New Issue: Deutsche Bank prices $5.05 million market-linked step-up autocallables on MSCI EM

By Susanna Moon

Chicago, May 19 – Deutsche Bank AG, London Branch priced $5.05 million of 0% autocallable market-linked step-up notes due May 22, 2020 tied to the MSCI Emerging Markets index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par of $10 plus a call premium of 7.1% per year if the index closes at or above the initial level on any annual call observation date.

If the index finishes at or above the initial level, the payout at maturity will be par of $10 plus the greater of the gain and the step-up payment of 35%.

Investors will receive par if the index falls by up to 15% and will be exposed to any losses beyond 15%.

BofA Merrill Lynch is the underwriter.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Autocallable market-linked step-up notes
Underlying index:	MSCI Emerging Markets
Amount:	$5.05 million
Maturity:	May 22, 2020
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index finishes above step-up value, par plus index return; if index gains by up to step-up value, par plus 35%; if index falls by up to 15%, par; otherwise, exposure to any losses beyond 15%
Call:	At par plus call premium of 7.1% per year if index closes at or above the initial level on May 27, 2016, May 19, 2017, May 18, 2018 or May 17, 2019
Initial level:	1,043.40
Step-up level:	1,408.59, 135% of initial value
Pricing date:	May 15
Settlement date:	May 29
Underwriter:	BofA Merrill Lynch
Fees:	2%
Cusip:	25190H117

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