By Susanna Moon
Chicago, Jan. 29 – Deutsche Bank AG, London Branch priced $1 million of phoenix autocallable securities due Jan. 30, 2020 linked to Bank of America Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7.25% if Bank of America stock closes at or above the barrier level – 80% of the initial share price – on an observation date for that quarter.
The notes will be called at par plus the contingent coupon if the shares close at or above the initial price on a quarterly observation date.
If Bank of America shares finish at or above the barrier level, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will be fully exposed to any losses.
JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the placement agents.
| Issuer: | Deutsche Bank AG, London Branch
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| Issue: | Phoenix autocallable securities
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| Underlying stock: | Bank of America Corp. (Symbol: BAC)
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| Amount: | $1 million
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| Maturity: | Jan. 30, 2020
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| Coupon: | 7.25%, payable quarterly if stock closes at or above barrier price on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon if Bank of America shares finish at or above barrier price; otherwise, 63.0915 shares
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| Call: | At par plus contingent coupon if Bank of America shares close at or above initial price on a quarterly observation date
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| Initial share price: | $15.85
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| Barrier price: | $12.68, 80% of initial price
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| Pricing date: | Jan. 26
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| Settlement date: | Jan. 29
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| Placement agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
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| Fees: | 3%
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| Cusip: | 25152RUL5
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