Published on 7/1/2014 in the Prospect News Structured Products Daily.
New Issue: Deutsche Bank prices $5.48 million phoenix autocallable securities tied to index, fund
By Toni Weeks
San Luis Obispo, Calif., July 1 – Deutsche Bank AG, London Branch priced $5.48 million of phoenix autocallable securities due June 30, 2017 linked to the lesser performing of the Russell 2000 index and the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
If each underlying component closes at or above its coupon barrier, 75% of its initial level, on any quarterly observation date, the issuer will pay a contingent coupon at an annual rate of 7.25%. Otherwise, no coupon will be paid for that period.
If each component closes at or above its initial level on any quarterly observation date after six months, the notes will be called at par plus the coupon.
If the notes are not called and the lesser-performing component finishes at or above the 75% barrier level, the payout at maturity will be par plus the coupon. Otherwise, investors will lose 1.3333% for each 1% decline of the lesser-performing component from its initial level.
Deutsche Bank Securities Inc. is the agent.
| Issuer: | Deutsche Bank AG, London Branch
|
| Issue: | Phoenix autocallable securities
|
| Underlying components: | Russell 2000 index and iShares MSCI Emerging Markets ETF
|
| Amount: | $5,475,000
|
| Maturity: | June 30, 2017
|
| Coupon: | 7.25%, payable quarterly if each component closes at or above its coupon barrier on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | If lesser-performing component finishes at or above 75% barrier level, par plus the coupon; otherwise, 1.3333% loss for each 1% decline of lesser-performing component from its initial level
|
| Initial levels: | 1,189.5 for index, $43.35 for fund
|
| Barrier levels: | 892.125 for index, $32.51 for fund; 75% of initial price
|
| Call: | At par plus coupon if each component closes at or above initial level on any quarterly observation date beginning Jan. 2, 2015
|
| Pricing date: | June 27
|
| Settlement date: | July 2
|
| Agent: | Deutsche Bank Securities Inc.
|
| Fees: | 0.1%
|
| Cusip: | 25152RLR2
|
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