Published on 6/27/2016 in the Prospect News Structured Products Daily.
New Issue: Deutsche Bank prices $3 million phoenix autocallables on three indexes
By Marisa Wong
Morgantown, W.Va., June 27 – Deutsche Bank AG, London Branch priced $3 million of phoenix autocallable securities due June 30, 2031 linked to the least performing of Russell 2000 index, the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at a rate of 9.4% per year if each index closes at or above its coupon barrier, 90% of its initial level, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter.
After four years, the notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly observation date.
If the notes are not called, the payout at maturity will be par plus the final contingent coupon, if any, unless any index finishes below its 50% trigger level, in which case investors will be fully exposed to the decline of the worst performing index.
Deutsche Bank Securities Inc. is the agent.
| Issuer: | Deutsche Bank AG, London Branch
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| Issue: | Phoenix autocallable securities
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| Underlying indexes: | Russell 2000 index, the S&P 500 index and the Euro Stoxx 50 index
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| Amount: | $3 million
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| Maturity: | June 30, 2031
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| Coupon: | Each quarter, notes pay contingent coupon at rate of 9.4% per year if each index closes at or above barrier on observation date for that quarter; otherwise, no coupon paid that quarter
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| Price: | Par of $1,000
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| Payout at maturity: | Par plus final contingent coupon, if any, unless any index finishes below trigger level, in which case full exposure to losses of worst performing index
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| Call: | Automatically at par plus contingent coupon if each index closes at or above initial price on any quarterly observation date after four years
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| Initial levels: | 1,148.971 for Russell, 2,085.45 for S&P, 2,978.31 for Euro Stoxx
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| Coupon barriers: | 1,034.074 for Russell, 1,876.91 for S&P, 2,680.48 for Euro Stoxx; 90% of initial levels
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| Trigger levels: | 574.486 for Russell, 1,042.73 for S&P, 1,489.16 for Euro Stoxx; 50% of initial levels
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| Pricing date: | June 23
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| Settlement date: | June 28
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| Agent: | Deutsche Bank Securities Inc.
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| Fees: | 3.5%
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| Cusip: | 25152R4F7
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