New York, April 18 – Deutsche Bank AG, London Branch priced a downsized $225 million of five-year cash-settled equity-linked notes tied to JPMorgan Chase & Co. with a 1% coupon and a 16% initial conversion premium after the market close on Wednesday, according to a news release.
The issue price was 103.
The amount was reduced from the originally announced $250 million, the coupon matched the fixed 1% talk and the threshold premium was at the rich end of talk for 13% to 16%. The price was lower than the planned level of 105.
The initial price will be the volume weighted average price of JPMorgan stock on the day after pricing.
Deutsche Bank Securities Inc. is the bookrunner for the registered offering.
At maturity, investors will receive a cash payment based on the final price of JPMorgan stock over five valuation dates and accrued interest.
The notes cannot be exchanged or redeemed early.
There is a minimum purchase of $100,000 and the notes will be issued in minimum denominations of $1,000 and integral multiples of $1,000 in excess of that.
Deutsche Bank AG, London Branch is a subsidiary of Deutsche Bank AG, a Frankfurt-based global banking and financial services company.
JPMorgan is a financial services holding company based in New York.
| Issuer: | Deutsche Bank AG, London Branch
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| Issue: | Cash-settled equity-linked notes
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| Underlying asset: | JPMorgan Chase & Co. stock
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| Amount: | $225 million
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| Maturity: | May 1, 2023
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| Coupon: | 1%
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| Price: | 103
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| Threshold premium: | 16%
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| Call: | Non-callable
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| Bookrunner: | Deutsche Bank Securities Inc.
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| Pricing date: | April 18
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| Settlement date: | April 23
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| Distribution: | Off shelf
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| Stock symbol: | NYSE: JPM
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| Stock price: | $109.32 at close on April 18
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| Market capitalization: | $375 billion
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| Talk: | 1% coupon, 105 price, 13% to 16% premium
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