Published on 4/24/2014 in the Prospect News Structured Products Daily.
New Issue: Deutsche prices $3 million 19% airbag yield optimization notes tied to J.C. Penney
By Toni Weeks
San Luis Obispo, Calif., April 24 - Deutsche Bank AG, London Branch priced $3 million of 19% annualized airbag yield optimization notes due April 28, 2015 linked to the common stock of J.C. Penney Co., Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless the final share price is less than the conversion price, in which case the payout will be a number of J.C. Penney shares equal to $1,000 divided by the conversion price. The conversion price is 80% of the initial share price.
UBS Financial Services Inc. and Deutsche Bank Securities Inc. are the agents.
Issuer: | Deutsche Bank AG, London Branch
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Issue: | Airbag yield optimization notes
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Underlying stock: | J.C. Penney Co., Inc. (Symbol: JCP)
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Amount: | $3 million
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Maturity: | April 28, 2015
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Coupon: | 19% annualized, payable monthly
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Price: | Par
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Payout at maturity: | If final share price is less than conversion price, 154.5595 J.C. Penney shares per $1,000 of notes; otherwise, par
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Initial share price: | $8.09
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Conversion price: | $6.47, 80% of initial price
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Pricing date: | April 22
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Settlement date: | April 25
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Agents: | UBS Financial Services Inc. and Deutsche Bank Securities Inc.
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Fees: | 2%
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Cusip: | 25155Q698
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