Published on 2/9/2018 in the Prospect News Structured Products Daily.
New Issue: Deutsche Bank sells $1.05 million phoenix autocallables on two indexes, two ETFs
By Wendy Van Sickle
Columbus, Ohio, Feb. 9 – Deutsche Bank AG, London Branch priced $1.05 million of phoenix autocallable securities due May 8, 2019 linked to the least performing of the S&P 500 index, the Euro Stoxx 50 index, the Market Vectors Gold Miners ETF and the iShares MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at an annual rate of 11.05% if each asset closes at or above its coupon barrier, 65% of its initial share price, on the observation date for that month.
The notes will be automatically called at par if each asset closes at or above its initial level on any quarterly call observation date after six months.
The payout at maturity will be par unless the least-performing asset finishes below its 65% knock-out price, in which case investors will be fully exposed to that asset’s decline from its initial level.
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 assets: | S&P 500 index, Euro Stoxx 50 index, Market Vectors Gold Miners ETF and iShares MSCI Emerging Markets ETF
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| Amount: | $1.05 million
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| Maturity: | May 8, 2019
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| Coupon: | 11.05% per year, payable each month that each stock closes at or above coupon barrier on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon if each asset finishes at or above knock-out level; otherwise, par plus return of worst performing stock
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| Call: | At par plus contingent coupon if assets close at or initial level on any quarterly call observation date after six months
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| Initial levels: | 2,762.13 for S&P, 3,523.28 for Stoxx, $22.91 for Gold Miners, $49.05 for Emerging Markets
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| Coupon barrier/knock-out levels: | 1,795.38 for S&P, 2,290.13 for Stoxx, $14.98 for Gold Miners, $31.88 for Emerging Markets; 65% of initial levels
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| Pricing date: | Feb. 2
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| Settlement date: | Feb. 7
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| Agent: | Deutsche Bank Securities Inc.
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| Fees: | 0.8125%
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| Cusip: | 25155MJH5
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