Published on 1/17/2018 in the Prospect News Structured Products Daily.
New Issue: Deutsche Bank sells $1 million knock-out notes linked to Euro Stoxx
By Wendy Van Sickle
Columbus, Ohio, Jan. 17 – Deutsche Bank AG, London Branch priced $1 million of 0% knock-out notes due July 16, 2019 linked to the Euro Stoxx 50 index adjusted for its exposure to the performance of the spot rate between the U.S. dollar and the euro, according to a 424B2 filing with the Securities and Exchange Commission.
The final level will equal the arithmetic average of the closing levels of the index on each of five averaging dates, multiplied by the final spot rate.
A knock-out event will occur if the final level is less than the knock-out level, which is 76.8% of the initial index level.
If the final level is greater than or equal to the initial index level, the payout at maturity will be par plus the index return.
If the final level is less than the initial level but a knock-out event has not occurred, the payout will be par.
If a knock-out event has occurred, investors will lose 1% for every 1% that the index’s final level is less than its initial level.
JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the placement agents.
| Issuer: | Deutsche Bank AG, London Branch
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| Issue: | Knock-out notes
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| Underlying index: | Euro Stoxx
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| Amount: | $1 million
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| Maturity: | July 16, 2019
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If the final level is greater than or equal to the initial level, par plus the index return; if the final level is less than the initial level but greater than or equal to the knock-in level, par; otherwise, par plus the index return, with full exposure to any losses
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| Initial level: | 4,330.83, equal to closing level of index on trade date of 3,595.24, multiplied by initial spot rate of the U.S. dollar against the euro, which was 1.2046
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| Knock-out level: | 3,326.08, 76.8% of initial level
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| Final level: | Average of the closing index levels on the five trading days ending July 16, 2019, multiplied by the final spot rate of the U.S. dollar against the euro
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| Pricing date: | Jan. 11
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| Settlement date: | Jan. 17
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| Agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc.
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| Fees: | 1.25%
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| Cusip: | 25155MHH7
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