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Deutsche Bank plans to price knock-out notes linked to WTI crude oil
By Angela McDaniels
Tacoma, Wash., May 21 - Deutsche Bank AG, London Branch plans to price 0% knock-out notes due July 21, 2015 linked to the performance of West Texas Intermediate crude oil, according to an FWP filing with the Securities and Exchange Commission.
A knock-out event occurs if the final price of oil is less than the knock-out price, which is expected to be 79.9% of the initial price of oil.
If a knock-out event has not occurred, the payout at maturity will be par plus the greater of the contingent minimum return, which is expected to be 6.5%, and the oil return. If a knock-out event has occurred, investors will have one-to-one exposure to the decline in the oil price.
The exact knock-out price and contingent minimum return will be set at pricing.
The final price of oil will be the average of the closing prices of oil on each of the five trading days ending July 16, 2015.
JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the agents.
The notes are expected to price May 23 and settle May 29.
The Cusip number is 25152RKH5.
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