New Issue: Deutsche Bank prices $7.49 million digital knock-out notes linked to S&P 500

By Susanna Moon

Chicago, Oct. 28 – Deutsche Bank AG, London Branch priced $7.49 million of 0% digital knock-out notes due Nov. 12, 2015 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

A knock-out event occurs if the index level closes down by more than the 15% knock-out buffer amount on any day during the life of the notes.

If a knock-out event has not occurred, the payout at maturity will be par plus the digital return of 10.05%.

Otherwise, investors will receive par plus the return with full exposure to losses and any gains capped at 10.05%.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Digital knock-out notes
Underlying index:	S&P 500
Amount:	$7,485,000
Maturity:	Nov. 12, 2015
Coupon:	0%
Price:	Par
Payout at maturity:	If index never dips below knock-in level, par plus 10.05%; otherwise, par plus return with full exposure to losses and gains capped at 10.05%
Initial level:	1,964.58
Knock-in level:	1,669.89, 85% of initial level
Pricing date:	Oct. 24
Settlement date:	Oct. 29
Agents:	J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
Fees:	1%
Cusip:	25152RSA2

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