Deutsche Bank to price autocallable step-up notes linked to DAX index

By Angela McDaniels

Tacoma, Wash., March 23 – Deutsche Bank AG, London Branch plans to price 0% autocallable market-linked step-up notes due April 2018 linked to the DAX Index (Price Return), according to an FWP filing with the Securities and Exchange Commission.

The notes will be automatically called at par of $10 plus a call premium of 9.5% to 10.5% per year if the index closes at or above the initial index level on either of the two observation dates, which are expected to occur in April 2016 and March 2017.

If the notes are not called and the final index level is greater than the step-up value, 130% of the initial index level, the payout at maturity will be par plus the index return.

If the final index level is greater than or equal to the initial level but less than or equal to the step-up value, the payout will be par plus the step-up payment, 30%.

If the final index level is less than the initial index, investors will have one-to-one exposure to the decline.

BofA Merrill Lynch is the agent.

The notes will price in March and settle in April.

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