New York, March 8 – Deutsche Bank AG, London Branch priced $300 million of cash-settled equity-linked notes linked to the common stock of Voya Financial, Inc. with a 1% coupon and a 30% threshold price, according to a news release.
The deal came at the cheap end of talk for a coupon of 0.5% to 1% and the middle of talk for a threshold of 27.5% to 32.5%.
The threshold price will be set using the 30% premium to the initial price and the initial price will be the volume-weighted average prices of one share of Voya common stock over the five consecutive trading days beginning on, and including, March 9.
Deutsche will settle the notes in cash at maturity and the notes can be exchange or redeemed before maturity.
Deutsche Bank Securities Inc. was the sole bookrunner.
Deutsche Bank AG, London Branch is a subsidiary of Deutsche Bank AG, a Frankfurt, Germany-based global banking and financial services company.
Voya Financial is a New York, New York-based investment and insurance company.
| Issuer: | Deutsche Bank AG, London Branch
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| Issue: | Cash-settled equity-linked notes
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| Underlying stock: | Voya Financial, Inc.
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| Amount: | $300 million
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| Maturity: | May 1, 2023
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| Coupon: | 1%
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| Price: | Par
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| Threshold premium: | 30%
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| Call: | Non-callable
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| Bookrunner: | Deutsche Bank Securities Inc.
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| Pricing date: | March 8
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| Settlement date: | March 13
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| Distribution: | Off shelf
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