New Issue: Deutsche Bank prices $12 million annual review notes linked to S&P 500

By Marisa Wong

Morgantown, W.Va., Jan. 25 – Deutsche Bank AG, London Branch priced $12 million of 0% annual review notes due Jan. 24, 2019 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be automatically called at par plus a call premium of 12.5% per year if the index closes at or above the initial index level on any of three annual review dates.

The payout at maturity will be par unless the final index level is less than 90% of the initial level, in which case investors will lose 1% for every 1% decline below the initial level.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Annual review notes
Underlying index:	S&P 500
Amount:	$11,995,000
Maturity:	Jan. 24, 2019
Coupon:	0%
Price:	Par of $1,000
Payout at maturity:	Par if final index level is at least 90% of initial level; full exposure to index decline from initial level if index falls by more than 10%
Call:	At par plus premium of 12.5% per year if index closes at or above call level on Jan. 27, 2017, Jan. 19, 2018 or Jan. 18, 2019
Initial index level:	1,868.99
Trigger level:	1,682.09, 90% of initial level
Pricing date:	Jan. 21
Settlement date:	Jan. 26
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc.
Fees:	2%
Cusip:	25152RZM8

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