Published on 10/23/2014 in the Prospect News Structured Products Daily.
New Issue: Deutsche Bank prices $2.17 million callable yield notes on indexes, ETF
By Marisa Wong
Madison, Wis., Oct. 23 – Deutsche Bank AG, London Branch priced $2.17 million of callable yield securities due April 26, 2017 linked to the least performing of the S&P 500 index, the Russell 2000 index and the iShares MSCI EAFE exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 8.1% per year if each underlying component closes at or above its trigger level, 60% of its initial level, on the observation date for that quarter.
The notes are callable at par on any interest payment date.
If the notes are not called and the final level of the least-performing underlying component is greater than or equal to its trigger level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the final level of the least-performing underlying component is less than its initial level.
Deutsche Bank Securities Inc. is the agent.
| Issuer: | Deutsche Bank AG, London Branch
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| Issue: | Callable yield securities
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| Underlying components: | S&P 500 index, Russell 2000 index and iShares MSCI EAFE ETF
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| Amount: | $2,167,000
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| Maturity: | April 26, 2017
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| Coupon: | Each quarter, notes pay contingent coupon at rate of 8.1% per year if each underlying component closes at or above trigger level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | If final level of least-performing underlying component is greater than or equal to trigger level, par; otherwise, 1% loss for every 1% that final level of least-performing underlying component is less than initial level
|
| Call option: | At par on any interest payment date
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| Initial levels: | 1,941.28 for S&P 500, 1,112.847 for Russell 2000 and $61.75 for ETF
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| Barrier/trigger level: | 1,164.77 for S&P 500, 667.708 for Russell 2000 and $37.05 for ETF; 60% of initial levels
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| Pricing date: | Oct. 21
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| Settlement date: | Oct. 24
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| Agent: | Deutsche Bank Securities Inc.
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| Fees: | 1.75%
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| Cusip: | 25152RRW5
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