Published on 6/10/2014 in the Prospect News Structured Products Daily.
New Issue: Deutsche Bank prices $3.85 million review notes tied to WTI crude oil
By Jennifer Chiou
New York, June 10 – Deutsche Bank AG, London Branch priced $3,853,000 of 0% review notes due July 9, 2015 linked to WTI crude oil futures contracts, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annualized premium of 10% if the futures contract price closes at or above the applicable call price on a quarterly review date. The call price is equal to the initial price on the first review date, 97.5% of the initial price on the second review date, 92.5% of the initial price on the third review date and 85% of the initial price on the final review date.
If the notes are not called, the payout at maturity will be par if the underlying return is at least negative 20%. Investors will be otherwise fully exposed to losses.
J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
Issuer: | Deutsche Bank AG, London Branch
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Issue: | Review notes
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Underlying asset: | WTI crude oil futures contracts
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Amount: | $3,853,000
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Maturity: | July 9, 2015
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par if underlying return is at least negative 20%; otherwise, full exposure to losses
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Call: | Automatically at par plus 10% per year if futures contract price closes at or above applicable call price on a quarterly review date; call price is equal to initial price on first review date, 97.5% of initial price on second review date, 92.5% of initial price on third review date and 85% of initial price on final review date
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Initial price: | $100.60
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Trigger price: | $82.13, 80% of the initial price
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Final price: | Average of closing prices on five averaging dates ending July 6, 2015
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Pricing date: | June 6
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Settlement date: | June 11
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Agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA (placement)
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Fees: | 0.85%
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Cusip: | 25152RKU6
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