New Issue: Deutsche Bank prices $5 million buffered return enhanced notes on S&P

By Marisa Wong

Morgantown, W.Va., Jan. 11 – Deutsche Bank AG, London Branch priced $5 million of 0% buffered return enhanced notes due Jan. 14, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus 2 times any index gain, subject to a maximum return of 17.4%.

If the index falls by up to 10%, the payout will be par. Otherwise, investors will lose 1.11111% for every 1% decline beyond the 10% buffer.

JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the placement agents.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Buffered return enhanced notes
Underlying index:	S&P 500
Amount:	$5 million
Maturity:	Jan. 14, 2020
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 2 times any index gain, capped at 17.4%; par if index falls by up to 10%; otherwise, 1.11111% loss for every 1% decline beyond the 10% buffer
Initial index level:	2,751.29
Final level:	Average of the index closing levels on the five trading days ending Jan. 9, 2020
Pricing date:	Jan. 9
Settlement date:	Jan. 12
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc.
Fees:	1.25%
Cusip:	25155MHG9

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