Published on 2/20/2013 in the Prospect News Structured Products Daily.
New Issue: Deutsche Bank prices $4.14 million trigger phoenix notes linked to Euro Stoxx, S&P 500
By Angela McDaniels
Tacoma, Wash., Feb. 20 - Deutsche Bank AG, London Branch priced $4.14 million of trigger phoenix autocallable optimization securities due Feb. 22, 2018 linked to the Euro Stoxx 50 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each index closes at or above its trigger level, 66.53% of its initial level, on a quarterly observation date, the notes will pay a contingent coupon of 8% per year for that quarter. Otherwise, no coupon will be paid that quarter.
Beginning one year after issuance, the notes will be called at par of $10 plus the contingent coupon if both indexes close at or above their initial levels on any quarterly observation date.
If the notes are not called, the payout at maturity will be par plus the contingent coupon unless the lesser-performing index finishes below its trigger level, in which case investors will be fully exposed to the decline of the lesser-performing index.
UBS Financial Services Inc. and Deutsche Bank Securities Inc. are the underwriters.
| Issuer: | Deutsche Bank AG, London Branch
|
| Issue: | Trigger phoenix autocallable optimization securities
|
| Underlying indexes: | Euro Stoxx 50 and S&P 500
|
| Amount: | $4,142,540
|
| Maturity: | Feb. 22, 2018
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| Coupon: | If both indexes close at or above trigger levels on quarterly observation date, notes pay contingent coupon of 8% per year that quarter; otherwise, no coupon will be paid that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | Par plus contingent coupon unless lesser-performing index finishes below trigger level, in which case full exposure to decline of lesser-performing index
|
| Call: | Non-callable for one year; then notes will be automatically called at par plus contingent coupon if both indexes close at or above initial levels on any quarterly observation date
|
| Initial index levels: | 2,615.26 for Euro Stoxx 50 and 1,519.79 for S&P 500
|
| Trigger levels: | 1,739.92 for Euro Stoxx 50 and 1,011.12 for S&P 500; 66.53% of initial levels
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| Pricing date: | Feb. 15
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| Settlement date: | Feb. 21
|
| Underwriters: | UBS Financial Services Inc. and Deutsche Bank Securities Inc.
|
| Fees: | 2.5%
|
| Cusip: | 25154S299
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