New Issue: Deutsche Bank prices $7.91 million callable contingent yield notes on indexes

By Marisa Wong

Morgantown, W.Va., Feb. 14 – Deutsche Bank AG, London Branch priced $7.91 million of callable contingent yield securities due Feb. 13, 2020 linked to the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon at an annual rate of 7.75% if each index closes at or above its barrier, 60% of its initial level, on the observation period for that quarter.

The notes will be callable at par on any coupon payment date after six months.

The payout at maturity will be par plus the contingent coupon unless either index finishes below its 60% trigger level, in which case investors will be fully exposed to any losses of the worst performing index.

Deutsche Bank Securities Inc. is the agent.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Callable contingent yield securities
Underlying indexes:	S&P 500, Russell 2000
Amount:	$7,914,000
Maturity:	Feb. 13, 2020
Coupon:	7.75%, payable quarterly if each index closes at or above barrier level on quarterly observation date
Price:	Par of $1,000
Payout at maturity:	Par unless either index finishes below trigger level, in which case 1% loss for each 1% decline of the worst performing index
Call option:	At par on any coupon payment date after six months
Initial levels:	1,388.844 for Russell, 2,316.10 for S&P
Barrier/trigger levels:	833.306 for Russell, 1,389.66 for S&P; 60% of initial levels
Pricing date:	Feb. 10
Settlement date:	Feb. 15
Agent:	Deutsche Bank Securities Inc.
Fees:	0.75%
Cusip:	25152R6W8

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