Published on 9/17/2014 in the Prospect News Structured Products Daily.
New Issue: Deutsche Bank prices $13.6 million review notes linked to oil
By Angela McDaniels
Tacoma, Wash., Sept. 17 – Deutsche Bank AG, London Branch priced $13.6 million of 0% review notes due Oct. 2, 2015 linked to WTI crude oil futures contracts, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus 10.9% per year if oil closes at or above the call price on any quarterly review date. The call price is 100% of the initial price on the first review date, 98% of the initial price on the second review date, 96% of the initial price on the third review date and 94% of the initial level on the final review date.
If the notes are not called and the final price of oil is at least 90% of the initial price, the payout at maturity will be par. If the final price is less than 90% of the initial price, investors will be fully exposed to the decline from the initial price.
JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the placement agents.
| Issuer: | Deutsche Bank AG, London Branch
|
| Issue: | Review notes
|
| Underlying commodity: | WTI crude oil
|
| Amount: | $13,597,000
|
| Maturity: | Oct. 2, 2015
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par if oil finishes at or above trigger level; otherwise, full exposure to oil’s decline
|
| Call: | Automatically at par plus 10.9% per year if oil closes at or above call price on Dec. 15, 2014, March 16, 2015, June 15, 2015 or Sept. 29, 2015
|
| Call price: | $92.92, 100% of initial price, on first review date; $91.06, 98% of initial price, on second review date; $89.20, 96% of initial price, on third review date; $87.34, 94% of initial price, on last review date
|
| Initial oil price: | $92.92
|
| Final oil price: | Average of closing prices on the five trading days ending Sept. 29, 2015
|
| Trigger price: | $83.63, 90% of the initial price
|
| Pricing date: | Sept. 15
|
| Settlement date: | Sept. 18
|
| Agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 25152RQG1
|
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