New Issue: Deutsche Bank sells $5 million 0% annual review notes linked to stocks

By Susanna Moon

Chicago, Jan. 17 – Deutsche Bank AG, London Branch priced $5 million of 0% review notes due Jan. 13, 2020 linked to the common stocks of FedEx Corp., Wal-Mart Stores, Inc. and Morgan Stanley, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par plus an annualized call premium of 17.45% if each stock closes at or above its initial level on any annual review date.

The payout at maturity will be par plus a digital return of 34.9% unless any stock finishes below its 75% trigger level, in which case investors will be fully exposed to any losses of the worst 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:	FedEx Corp. (Symbol: FDX), Wal-Mart Stores, Inc. (Symbol: WMT) and Morgan Stanley (Symbol: MS)
Amount:	$5 million
Maturity:	Jan. 13, 2020
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 34.9% any stock falls by more than 25%, in which case 1% loss per 1% decline of worst performing stock
Call:	At par plus 17.45% per year if each stock closes at or above initial level on annual review date
Initial levels:	$268.66 for FedEx, $101.61 for Wal-Mart and $52.89 for Morgan Stanley
Trigger levels:	$201.50 for FedEx, $76.21 for Wal-Mart and $39.67 for Morgan Stanley, 75% of initial levels
Pricing date:	Jan. 8
Settlement date:	Jan. 11
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1.5%
Cusip:	25155MGZ8

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