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Deutsche Bank to price 10.5% STEP Income Securities linked to Nokia
By Toni Weeks
San Luis Obispo, Calif., July 17 – Deutsche Bank AG, London Branch plans to price 10.5% STEP Income Securities due August 2016 linked to the American Depositary Receipts of Nokia Corp., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If the final price of Nokia ADRs is greater than or equal to the step level, the payout at maturity will be par of $10 plus the step payment, which is expected to be 1% to 5% and will be set at pricing. The step level will be 110.5% of the initial ADR price.
Investors will have 1-to-1 exposure to any decline.
BofA Merrill Lynch is the agent.
The notes will price and settle in August.
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