Published on 6/16/2017 in the Prospect News Structured Products Daily.
New Issue: Deutsche Bank sells $11.21 million trigger callable notes tied to three indexes
By Devika Patel
Knoxville, Tenn., June 16 – Deutsche Bank AG, London Branch, priced $11.21 million of trigger callable contingent yield notes with daily coupon observation due June 15, 2020 linked to the worst performing of the S&P 500 index, the Russell 2000 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 an annual rate of 9.35% if each index’s closing level is at least 65% of its initial level on each trading day for that quarter.
The notes will be callable in whole but not in part on any quarterly observation date other than the final one at par of $10 plus any coupon beginning Sept. 15.
If the notes are not called and each index finishes at or above its 60% downside threshold level, the payout at maturity will be par plus the final coupon, if any. Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.
UBS Financial Services Inc. and Deutsche Bank Securities Inc. are the agents.
| Issuer: | Deutsche Bank AG, London Branch
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| Issue: | Trigger callable contingent yield notes with daily coupon observation
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| Underlying indexes: | S&P 500, Russell 2000 and Euro Stoxx 50
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| Amount: | $11.21 million
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| Maturity: | June 15, 2020
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| Coupon: | 9.35% per year, payable quarterly if each index closes at or above its coupon barrier level on each trading day for that quarter
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| Price: | Par of $10
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| Payout at maturity: | Par plus the final coupon, if any, unless either index finishes below downside threshold level, in which case 1% loss for each 1% decline of worst performing index
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| Call option: | At par plus any coupon on any quarterly observation other than final date beginning Sept. 15, 2017
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| Initial levels: | 2,433.79 for S&P, 1,415.612 for Russell, 3,563.88 for Stoxx
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| Coupon barrier levels: | 1,581.96 for S&P, 920.148 for Russell, 1,581.96 for Stoxx; 65% of initial levels
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| Downside threshold level: | 1,460.27 for S&P, 849.367 for Russell, 2,138.33 for Stoxx; 60% of initial levels
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| Pricing date: | June 8
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| Settlement date: | June 15
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| Agent: | UBS Financial Services Inc. and Deutsche Bank Securities Inc.
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| Fees: | 1%
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| Cusip: | 25190K482
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