By Angela McDaniels
Tacoma, Wash., Oct. 16 – Deutsche Bank AG, London Branch priced $10 million of 0% step down trigger autocallable notes due Oct. 16, 2020 linked to the least 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 12% per year if each ETF closes at or above its call threshold level on any annual observation date. For each ETF, the call threshold level will be equal to the initial share price for every observation date except for the final observation date, Oct. 12, 2020. For the final observation date, the call threshold levels will be 60% of the ETFs’ respective initial share prices.
If the notes are not subject to an automatic call, then the final share price of at least one ETF will be less than its downside threshold, 60% of its initial share price, and investors will be exposed to the decline of the least-performing ETF from its initial share price.
UBS Financial Services Inc. and Deutsche Bank Securities Inc. are the underwriters.
| Issuer: | Deutsche Bank AG, London Branch
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| Issue: | Step down trigger autocallable notes
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| Underlying ETFs: | Market Vectors Oil Services ETF, Technology Select Sector SPDR fund and SPDR S&P Regional Banking ETF
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| Amount: | $10 million
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| Maturity: | Oct. 16, 2020
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | Full exposure to decline of least-performing ETF from initial share price
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| Call: | Automatically at par plus 12% per year if each ETF closes at or above call threshold level on any annual observation date
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| Initial share prices: | $25.40 for oil services ETF, $60.36 for technology fund and $56.81 for regional banking ETF
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| Downside thresholds: | $15.24 for oil services ETF, $36.22 for technology fund and $34.09 for regional banking ETF; 60% of initial share prices
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| Call threshold level: | Equal to initial share prices for every observation date except for Oct. 12, 2020, for which call threshold levels will be equal to downside thresholds
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| Strike date: | Oct. 11
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| Pricing date: | Oct. 12
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| Settlement date: | Oct. 17
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| Underwriters: | UBS Financial Services Inc. and Deutsche Bank Securities Inc.
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| Fees: | 1.35%
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| Cusip: | 25190K664
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