Deutsche Bank to price phoenix autocallables tied to Pioneer

By Marisa Wong

Madison, Wis., Nov. 12 – Deutsche Bank AG, London Branch plans to price phoenix autocallable securities due Dec. 2, 2015 linked to the common stock of Pioneer Natural Resources Co., according to an FWP filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon at the rate of 10% per year if Pioneer shares close at or above the barrier price, 64% of the initial share price, on the observation date for that quarter.

The notes will be called at par plus the contingent coupon if the stock closes at or above the initial price on any quarterly observation date.

If the notes are not called and the shares finish at or above the 64% trigger price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will lose 1% for every 1% that the final share price is less than the initial share price.

The final stock price will be the average of the closing prices on the five trading days ending Nov. 27, 2015.

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

The notes will price on Nov. 14 and settle on Nov. 19.

The Cusip number is 25152RSS3.

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