Published on 4/18/2011 in the Prospect News Structured Products Daily.
New Issue: Deutsche Bank prices $21.86 million autocallables tied to three currencies vs. yen
By Angela McDaniels
Tacoma, Wash., April 18 - Deutsche Bank AG, London Branch priced $21.86 million of 0% autocallable securities due April 18, 2013 linked to the performance of a basket of currencies relative to the Japanese yen, according to a 424B2 filing with the Securities and Exchange Commission.
The basket includes equal weights of the Australian dollar, the Canadian dollar and the Norwegian krone. The basket level will increase if the basket appreciates relative to the yen.
The notes will be called at par plus a premium of 11% per year if the basket closes at or above the initial basket level on Oct. 14, April 13, 2012, Oct. 15, 2012 or April 15, 2013.
If the notes are not called and the final basket level is at least 90% of the initial level, the payout at maturity will be par. Investors will lose 1.1111% for every 1% that the basket declines beyond 10%.
JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the agents.
| Issuer: | Deutsche Bank AG, London Branch
|
| Issue: | Autocallable securities
|
| Underlying currencies: | Australian dollar, Canadian dollar and Norwegian krone, equally weighted and each relative to the Japanese yen
|
| Amount: | $21,855,000
|
| Maturity: | April 18, 2013
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par if final basket level is at least 90% of initial basket level; otherwise, 1.1111% loss for every 1% that basket declines beyond 10%
|
| Call: | Automatically at par plus 11% per year if basket closes at or above initial basket level on Oct. 14, April 13, 2012, Oct. 15, 2012 or April 15, 2013
|
| Initial spot rates: | 87.777 yen per Australian dollar; 86.514 yen per Canadian dollar; 15.433 yen per krone
|
| Pricing date: | April 15
|
| Settlement date: | April 20
|
| Agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
|
| Fees: | 1.5%
|
| Cusip: | 2515A15V9
|
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