New Issue: Deutsche Bank prices $24.5 million market-linked step-up autocallables on Russell

By Marisa Wong

Madison, Wis., Dec. 30 – Deutsche Bank AG, London Branch priced $24.5 million of 0% autocallable market-linked step-up notes due Dec. 22, 2017 tied to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par of $10 plus a call premium of 11.8% per year if the index closes at or above the initial level on an annual call observation date beginning on Jan. 8, 2016.

If the index finishes at or above the initial level, the payout at maturity will be par of $10 plus the greater of the step-up payment and the index return. The step-up payment is 25%.

Investors will be fully exposed to losses.

BofA Merrill Lynch is the underwriter.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Autocallable market-linked step-up notes
Underlying index:	Russell 2000 index
Amount:	$24,498,060
Maturity:	Dec. 22, 2017
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index finishes above step-up value, par plus index return; if index stays flat or gains but finishes at or below step-up value, par plus 25%; full exposure to losses
Call:	Automatically at par plus call premium of 11.8% per year if index closes at or above the initial level on an annual call observation date beginning on Jan. 8, 2016
Initial index level:	1,202.438
Step-up value:	1,503.05, 125% of initial value
Pricing date:	Dec. 23
Settlement date:	Jan. 2
Underwriter:	BofA Merrill Lynch
Fees:	2%
Cusip:	25190A732

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