Deutsche Bank plans bearish phoenix autocallables linked to crude oil

By Susanna Moon

Chicago, March 17 – Deutsche Bank AG, London Branch plans to price bearish phoenix autocallable securities due Sept. 22, 2016 linked to the inverse performance of the West Texas Intermediate crude oil futures contracts, according to an FWP filing with the Securities and Exchange Commission.

The notes will pay a contingent coupon of 5.5% if the price of crude closes at or above its coupon barrier level, 130% of its initial level, on each observation date. The exact coupon will be set at pricing.

The notes will be called at par plus the contingent coupon if each the closes at or below its initial level on any observation date.

The payout at maturity will be par plus the contingent coupon unless the index finishes above its 130% buffer level, in which case investors will lose 1.4286% for each 1% gain above the 30% buffer.

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

The notes will price on March 18 and settle on March 23.

The Cusip number is 2515A1N72.

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