Deutsche Bank to price trigger phoenix autocallables tied to Microsoft

By Toni Weeks

San Luis Obispo, Calif., Jan. 21 – Deutsche Bank AG, London Branch plans to price trigger phoenix autocallable optimization securities due Jan. 29, 2020 linked to Microsoft Corp. shares, according to an FWP filing with the Securities and Exchange Commission.

If Microsoft stock closes at or above the coupon barrier level – 74% to 78% of the initial price – on any monthly observation date, the notes will pay a contingent coupon at an annualized rate of 7% for that month.

If the shares close at or above the initial price on any monthly observation date after one year, the notes will be called at par plus the contingent coupon.

If the notes are not called and Microsoft shares finish at or above the 74% to 78% trigger price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be fully exposed to losses.

The exact coupon barrier and trigger price will be set at pricing.

The notes (Cusip: 25190E585) are expected to price Jan. 23 and settle Jan. 28.

Deutsche Bank Securities Inc. and UBS Financial Services Inc. are the agents.

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