By Wendy Van Sickle
Columbus, Ohio, May 17 – Deutsche Bank AG, London Branch priced $1.3 million of phoenix autocallable securities due May 31, 2018 linked to the ordinary shares of Broadcom Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at a rate of 11.5% per year if the stock closes at or above its coupon barrier, 75% of its initial level, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter.
The notes will be automatically called at par plus the contingent coupon if the stock closes at or above its initial level on any observation date.
If the notes are not called, the payout at maturity will be par plus the final contingent coupon unless the stock finishes below its 75% trigger price, in which case investors will lose 1% for each 1% decline.
JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the agents.
| Issuer: | Deutsche Bank AG, London Branch
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| Issue: | Phoenix autocallable securities
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| Underlying stock: | Broadcom Ltd.
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| Amount: | $1.3 million
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| Maturity: | May 31, 2018
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| Coupon: | Each quarter, notes pay contingent coupon at rate of 11.5% per year if stock closes at or above coupon barrier on observation date for that quarter; otherwise, no coupon paid that quarter
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| Price: | Par
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| Payout at maturity: | Par plus final contingent coupon unless stock finishes below trigger price, in which case 1% loss for each 1% decline
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| Call: | Automatically at par plus contingent coupon if stock closes at or above initial price on any quarterly observation date
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| Initial level: | $235.96
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| Coupon barrier: | $176.97, 75% of initial level
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| Trigger price: | $176.97, 75% of initial level
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| Pricing date: | May 12
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| Settlement date: | May 17
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| Agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
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| Fees: | 1%
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| Cusip: | 25155MAV3
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