New Issue: Deutsche Bank sells $11.18 million capped return enhanced notes on S&P

By Wendy Van Sickle

Columbus, Ohio, Jan. 21 – Deutsche Bank AG, London Branch priced $11.18 million of 0% capped return enhanced notes due Jan. 25, 2017 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus triple any gain in the index, up to a maximum return of 18.21%. Investors will be exposed to all losses.

J.P. Morgan Securities LLC is the agent.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Capped return enhanced notes
Underlying index:	S&P 500
Amount:	$11.8 million
Maturity:	Jan. 25, 2017
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus triple index return, subject to 18.21% maximum return; if index return is negative, full exposure to decline
Initial level:	1,881.33
Pricing date:	Jan. 19
Settlement date:	Jan. 22
Agent:	J.P. Morgan Securities LLC,
Fees:	0.5%
Cusip:	25152RZJ5

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