Published on 6/27/2016 in the Prospect News Structured Products Daily.
New Issue: Deutsche Bank prices $675,000 phoenix autocallables on tech stocks
By Marisa Wong
Morgantown, W.Va., June 27 – Deutsche Bank AG, London Branch priced $675,000 of phoenix autocallable securities due June 27, 2018 linked to the least performing of Amazon.com, Inc., Alphabet Inc. and Microsoft Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at a rate of 16.25% per year if each stock closes at or above its coupon barrier, 70% of its initial 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 each stock closes at or above its initial price on any quarterly observation date.
If the notes are not called, the payout at maturity will be par plus the final contingent coupon, unless any stock finishes below its trigger price, 70% of the initial price, in which case investors will be fully exposed to the decline of the worst performing stock.
Deutsche Bank Securities Inc. is the agent.
| Issuer: | Deutsche Bank AG, London Branch
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| Issue: | Phoenix autocallable securities
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| Underlying stocks: | Amazon.com, Inc. (Symbol: AMZN), Alphabet Inc. (Symbol: GOOG), Microsoft Corp. (Symbol: MSFT)
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| Amount: | $675,000
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| Maturity: | June 27, 2018
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| Coupon: | Each quarter, notes pay contingent coupon at rate of 16.25% per year if each stock closes at or above barrier on observation date for that quarter; otherwise, no coupon paid that quarter
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| Price: | Par of $1,000
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| Payout at maturity: | Par plus final contingent coupon, unless any stock finishes below trigger level, in which case full exposure to losses of worst performing stock
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| Call: | Automatically at par plus contingent coupon if each stock closes at or above initial price on any quarterly observation date
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| Initial prices: | $722.08 for Amazon.com, $701.87 for Alphabet, $51.91 for Microsoft
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| Barrier/trigger prices: | $505.46 for Amazon.com, $491.31 for Alphabet, $36.34 for Microsoft; 70% of initial prices
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| Pricing date: | June 23
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| Settlement date: | June 28
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| Agent: | Deutsche Bank Securities Inc.
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| Fees: | 2%
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| Cusip: | 25152R4A8
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