By Susanna Moon
Chicago, Sept. 28 – Deutsche Bank AG, London Branch priced $19.14 million of 7.5% STEP Income Securities due Oct. 17, 2016 linked to JPMorgan Chase & Co. shares, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If JPMorgan stock finishes at or above the step level – 107.5% of the initial price – the payout at maturity will be par of $10 plus a step payment of 3.22%.
If the stock finishes below the step level but at or above the initial level, the payout will be par.
Otherwise, investors will be exposed to any losses.
BofA Merrill Lynch is the agent.
Issuer: | Deutsche Bank AG, London Branch
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Issue: | STEP Income Securities
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Underlying stock: | JPMorgan Chase & Co. (NYSE: JPM)
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Amount: | $19,138,340
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Maturity: | Oct. 17, 2016
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Coupon: | 7.5%, payable quarterly
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Price: | Par of $10.00
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Payout at maturity: | If JPMorgan stock finishes at or above step level, par plus 3.22%; if stock gains by up to step level, par; otherwise, investors will be exposed to any losses
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Initial share price: | $59.97
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Step level: | 107.5% of initial level
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Pricing date: | Sept. 24
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Settlement date: | Oct. 1
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Agent: | BofA Merrill Lynch
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Fees: | 1.75%
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Cusip: | 25190J352
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