By Jennifer Chiou
New York, July 18 - Deutsche Bank AG, London Branch priced $5 million of 0% knock-out notes due Dec. 30, 2011 linked to Morgan Stanley shares, according to a 424B2 filing with the Securities and Exchange Commission.
JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the agents.
A knock-out event occurs if Morgan Stanley shares fall by more than 20% during the life of the notes.
If a knock-out event has occurred, the payout at maturity will be par plus the share return, with exposure to losses.
If a knock-out event has not occurred, the payout will be par plus any gain in the share price, with a contingent minimum return of 6%.
In either case, the maximum payout at maturity will be $1,158 for each $1,000 principal amount.
| Issuer: | Deutsche Bank AG, London Branch
|
| Issue: | Knock-out notes
|
| Underlying stock: | Morgan Stanley
|
| Amount: | $5 million
|
| Maturity: | Dec. 30, 2011
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If share price falls by more than 20% during the life of the notes, par plus Morgan Stanley share return; otherwise, par plus any share price gain with floor of 6%; in both cases, return capped at 15.8%
|
| Initial price: | $21.11
|
| Pricing date: | July 14
|
| Settlement date: | July 20
|
| Agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
|
| Fees: | 0.5%
|
| Cusip: | 2515A1A68
|
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