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Deutsche Bank plans trigger phoenix autocallables linked to Occidental
By Toni Weeks
San Luis Obispo, Calif., July 23 – Deutsche Bank AG, London Branch plans to price trigger phoenix autocallable optimization securities due July 31, 2019 linked to Occidental Petroleum Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
If Occidental stock closes at or above the coupon barrier level – 78% to 83% of the initial price – on any monthly observation date, the notes will pay a contingent coupon at an annualized rate of 7% for that month.
If the shares close at or above the initial price on any monthly observation date after one year, the notes will be called at par plus the contingent coupon.
If the notes are not called and Occidental shares finish at or above the 78% to 83% trigger price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be fully exposed to losses.
The exact coupon barrier and trigger price will be set at pricing.
The notes (Cusip: 25155V374) are expected to price July 29 and settle July 31.
Deutsche Bank Securities Inc. and UBS Financial Services Inc. are the agents.
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