Deutsche Bank to price phoenix autocallables linked to VeriFone.com

By Toni Weeks

San Luis Obispo, Calif., May 5 – Deutsche Bank AG, London Branch plans to price phoenix autocallable securities due May 25, 2016 linked to the common stock of VeriFone Systems, Inc., according to an FWP filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon at the rate of 11.7% per year if VeriFone shares close at or above the barrier price, 75% of the initial share price, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter.

The notes will be called at par plus the contingent coupon if the stock closes at or above the initial price on any quarterly observation date.

If the notes are not called and the shares finish at or above the 75% trigger price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will lose 1% for every 1% that the final share price is less than the initial share price.

The final share price will be the average of the closing share prices on the five trading days ending May 20, 2016.

JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the placement agents.

The notes are expected to price May 8 and settle May 13.

The Cusip number is 25152RE33.

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