New Issue: Deutsche Bank prices $3.77 million digital return notes linked to crude

By Susanna Moon

Chicago, July 23 – Deutsche Bank AG, London Branch priced $3.77 million of 0% digital return notes due Aug. 5, 2015 linked to WTI crude oil futures contracts, according to a 424B2 filing with the Securities and Exchange Commission.

JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the placement agents.

If the price of crude finishes at or above 94.25% of the initial level, the payout at maturity will be par plus the digital return of 10%.

Investors will receive par if crude falls by up to 15% and will be fully exposed to any losses if crude finishes below the 85% trigger level.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Digital return notes
Underlying asset:	WTI crude oil futures contracts
Amount:	$3,771,000
Maturity:	Aug. 5, 2015
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 10% if crude finishes at or above digital return level; par if crude falls by up to trigger level; otherwise, full exposure to losses
Initial price:	$103.13
Digital return price:	$97.20, 94.25% of initial price
Trigger level:	$87.66, 85% of initial level
Pricing date:	July 18
Settlement date:	July 23
Placement agents:	J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
Fees:	1%
Cusip:	25152RMG5

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