Published on 12/11/2017 in the Prospect News Structured Products Daily.
New Issue: Deutsche Bank sells $10 million review notes on Stoxx Banks index, SPDR Bank ETF
By Marisa Wong
Morgantown, W.Va., Dec. 11 – Deutsche Bank AG, London Branch priced $10 million of 0% review notes due Dec. 5, 2019 linked to the worse performing of the Euro Stoxx Banks index and the SPDR S&P Bank exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus a call premium of 9.46% per year if each underlying closes at or above the call level on Dec. 6, 2018, May 24, 2019 or Dec. 2, 2019. The call level will be 100% of the initial level for the first two review dates and 75% of the initial level for the final review date.
If the lesser performing underlying finishes at or above its trigger level, 60% of its initial level, the payout at maturity will be par. If the final level of the lesser performing underlying is less than its trigger level, investors will lose 1% for every 1% that the lesser performing underlying declines from its initial level.
JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the agents.
Issuer: | Deutsche Bank AG, London Branch
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Issue: | Review notes
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Underlying assets: | Euro Stoxx Banks index and the SPDR S&P Bank ETF
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Amount: | $10 million
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Maturity: | Dec. 5, 2019
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If lesser performing underlying finishes at or above trigger level, par; otherwise, 1% loss for every 1% that lesser performing underlying declines from initial level
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Call: | Automatically at par plus call premium of 9.46% per year if each underlying closes at or above call level on Dec. 6, 2018, May 24, 2019 or Dec. 2, 2019; call level will be 100% of the initial level for the first two review dates and 75% of the initial level for the final review date
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Initial levels: | 132.19 for index $47.45 for ETF
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Final call levels: | 99.14 for index, $35.59 for ETF; 75% of initial levels
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Trigger levels: | 79.31 for index, $28.47 for ETF; 60% of initial levels
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Final levels: | For each underlying, average of its closing levels on five trading days ending Dec. 2, 2019
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Pricing date: | Nov. 30
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Settlement date: | Dec. 5
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Agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
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Fees: | 1.25%
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Cusip: | 25155MGE5
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