Published on 1/3/2018 in the Prospect News Structured Products Daily.
New Issue: Deutsche Bank sells $1.4 million phoenix autocallables on six stocks
By Marisa Wong
Morgantown, W.Va., Jan. 3 – Deutsche Bank AG, London Branch priced $1.44 million of phoenix autocallable securities due Dec. 24, 2020 linked to the least performing of six equity stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The underlying stocks are Alphabet Inc., Apple Inc., Facebook, Inc., Snap Inc., Starbucks Corp. and Twitter, Inc.
Each quarter, the notes will pay a contingent coupon at an annual rate of 15% if each stock closes at or above its coupon barrier, 55% of its initial share price, on the observation date for that quarter.
The notes will be automatically called at par if each stock closes at or above 80% of its initial share price on any quarterly observation date other than the first and final dates.
The payout at maturity will be par unless the least-performing stock finishes below its 55% trigger price, in which case investors will be fully exposed to that stock’s decline from its initial share price.
Deutsche Bank Securities Inc. is the agent.
| Issuer: | Deutsche Bank AG, London Branch
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| Issue: | Phoenix autocallable securities
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| Underlying stocks: | Alphabet Inc. (Symbol: GOOG), Apple Inc. (Symbol: AAPL), Facebook, Inc. (Symbol: FB), Snap Inc. (Symbol: SNAP), Starbucks Corp. (Symbol: SBUX) and Twitter, Inc. (Symbol: TWTR)
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| Amount: | $1,441,000
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| Maturity: | Dec. 24, 2020
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| Coupon: | 15% per year, payable each quarter that each stock closes at or above coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon if each stock finishes at or above trigger price; otherwise, par plus return of worst performing stock
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| Call: | At par plus contingent coupon if stocks close at or above call prices on any quarterly observation date other than first and final dates
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| Initial prices: | $1,063.63 for Alphabet, $175.01 for Apple, $177.45 for Facebook, $15.37 for Snap, $57.58 for Starbucks, $25.05 for Twitter
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| Coupon barriers: | $585.00 for Alphabet, $96.26 for Apple, $97.60 for Facebook, $8.45 for Snap, $31.67 for Starbucks, $13.78 for Twitter; 55% of initial prices
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| Trigger prices: | $585.00 for Alphabet, $96.26 for Apple, $97.60 for Facebook, $8.45 for Snap, $31.67 for Starbucks, $13.78 for Twitter; 55% of initial prices
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| Call prices: | $850.90 for Alphabet, $140.01 for Apple, $141.96 for Facebook, $12.30 for Snap, $46.06 for Starbucks, $20.04 for Twitter; 80% of initial prices
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| Pricing date: | Dec. 21
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| Settlement date: | Dec. 27
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| Agent: | Deutsche Bank Securities Inc.
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| Fees: | 4%
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| Cusip: | 25155MGL9
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