By Toni Weeks
San Luis Obispo, Calif., March 24 – Deutsche Bank AG, London Branch priced $4.47 million of high/low coupon autocallable securities due Sept. 23, 2016 linked to the iShares MSCI EAFE exchange-traded fund and the Energy Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
A knock-out event occurs if either fund closes below its threshold level, 75% of its initial level, on any day during the life of the notes.
The notes will pay a contingent quarterly coupon at an annual rate of 13.75% if a knock-out event does not occur during the observation period for that quarter. Otherwise, the coupon for that interest period and each subsequent interest period will be 1% per year.
The notes will be called at par if each component closes at or above their initial levels on any quarterly observation date.
If the notes are not called, the payout at maturity will be par unless a knock-out event has occurred, in which case investors will receive par plus the return of the lowest-performing underlying component, up to a maximum payout of par.
Deutsche Bank Securities Inc. is the agent.
| Issuer: | Deutsche Bank AG, London Branch
|
| Issue: | High/low coupon autocallable securities
|
| Underlying ETFs: iShares MSCI EAFE ETF and Energy Select Sector SPDR fund
|
| Amount: | $4,473,700
|
| Maturity: | Sept. 23, 2016
|
| Coupon: | 13.75% per year unless either underlying component closes below its knock-in level, in which case coupon will be 1% from then on; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | If either underlying component closes below its knock-in level during life of notes, par plus return of lowest-performing underlying component, up to maximum payout of par; otherwise, par
|
| Call: | At par plus the coupon if each component closes at or above its initial level on any quarterly observation date
|
| Initial share prices: | $76.91 for Energy ETF, $65.66 for iShares MSCI EAFE
|
| Knock-in levels: | $57.68 for Energy ETF, $49.25 for iShares MSCI EAFE, 75% of initial levels
|
| Pricing date: | March 20
|
| Settlement date: | March 25
|
| Underwriter: | Deutsche Bank Securities Inc.
|
| Fees: | 0.25%
|
| Cusip: | 2515A1MY4
|
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