New Issue: Deutsche prices $245,000 capped return enhanced notes on S&P 500

By Jennifer Chiou

New York, Jan. 21 – Deutsche Bank AG, London Branch priced $245,000 of 0% capped return enhanced notes due Feb. 3, 2016 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus two times any gain in the index, up to a maximum return of 14.7%.

Investors will be exposed to any losses.

The final index level will be the average of the closing index levels on the five trading days ending Jan. 29, 2016.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Capped return enhanced notes
Underlying index:	S&P 500
Amount:	$245,000
Maturity:	Feb. 3, 2016
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 200% of any index gain, capped at 14.7%; exposure to any losses
Initial level:	2,019.42
Pricing date:	Jan. 16
Settlement date:	Jan. 22
Agents:	J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
Fees:	1%
Cusip:	25152RUD3

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