New Issue: Deutsche prices $1.65 million capped return enhanced notes on SPDR S&P Bank ETF

By Wendy Van Sickle

Columbus, Ohio, July 18 – Deutsche Bank AG, London Branch priced $1.65 million of 0% capped return enhanced notes due Aug. 1, 2018 linked to the SPDR S&P Bank exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

If the fund return is positive, the payout at maturity will be par plus double the fund gain, subject to a maximum return of 22%.

Investors will be fully exposed to any losses.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Capped return enhanced notes
Underlying ETF:	SPDR S&P Bank
Amount:	$1.65 million
Maturity:	Aug. 1, 2018
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus double any ETF gain, subject to 22% maximum payout; if ETF return is negative, 1% loss for each 1% decline
Initial level:	$43.78
Final level:	Average of ETF’s closing levels on five trading days ending July 27, 2018
Pricing date:	July 14
Settlement date:	July 19
Agent:	J.P. Morgan Securities LLC
Fees:	1%
Cusip:	25155MCH2

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