Deutsche Bank to price phoenix autocallables linked to Ocwen Financial

By Marisa Wong

Madison, Wis., July 28 – Deutsche Bank AG, London Branch plans to price phoenix autocallable notes due Feb. 3, 2016 linked to the common stock of Ocwen Financial Corp., according to an FWP filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon at the rate of 10% per year if Ocwen Financial shares close at or above the barrier price, 55% to 59% of the initial share price, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter. The exact coupon barrier will be set at pricing.

The notes will be called at par plus the contingent coupon if the stock closes at or above the initial price on any quarterly observation date.

If the notes are not called and the shares finish at or above the trigger price, 55% to 59% of the initial share price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will lose 1% for every 1% that the final share price is less than the initial share price. The exact trigger price will be set at pricing.

Deutsche Bank Securities Inc. is the agent.

The notes are expected to price July 29 and settle July 31.

The Cusip number is 25152RMW0.

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