Deutsche sets threshold for $300 million 1% cash-settled notes on Voya

By Susanna Moon

Chicago, March 16 – Deutsche Bank AG, London Branch said it set the threshold price and initial price of its $300 million of cash-settled equity-linked notes linked to the common stock of Voya Financial, Inc.

The threshold price was set at $69.83790, representing a 30% premium over the initial price of $53.72146, which equals the arithmetic average of the volume-weighted average prices of one share of Voya common stock over the five consecutive trading days from March 9 through March 15, according to a company press release.

As announced March 8, Deutsche Bank priced the cash-settled equity-linked notes linked to Voya common stock with a 1% coupon and a 30% threshold price.

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%.

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 bookrunner.

Deutsche Bank AG, London Branch is a subsidiary of Deutsche Bank AG, a Frankfurt-based global banking and financial services company.

Voya Financial is a New York-based investment and insurance company.

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