Deutsche Bank plans phoenix autocallables linked to three stocks

By Marisa Wong

Morgantown, W.Va., Jan. 26 – Deutsche Bank AG, London Branch plans to price phoenix autocallable securities due Feb. 1, 2019 linked to the least performing of the common stock of Carrizo Oil & Gas, Inc., the common stock of Chevron Corp. and the common stock of Hess Corp., 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 22% if each stock closes at or above its coupon barrier, 70% of its initial share price, on the observation date for that quarter.

The notes will be automatically called at par if each stock closes at or above its initial share price on any quarterly observation date.

The payout at maturity will be par plus the final coupon unless the least-performing stock finishes below its trigger price, 70% of its initial share price, in which case investors will lose 1% for each 1% decline of the least-performing stock from its initial price.

Deutsche Bank Securities Inc. is the agent.

The notes will price Jan. 29.

The Cusip number is 25190LAF7.

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