By Toni Weeks
San Luis Obispo, Calif., Jan. 7 - Deutsche Bank AG, London Branch priced $3 million of phoenix autocallable securities due Jan. 22, 2015 linked to the common shares of Sears Holdings Corp., according to a 424B2 filing with the Securities and Exchange Commission.
If Sears stock closes at or above the barrier price - 50% of the initial share price - on any quarterly observation date, the issuer will pay a contingent coupon at an annual rate of 19%. Otherwise, no coupon will be paid for that period.
If the shares close at or above the initial price on any quarterly observation date, the notes will be called at par plus the coupon.
If the notes are not called and the shares finish at or above the barrier price, the payout at maturity will be par plus the coupon. Otherwise, investors will share fully in the decline in the share price from the initial level.
J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the agents.
| Issuer: | Deutsche Bank AG, London Branch
|
| Issue: | Phoenix autocallable securities
|
| Underlying stock: | Sears Holdings Corp. (Symbol: SHLD)
|
| Amount: | $3 million
|
| Maturity: | Jan. 22, 2015
|
| Coupon: | 19%, payable quarterly if shares close at or above barrier price on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | If shares finish at or above barrier price, par plus coupon; otherwise, full exposure to share price decline
|
| Initial price: | $46.13
|
| Barrier price: | $23.07, 50% of initial price
|
| Call: | At par plus coupon if shares close at or above initial price on any quarterly observation date
|
| Pricing date: | Jan. 3
|
| Settlement date: | Jan. 8
|
| Agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
|
| Fees: | 1%
|
| Cusip: | 25152RGU1
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