By Toni Weeks
San Luis Obispo, Calif., July 7 – Deutsche Bank AG, London Branch priced $1.52 million of phoenix autocallable securities due July 20, 2016 linked to the common stock of Akorn, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 15% per year if Akorn shares close at or above the barrier price, 70% of the initial share price, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter.
The notes will be called at par plus the contingent coupon if the stock closes at or above the initial price on any quarterly observation date.
If the notes are not called and the shares finish at or above the barrier price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will lose 1% for every 1% that the final share price is less than the initial share price.
The final share price will be the average of the closing share prices on the five trading days ending July 15, 2016.
JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the agents.
| Issuer: | Deutsche Bank AG, London Branch
|
| Issue: | Phoenix autocallable securities
|
| Underlying stock: | Akorn, Inc. (Symbol: AKRX)
|
| Amount: | $1,521,000
|
| Maturity: | July 20, 2018
|
| Coupon: | Each quarter, notes pay contingent coupon at rate of 15% per year if stock closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If stock finishes at or above 70% barrier price, par plus coupon; otherwise, 1% loss for each 1% decline from initial price
|
| Call: | Automatically at par if stock closes at or above initial share price on any quarterly observation date
|
| Initial share price: | $43.37
|
| Coupon barrier: | $30.36, 70% of initial price
|
| Pricing date: | July 2
|
| Settlement date: | July 8
|
| Agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 25152RH71
|
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