New Issue: Deutsche prices $41.79 million autocallable market-linked step-up notes on S&P 500

By Jennifer Chiou

New York, Dec. 29 – Deutsche Bank AG, London Branch priced $41,787,360 of 0% autocallable market-linked step-up notes due Dec. 22, 2017 tied to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par of $10 plus a call premium of 8.15% per year if the index closes at or above the initial level on either observation date: Jan. 8, 2016 or Dec. 23, 2016.

If the index finishes at or above the initial level, the payout at maturity will be par of $10 plus the greater of the step-up payment and the index return. The step-up payment is 25%.

Investors will be exposed to any index decline.

BofA Merrill Lynch is the underwriter.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Autocallable market-linked step-up notes
Underlying index:	S&P 500
Amount:	$41,787,360
Maturity:	Dec. 22, 2017
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index finishes above step-up value, par plus index return; if index stays flat or gains but finishes at or below step-up value, par plus 25%; exposure to any losses
Call:	Automatically at par plus call premium of 8.15% per year if index closes at or above the initial level on either observation date: Jan. 8, 2016 or Dec. 23, 2016
Initial index level:	2,082.17
Step-up value:	2,602.71, 125% of initial value
Pricing date:	Dec. 23
Settlement date:	Jan. 5
Underwriter:	BofA Merrill Lynch
Fees:	2%
Cusip:	25190A740

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