Deutsche Bank plans step-up digital return notes tied to renminbi

By Marisa Wong

Madison, Wis., Aug. 26 – Deutsche Bank AG, London Branch plans to price 0% step-up digital return notes due Sept. 16, 2015 linked to the performance of the Chinese renminbi relative to the dollar, according to an FWP filing with the Securities and Exchange Commission.

The reference currency return will be positive if the renminbi strengthens relative to the dollar.

If the reference currency return is greater than or equal to 1%, the payout at maturity will be par plus 10%.

If the reference currency return is greater than or equal to zero but less than 1%, the payout will be par plus 5%.

If the reference currency return is less than zero, investors will lose 1% for each 1% that the reference currency return is below zero.

The final spot rate will be the average of the spot rates on the five days ending Sept. 11, 2015.

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

The notes will price on Aug. 29 and settle on Sept. 4.

The Cusip number is 25152RPK3.

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