By Toni Weeks
San Luis Obispo, Calif., July 6 – Deutsche Bank AG, London Branch priced $1.1 million of phoenix autocallable securities due July 6, 2018 linked to the common stocks of Goldman Sachs Group, Inc., Bank of America Corp. and Morgan Stanley, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 9.5% per year if each stock closes at or above the coupon barrier, 70% of the initial share price, on the observation date for that quarter.
The notes will be automatically called at par if each stock closes at or above its initial share price on any quarterly observation date after nine months.
If the notes are not called and the final price of the lowest-performing stock is greater than or equal to the 70% barrier price, the payout at maturity will be par plus the coupon. Otherwise, investors will lose 1.42857% for each 1% decline of the least-performing stock beyond the 30% buffer.
Deutsche Bank Securities Inc. is the agent.
| Issuer: | Deutsche Bank AG, London Branch
|
| Issue: | Phoenix autocallable securities
|
| Underlying stock: | Goldman Sachs Group, Inc. (Symbol: GS), Bank of America Corp. (Symbol: BAC) and Morgan Stanley (Symbol: MS)
|
| Amount: | $1.1 million
|
| Maturity: | July 6, 2018
|
| Coupon: | Each quarter, notes pay contingent coupon at rate of 9.5% per year if each stock closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If lowest-performing stock finishes at or above 70% barrier price, par plus coupon; otherwise, 1.42857% loss for each 1% decline of least-performing stock beyond 30% buffer
|
| Call: | Automatically at par if each stock closes at or above initial share price on any quarterly observation date beginning April 1, 2016
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| Initial share prices: | $209.94 for Goldman Sachs, $17.22 for Bank of America and $39.36 for Morgan Stanley
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| Coupon barrier: | $146.96 for Goldman Sachs, $12.05 for Bank of America and $27.55 for Morgan Stanley
|
| Pricing date: | July 1
|
| Settlement date: | July 7
|
| Agent: | Deutsche Bank Securities Inc.
|
| Fees: | 0.1%
|
| Cusip: | 25152RH89
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