on the inception date. On subsequent days, it is an annualized rate equal to the investor fee on the immediately preceding trading day plus the funding rate (Libor plus 150 basis points) times the index performance. The issuer may increase the spread over Libor by up to 20 bps to cover any change in the cost of transacting in the securities comprising the index on the relevant exchanges that is due to any increase or imposition of financial transactions tax by a relevant taxing authority.
The notes are putable at any time, subject to a minimum of 10,000 notes. The company may charge a repurchase fee of up to 10 bps.
The notes are callable at any time, and they will be automatically accelerated if the intraday indicative value falls to less than 40% of the current principal amount.
Deutsche Bank Securities, Inc. is the agent.
The notes are listed on the NYSE Arca under the symbol "FIEG."
| Issuer: | Deutsche Bank AG, London Branch
|
| Issue: | FI Enhanced Global High Yield ETNs
|
| Underlying index: | MSCI World High Dividend Yield UDS Gross Total Return index
|
| Amount: | Up to $150 million
|
| Maturity: | Oct. 12, 2023
|
| Coupon: | 0%
|
| Face amount: | $100
|
| Payout at maturity: | Amount equal to average of repurchase values on three trading days following Oct. 4, 2023
|
| Repurchase value: | Current principal amount plus two times index return minus investor fee
|
| Put option: | At any time subject to minimum of 10,000 notes; company may charge repurchase fee of up to 10 bps
|
| Call option: | At any time
|
| Acceleration: | Automatically if intraday indicative value falls to less than 40% of current principal amount
|
| Initial index level: | 1,421.365; if rebalancing event occurs, initial index level will be reduced and reset to closing index level on rebalancing date
|
| Inception date: | Oct. 7, 2013
|
| Settlement date: | Oct. 10, 2013 (for initial $4.5 million)
|
| Underwriter: | Deutsche Bank Securities, Inc.
|
| Fees: | None on initial offering; underwriter may charge purchase fee of up to 10 bps on subsequent add-ons
|
| Listing: | NYSE Arca: FIEG
|
| Cusip: | 25155L293
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
