New Issue: Deutsche Bank prices $5 million 0% annual review notes tied to stocks

By Susanna Moon

Chicago, Jan. 17 – Deutsche Bank AG, London Branch priced $5 million of 0% review notes due Jan. 13, 2020 linked to the common stock of Wells Fargo & Co. and the class A common stock of Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par plus an annualized call premium of 15.15% if each stock closes at or above its initial level on any annual review date.

The payout at maturity will be par plus a digital return of 30.3% unless either stock finishes below its 80% trigger level, in which case investors will be fully exposed to any losses of the worse performing stock.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Review notes
Underlying stocks:	Wells Fargo & Co. (Symbol: WFC), Alphabet Inc. (Symbol: GOOGL)
Amount:	$5 million
Maturity:	Jan. 13, 2020
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 30.3% either stock falls by more than 20%, in which case 1% loss per 1% decline of worse performing stock
Call:	At par plus 15.15% per year if each stock closes at or above initial level on annual review date
Initial levels:	$62.04 for Wells Fargo and $1,114.21 for Alphabet
Trigger levels:	$49.63 for Wells Fargo and $891.37 for Alphabet, 80% of initial levels
Pricing date:	Jan. 8
Settlement date:	Jan. 11
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1.5%
Cusip:	25155MHA2

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