Deutsche Bank to price variable coupon notes linked to Russell, S&P

By Angela McDaniels

Tacoma, Wash., Sept. 6 – Deutsche Bank AG, London Branch plans to price securities due Sept. 30, 2021 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable annually. If each index closes at or above its initial level on the observation date for that year, the notes will pay the 1% base coupon and the additional coupon – expected to be 7% to 9% – plus any previously unpaid additional coupons. If either index closes below its initial level on the observation date, the notes will pay only the 1% base coupon that year.

The payout at maturity will be par unless the lesser-performing index finishes below its trigger level, 50% of its initial level, in which case investors will be fully exposed to the decline of the lesser-performing index from its initial level.

Deutsche Bank Securities Inc. is the agent.

The notes will price Sept. 27.

The Cusip number is 25152R5A7.

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