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Deutsche Bank plans knock-out notes with 20% cap on HSBC via JPMorgan
By Susanna Moon
Chicago, April 26 - Deutsche Bank AG, London Branch plans to price knock-out notes due May 16, 2012 linked to HSBC Holdings plc American Depositary Shares, according to an FWP with the Securities and Exchange Commission.
JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC will be the agents.
A knock-out event occurs if HSBC shares fall by more than 20% during the life of the notes.
If a knock-out event has occurred, the payout at maturity will be par plus the share return, with exposure to losses.
If a knock-out event has not occurred, the payout will be par plus any stock gain, with a contingent minimum return of 7.7%.
In either case, the maximum payout at maturity will be $1,200 for each $1,000 principal amount.
The notes are expected to price on April 29 and settle on May 4.
The Cusip is 2515A16B2.
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