By Toni Weeks
San Luis Obispo, Calif., March 17 – Deutsche Bank AG, London Branch priced $2.42 million of trigger phoenix autocallable optimization securities due Sept. 19, 2016 linked to the common stock of Charles Schwab Corp., according to a 424B2 filing with the Securities and Exchange Commission.
If Charles Schwab shares close at or above the trigger price, 80% of the initial price, on a quarterly observation date, the issuer will pay an annualized contingent coupon of 11.5% for that quarter. Otherwise, no coupon will be paid that quarter.
If the shares close at or above the initial price on a quarterly observation date, the notes will be called at par of $10 plus the contingent coupon.
If the notes are not called and Charles Schwab shares finish at or above the trigger price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be fully exposed to the share price decline.
UBS Financial Services Inc. and Deutsche Bank Securities Inc. are the agents.
Issuer: | Deutsche Bank AG, London Branch
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Issue: | Trigger phoenix autocallable optimization securities
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Underlying stock: | Charles Schwab Corp. (Symbol: SCHW)
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Amount: | $2,424,700
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Maturity: | Sept. 19, 2016
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Coupon: | 11.5% per year, payable quarterly if stock closes at or above trigger price on observation date for that quarter
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Price: | Par of $10
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Payout at maturity: | Par plus contingent coupon if Charles Schwab shares finish at or above trigger price; otherwise, par plus stock return
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Call: | At par plus contingent coupon if Charles Schwab shares close at or above initial price on any quarterly observation date
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Initial share price: | $30.34
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Trigger price: | $24.27, 80% of initial share price
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Pricing date: | March 13
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Settlement date: | March 18
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Agents: | UBS Financial Services Inc. and Deutsche Bank Securities Inc.
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Fees: | 1.5%
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Cusip: | 25190G408
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