New Issue: Deutsche Bank sells $2.13 million capped knock-out notes on banking ETF

By Wendy Van Sickle

Columbus, Ohio, Nov. 28 – Deutsche Bank AG, London Branch priced $2.13 million of 0% capped knock-out notes due Dec. 12, 2018 linked to the SPDR S&P Regional Banking exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

If the ETF return is zero or positive, the payout at maturity will be par plus the ETF return, capped at 23.1%.

If the ETF return is negative but the final price is at least 80% of the initial price, the payout will be par.

Otherwise, the payout will be par plus the ETF return, with full exposure to losses.

J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Capped knock-out notes
Underlying ETF:	SPDR S&P Regional Banking ETF
Amount:	$2.13 million
Maturity:	Dec. 12, 2018
Coupon:	0%
Price:	Par
Payout at maturity:	If ETF return is zero or positive, par plus the ETF return, capped at 23.1%; if ETF return is negative but final price is greater than or equal to knock-out price, par; otherwise, full exposure to decline from initial price
Initial price:	$56.32
Knock-out price:	$47.87, 85% of initial price
Pricing date:	Nov. 22
Settlement date:	Nov. 28
Agents:	J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
Fees:	1%
Cusip:	25155MGA3

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