Deutsche Bank plans phoenix autocallables on oil & gas, financial ETFs

By Marisa Wong

Morgantown, W.Va., Feb. 22 – Deutsche Bank AG, London Branch plans to price phoenix autocallable securities due May 8, 2019 linked to the lesser performing of the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund and the Financial Select Sector SPDR fund, according to an FWP filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon at an annual rate of 11% to 13% if each fund closes at or above its coupon barrier, 70% of its initial share price, on the observation date for that quarter.

The notes will be automatically called at par if each fund closes at or above its initial price on any quarterly call observation date.

The payout at maturity will be par unless the lesser performing fund finishes below its 70% knock-out price, in which case investors will be fully exposed to that fund’s decline from its initial price.

Deutsche Bank Securities Inc. is the agent.

The notes will price on Feb. 23.

The Cusip number is 25155MJK8.

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