By Angela McDaniels
Tacoma, Wash., Dec. 2 - Deutsche Bank AG, London Branch changed the payout at maturity for its $1.31 million of autocallable securities due Nov. 30, 2011 linked to the common stocks of Apple Inc., Goldman Sachs Group, Inc. and Boston Scientific Corp., according to a 424B3 filing with the Securities and Exchange Commission.
A knock-in event will occur if any stock closes below its threshold level - 70% of its initial level - on any day during the life of the notes.
If a knock-in event has not occurred, the payout at maturity will be par. Prior to the change, the payout in this circumstance would have been a number of shares of the laggard stock equal to par divided by the final price of that stock. The laggard stock is the underlying stock with the lowest return.
If a knock-in event has occurred, the payout at maturity will be a number of shares of the laggard stock equal to par divided by the initial price of that stock.
As previously reported, interest is payable monthly at a rate equal to 16% per year, provided that no interest will accrue on any day on which a knock-in event has occurred.
The notes will be automatically called at par if each stock closes at or above its initial share price on any of 12 monthly call dates.
Deutsche Bank Securities Inc. is the agent.
| Issuer: | Deutsche Bank AG, London Branch
|
| Issue: | Autocallable securities
|
| Underlying stocks: | Apple Inc. (Symbol: AAPL), Goldman Sachs Group, Inc. (Symbol: GS) and Boston Scientific Corp. (Symbol: BSX)
|
| Amount: | $1,309,000
|
| Maturity: | Nov. 30, 2011
|
| Coupon: | 16% per year multiplied by proportion of days on which no knock-in event has occurred; knock-in event occurs if any stock closes below its threshold level; payable monthly
|
| Price: | Par
|
| Payout at maturity: | If a knock-in event has occurred, a number of shares of the stock with the lowest return equal to par divided by that stock's initial price; otherwise, par
|
| Call: | Automatically at par if all three stocks close at or above their initial prices on a monthly call date
|
| Initial share prices: | $313.82 for Apple, $158.52 for Goldman Sachs and $6.69 for Boston Scientific
|
| Threshold levels: | $219.67 for Apple, $110.96 for Goldman Sachs and $4.68 for Boston Scientific; 70% of initial prices
|
| Pricing date: | Nov. 26
|
| Settlement date: | Nov. 30
|
| Agent: | Deutsche Bank Securities Inc.
|
| Fees: | 3%
|
| Cusip: | 2515A12A8
|
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