By Marisa Wong
Madison, Wis., May 3 - Deutsche Bank AG, London Branch priced $2.89 million of 0% knock-out notes due May 16, 2012 linked to HSBC Holdings plc American Depositary Shares, according to a 424B2 filing with the Securities and Exchange Commission.
JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the agents.
A knock-out event occurs if HSBC shares fall by more than 20% during the life of the notes.
If a knock-out event has occurred, the payout at maturity will be par plus the ADS return, with exposure to losses.
If a knock-out event has not occurred, the payout will be par plus any gain in the ADS price, with a contingent minimum return of 7.7%.
In either case, the maximum payout at maturity will be $1,200 for each $1,000 principal amount.
| Issuer: | Deutsche Bank AG, London Branch
|
| Issue: | Knock-out notes
|
| Underlying ADS: | HSBC Holdings plc
|
| Amount: | $2,885,000
|
| Maturity: | May 16, 2012
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If ADS price falls by more than 20% during the life of the notes, par plus HSBC ADS return; otherwise, par plus any ADS price gain, floored at 7.7%; in both cases, return capped at 20%
|
| Initial price: | $54.45
|
| Pricing date: | April 29
|
| Settlement date: | May 4
|
| Agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 2515A16B2
|
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