New Issue: Deutsche Bank sells $10 million review notes on Stoxx Banks index, SPDR Bank ETF

By Marisa Wong

Morgantown, W.Va., Dec. 11 – Deutsche Bank AG, London Branch priced $10 million of 0% review notes due Dec. 5, 2019 linked to the worse performing of the Euro Stoxx Banks index and the SPDR S&P Bank exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be automatically called at par plus a call premium of 9.46% per year if each underlying closes at or above the call level on Dec. 6, 2018, May 24, 2019 or Dec. 2, 2019. The call level will be 100% of the initial level for the first two review dates and 75% of the initial level for the final review date.

If the lesser performing underlying finishes at or above its trigger level, 60% of its initial level, the payout at maturity will be par. If the final level of the lesser performing underlying is less than its trigger level, investors will lose 1% for every 1% that the lesser performing underlying declines from its initial level.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Review notes
Underlying assets:	Euro Stoxx Banks index and the SPDR S&P Bank ETF
Amount:	$10 million
Maturity:	Dec. 5, 2019
Coupon:	0%
Price:	Par
Payout at maturity:	If lesser performing underlying finishes at or above trigger level, par; otherwise, 1% loss for every 1% that lesser performing underlying declines from initial level
Call:	Automatically at par plus call premium of 9.46% per year if each underlying closes at or above call level on Dec. 6, 2018, May 24, 2019 or Dec. 2, 2019; call level will be 100% of the initial level for the first two review dates and 75% of the initial level for the final review date
Initial levels:	132.19 for index $47.45 for ETF
Final call levels:	99.14 for index, $35.59 for ETF; 75% of initial levels
Trigger levels:	79.31 for index, $28.47 for ETF; 60% of initial levels
Final levels:	For each underlying, average of its closing levels on five trading days ending Dec. 2, 2019
Pricing date:	Nov. 30
Settlement date:	Dec. 5
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1.25%
Cusip:	25155MGE5

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