By Angela McDaniels
Tacoma, Wash., May 28 - Deutsche Bank AG, London Branch priced $126.59 million of 0% knock-out notes due July 21, 2015 linked to the performance of West Texas Intermediate crude oil, according to a 424B2 filing with the Securities and Exchange Commission.
A knock-out event occurs if the final price of oil is less than 79.9% of the initial price of oil.
If a knock-out event has not occurred, the payout at maturity will be par plus the greater of 6.5% and the oil return. If a knock-out event has occurred, investors will have one-to-one exposure to the decline in the oil price.
The final price of oil will be the average of the closing prices of oil on each of the five trading days ending July 16, 2015.
JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the agents.
| Issuer: | Deutsche Bank AG, London Branch
|
| Issue: | Knock-out notes
|
| Underlying commodity: | West Texas Intermediate crude oil
|
| Amount: | $126.95 million
|
| Maturity: | July 21, 2015
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If final price of oil is less than knock-out price, one-to-one exposure to decline in oil price; otherwise, par plus greater of 6.5% and oil return
|
| Initial oil price: | $104.35
|
| Final oil price: | Average of closing prices of oil on five trading days ending July 16, 2015
|
| Knock-out price: | $83.38, 79.9% of initial price
|
| Pricing date: | May 23
|
| Settlement date: | May 29
|
| Agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
|
| Fees: | 1.2%
|
| Cusip: | 25152RKH5
|
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