By Angela McDaniels
Tacoma, Wash., Aug. 27 - Deutsche Bank AG, London Branch priced $1.5 million of phoenix autocallable notes due Sept. 11, 2014 linked to the common stock of Sears Holdings Corp., according to a 424B2 filing with the Securities and Exchange Commission.
If Sears stock closes at or above the barrier level, 50% of the initial share price, on a quarterly observation date, the notes will pay a contingent coupon at an annualized rate of 10% for that quarter.
If the shares close at or above the initial price on any quarterly observation date, the notes will be called at par plus the contingent coupon.
If the notes are not called and Sears shares finish at or above the barrier level, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be fully exposed to the share price decline.
J.P. Morgan Securities LLC is the agent.
| Issuer: | Deutsche Bank AG, London Branch
|
| Issue: | Phoenix autocallable notes
|
| Underlying stock: | Sears Holdings Corp. (Symbol: SHLD)
|
| Amount: | $1.5 million
|
| Maturity: | Sept. 11, 2014
|
| Coupon: | 10% per year, payable quarterly if stock closes at or above barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon if Sears shares finish at or above barrier level; otherwise, 1% loss for every 1% that stock declines from initial price
|
| Call: | Automatically at par plus contingent coupon if Sears shares close at or above initial price on any quarterly observation date
|
| Initial share price: | $39.60
|
| Barrier price: | $19.80, 50% of initial share price
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| Pricing date: | Aug. 23
|
| Settlement date: | Aug. 28
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 25152REF6
|
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