New Issue: Deutsche Bank prices $13.27 million bear Accelerated Return Notes linked to S&P 50

By Angela McDaniels

Tacoma, Wash., July 11 – Deutsche Bank AG, London Branch priced $13.27 million of 0% bear Accelerated Return Notes due Aug. 25, 2017 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is negative, the payout at maturity will be par of $10 plus 3% for every 1% that the index declines, subject to a maximum return of 13.32%. If the index return is positive, investors will lose 1% for every 1% that the index increases.

BofA Merrill Lynch is the underwriter.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Bear Accelerated Return Notes
Underlying index:	S&P 500
Amount:	$13,266,880
Maturity:	Aug. 25, 2017
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index return is negative, par plus 3% for every 1% that index declines, subject to 13.32% maximum return; if index return is positive, 1% loss for every 1% that index increases
Initial level:	2,097.90
Final index level:	Average of index’s closing levels on five trading days ending Aug. 22, 2017
Pricing date:	July 7
Settlement date:	July 13
Underwriters:	BofA Merrill Lynch
Fees:	2%
Cusip:	25156D233

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