New Issue: Deutsche Bank sells $10 million 0% annual review notes tied to Goldman Sachs, FedEx

By Wendy Van Sickle

Columbus, Ohio, Jan. 8 – Deutsche Bank AG, London Branch priced $10 million of 0% review notes due Jan. 8, 2020 linked to the common stocks of Goldman Sachs Group, Inc. and FedEx Corp., according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par plus an annualized call premium of 14.5% if the shares of each stock close at or above its initial level on the annual review date.

The payout at maturity will be par plus a digital return of 29% unless the shares of the lowest performing stock finish below the 80% trigger level, in which case investors will be fully exposed to any losses of the lowest performing stock.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Review notes
Underlying stocks:	Goldman Sachs Group, Inc. and FedEx Corp.
Amount:	$10 million
Maturity:	Jan. 8, 2020
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 29% unless shares of the lowest performing stock fall by more than 20%, in which case 1% loss per 1% decline of the lowest performing stock
Call:	At par plus 14.5% per year if shares of the lowest performing stock close at or above initial level on annual review date
Initial levels:	$260.82 for FedEx, $253.29 for Goldman
Trigger levels:	$208.66 for FedEx, $202.63 for Goldman, 80% of initial levels
Pricing date:	Jan. 3
Settlement date:	Jan. 8
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1.5%
Cusip:	25155MGW5

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