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Deutsche Bank plans autocallable step-up notes linked to Euro Stoxx 50
By Angela McDaniels
Tacoma, Wash., May 15 – Deutsche Bank AG, London Branch plans to price 0% autocallable market-linked step-up notes due May 2022 linked to the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par of $10 plus a call premium if the index closes at or above the initial index level on any of four annual call observation dates. The call premium is expected to be 8% to 9% per year and will be set at pricing.
If the notes are not called and the final index level is greater than the step-up value, 140% 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, 40%.
If the final index level is less than the initial level by up to 15%, the payout will be par. Otherwise, investors will lose 1% for every 1% that the index declines beyond 15%.
BofA Merrill Lynch is the agent.
The notes will price in May and settle in June.
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