Deutsche Bank to price notes linked to Brazilian real vs. dollar

By Marisa Wong

Morgantown, W.Va., April 26 – Deutsche Bank AG, London Branch plans to price 0% notes due May 15, 2019 linked to the performance of the Brazilian real relative to the dollar, according to a 424B2 filing with the Securities and Exchange Commission.

If the currency performance is at least negative 20%, the payout at maturity will be par plus the greater of the currency performance and the contingent minimum return of 5.5%. Otherwise, the payout will be par plus the currency performance with full exposure to losses.

The currency performance is (a) the initial spot rate minus the final spot rate divided by (b) the initial spot rate.

A higher spot rate indicates a weakening of the real against the dollar, while a lower spot rate indicates a strengthening of the real against the dollar.

JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the placement agents.

The notes will price on April 27.

The Cusip number is 25155MKY6.

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