Published on 7/14/2017 in the Prospect News Structured Products Daily.
New Issue: Deutsche sells $7.5 million step down trigger autocallables tied to three ETFs
New York, July 14 – Deutsche Bank AG, London Branch priced $7.5 million of 0% step down trigger autocallable notes due July 17, 2020 linked to the lesser performing of the Market Vectors Oil Services exchange-traded fund, the Technology Select Sector SPDR fund and the SPDR S&P Regional Banking exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par of $10 plus a 13.2% a year call premium if each ETF closes at or above its initial level on July 18, 2018 or July 12, 2019 and at or above its 60% downside threshold on the final valuation date of July 13, 2020.
If the notes are not subject to an automatic call, then the final level of at least one ETF will be less than its downside threshold, 60% of its initial level, and investors will lose 1% for each 1% decline of the lesser-performing ETF from its initial level.
UBS Financial Services Inc. and Deutsche Bank Securities are the agents.
| Issuer: | Deutsche Bank AG, London Branch
|
| Issue: | Step down trigger autocallable notes
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| Underlying ETFs: | Market Vectors Oil Services exchange-traded fund, Technology Select Sector SPDR fund and SPDR S&P Regional Banking exchange-traded fund
|
| Amount: | $7.5 million
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| Maturity: | July 17, 2020
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | Full exposure to decline of least-performing ETF from initial level
|
| Call: | At par plus 13.2% per year if each ETF closes at or above its call threshold level on any annual observation date
|
| Initial levels: | $24.64 for oil services, $55.53 for technology select, $55.29 for regional banking, prices as of July 11
|
| Downside thresholds: | $14.78 for oil services, $33.32 for technology select, $33.17 for regional banking; 60% of initial levels
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| Call threshold levels: | Equal to initial levels for July 18, 2018 and July 12, 2019, equal to downside thresholds for July 13, 2020
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| Pricing date: | July 13
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| Settlement date: | July 17
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| Underwriters: | Deutsche Bank Securities and UBS Financial Services Inc.
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| Fees: | 1.5%
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| Cusip: | 25190K532
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