NEW YORK--(BUSINESS WIRE)--Deutsche Bank today announced that it expects the staff of the New York Stock Exchange Arca (the “NYSE Arca”) to commence proceedings to delist the DB Base Metals Long Exchange Traded Notes (the “ETN”; ticker “BDG”) from the NYSE Arca, because the ETN has fallen below the NYSE Arca’s continued listing standard requiring the ETN to maintain an aggregate market value of at least $400,000. As previously announced, further issuances of the ETN were suspended on January 1, 2016.
We expect the NYSE Arca to announce the commencement of delisting proceedings and the suspension of trading for the ETN in the next several weeks. Following the delisting, the ETN may trade, if at all, on an over-the-counter basis.
The ETN holders’ option to require Deutsche Bank AG to repurchase the ETN will not be affected by this delisting. As was previously announced on March 15, 2016, the redemption unit size of the ETN has been reduced to 100 notes (or integral multiples of 100 notes in excess thereof) on the 15th calendar day of each month (or, if such 15th calendar day is not a trading day, the trading day immediately thereafter). The redemption unit size for the rest of each month remains 5,000 notes (and integral multiples of 5,000 notes in excess thereof). The next day on which holders of the ETN can exercise their repurchase right with the reduced redemption unit size of 100 notes is September 15, 2016.
As a result of the delisting, intraday indicative values for the ETN will no longer be published. However, it is expected that the daily repurchase values and number of notes outstanding for the ETN will continue to be published on the Bloomberg pages set forth below:
|Daily repurchase value:||“BDGRP”|
|Number of notes outstanding:||“BDGSO”|
If the ETN is delisted, there will likely be insufficient liquidity in the ETN to allow holders of the ETN to trade or sell the ETN when desired, and the ETN may trade at a significant discount to its intraday indicative value. In addition, holders of the ETN may not be able to exercise their repurchase option if there is not enough liquidity in the ETN to allow holders to purchase additional notes in the secondary market in order to hold the minimum redemption unit size required for repurchase.
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Deutsche Bank provides commercial and investment banking, retail banking, transaction banking and asset and wealth management products and services to corporations, governments, institutional investors, small and medium-sized businesses, and private individuals. Deutsche Bank is Germany’s leading bank, with a strong position in Europe and a significant presence in the Americas and Asia Pacific.
This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our revenues and in which we hold a substantial portion of our assets, the development of asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 11 March 2016 under the heading “Risk Factors.” Copies of this document are readily available upon request or can be downloaded from www.db.com/ir.