New Issue: Deutsche Bank prices $25.83 million capped knock-out notes on WTI crude via JPMorgan

By Toni Weeks

San Luis Obispo, Calif., Aug. 21 – Deutsche Bank AG, London Branch priced $25.83 million of 0% capped knock-out notes due Jan. 4, 2016 linked to WTI crude oil futures contracts, according to a 424B2 filing with the Securities and Exchange Commission.

A knock-out event occurs if the final price of WTI crude is less than 85% of the initial price. The final price will be the average of the closing prices on the five trading days ending Dec. 29, 2015.

If a knock-out event does not occur, the payout at maturity will be par plus the greater of (i) the 5% contingent minimum return and (ii) double the commodity return, subject to a maximum return of 20.2%.

If a knock-out event occurs, the payout at maturity will be par plus the commodity return, with full exposure to losses.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Capped knock-out notes
Underlying commodity:	WTI crude oil futures contracts
Amount:	$25,825,000
Maturity:	Jan. 4, 2016
Coupon:	0%
Price:	Par
Payout at maturity:	If final commodity price is at least 85% of initial price, par plus greater of (i) 5% and (ii) two times the commodity return, capped at 20.2%; otherwise, par plus commodity return, with full exposure to losses
Initial price:	$94.48
Knock-out price:	$80.31, 85% of initial price
Pricing date:	Aug. 19
Settlement date:	Aug. 22
Agents:	J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
Fees:	1.2%
Cusip:	25152RPC1

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