By Toni Weeks
San Luis Obispo, Calif., Nov. 5 - Deutsche Bank AG, London Branch priced $2.52 million of high/low coupon autocallable securities due May 6, 2015 linked to the lesser performing of the Energy Select Sector SPDR fund and the Materials Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
A knock-in event occurs if either underlying component falls to or below 65% of its initial level on any day during the life of the notes.
If a knock-in event never occurs, the coupon will be 7.65% per year, payable quarterly. If a knock-in event occurs during any quarterly observation period, the coupon for that interest period and each subsequent interest period is expected to be 1%.
The notes will be automatically called at par plus the coupon if each component closes at or above its respective initial level on any quarterly observation date beginning six months after pricing.
If the notes are not called, the payout at maturity will be par unless a knock-in event occurs, in which case investors will receive par plus the return of the worst-performing component, up to a maximum payout of par.
Deutsche Bank Securities Inc. is the agent.
| Issuer: | Deutsche Bank AG, London Branch
|
| Issue: | High/low coupon autocallable securities
|
| Underlying ETFs: | Energy Select Sector SPDR fund and Materials Select Sector SPDR fund
|
| Amount: | $2,521,000
|
| Maturity: | May 6, 2015
|
| Coupon: | 7.65% per year unless either underlying component closes at or below its knock-in level, in which case coupon will be 1% from then on; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | If either underlying component closes at or below its knock-in level during life of notes, par plus return of lowest-performing underlying component, up to maximum payout of par; otherwise, par
|
| Call: | At par plus the coupon if each component closes at or above its initial level on any quarterly observation date beginning six months after pricing
|
| Initial share prices: | $86.11 for Energy ETF, $43.68 for Materials ETF
|
| Knock-in levels: | $55.97 for Energy ETF, $28.39 for Materials ETF 65% of initial levels
|
| Pricing date: | Nov. 1
|
| Settlement date: | Nov. 6
|
| Underwriter: | Deutsche Bank Securities Inc.
|
| Fees: | None
|
| Cusip: | 25152RFM0
|
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