Obbligazione Kommerzbank AG 0% ( XS0889877485 ) in USD

Kommerzbank AG

100 USD ⇌

Germania

XS0889877485 ( in USD )

14/02/2014 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione COMMERZBANK AG XS0889877485 in USD 0%, scaduta

Commerzbank AG è una delle maggiori banche tedesche, attiva nei servizi finanziari per privati, aziende e istituzioni.

Un'analisi approfondita del mercato finanziario rivela che l'obbligazione con codice ISIN XS0889877485, un titolo zero-coupon denominato in USD emesso da COMMERZBANK AG, una delle principali istituzioni bancarie e finanziarie tedesche con sede in Germania, è giunta a scadenza il 14 febbraio 2014 ed è stata rimborsata integralmente al 100% del suo valore nominale.

COMMERZBANK AKTIENGESELLSCHAFT
Frankfurt am Main

Base Prospectus
dated 17 September 2015

relating to

Structured Notes

This document constitutes a base prospectus (the "Base Prospectus") according to
Article 5 (4) of Directive 2003/71/EC (the "Prospectus Directive") as amended
(which includes the amendments made by Directive 2010/73/EU (the "2010 PD
Amending Directive") to the extent that such amendments have been implemented
in a relevant Member State of the European Economic Area), as implemented by the
relevant provisions of the EU member states, in connection with Regulation 809/2004
of the European Commission (the "Commission Regulation").

The
Base
Prospectus
was
filed
with
the
Bundesanstalt
für
Finanzdienstleistungsaufsicht (the "BaFin") and will be published in electronic form
on the website of the Issuer (https://fim.commerzbank.com). BaFin examines the
Base Prospectus only in respect of its completeness, coherence and
comprehensibility pursuant to section 13 paragraph 1 sentence 2 German Securities
Prospectus Act (Wertpapierprospektgesetz).

CONTENT
SUMMARY.............................................................................................................. 8
SECTION A INTRODUCTION AND WARNINGS ................................................................................... 8
SECTION B ISSUER ..................................................................................................................... 10
SECTION C SECURITIES .............................................................................................................. 12
Bonus Structured Notes relating to one Underlying................................................... 13
Bonus Structured Notes relating to several Underlyings........................................... 14
Smart Bonus Structured Notes relating to one Underlying ....................................... 16
Smart Bonus Structured Notes relating to several Underlyings ............................... 19
Top Rank Structured Notes relating to several Underlyings ..................................... 22
ATM or OTM Call Structured Notes relating to one Underlying ................................. 22
ATM or OTM Call Structured Notes relating to several Underlyings......................... 22
Best of Call Structured Notes relating to several Underlyings .................................. 22
Worst of Call Structured Notes relating to several Underlyings................................ 23
Call Spread Structured Notes relating to one Underlying .......................................... 23
Call Spread Structured Notes relating to several Underlyings .................................. 24
Indicap Structured Notes relating to several Underlyings ......................................... 24
Booster Structured Notes relating to one Underlying ................................................ 25
Booster Structured Notes relating to several Underlyings ........................................ 25
Smart Booster Structured Notes relating to one Underlying ..................................... 25
Smart Booster Structured Notes relating to several Underlyings ............................. 28
Twin Win Booster Structured Notes relating to one Underlying ............................... 32
Twin Win Booster Structured Notes relating to several Underlyings ....................... 33
Lookback Structured Notes relating to one Underlying ............................................. 34
Lookback Structured Notes relating to several Underlyings ..................................... 35
Serenity Structured Notes relating to several Underlyings........................................ 35
Rainbow Structured Notes relating to several Underlyings ....................................... 36
Magnet Structured Notes relating to one or several Underlyings ............................. 36
Outperformance Call Structured Notes relating to several Underlyings .................. 36
Barrier Structured Notes relating to several Underlyings .......................................... 38
Smart Booster Call Spread Structured Notes relating to one Underlying ................ 39
Smart Booster Call Spread Structured Notes relating to several Underlyings ........ 44
Lookback HUP Structured Notes .................................................................................. 54
SECTION D RISKS....................................................................................................................... 58
Bonus Structured Notes relating to one Underlying................................................... 63
Bonus Structured Notes relating to several Underlyings........................................... 64
Smart Bonus Structured Notes relating to one Underlying ....................................... 65
Smart Bonus Structured Notes relating to several Underlyings ............................... 66
Top Rank Structured Notes relating to several Underlyings ..................................... 68
ATM or OTM Call Structured Notes relating to one Underlying ................................. 68
ATM or OTM Call Structured Notes relating to several Underlyings......................... 68
Best of Call Structured Notes relating to several Underlyings .................................. 68
Worst of Call Structured Notes relating to several Underlyings................................ 69
Call Spread Structured Notes relating to one Underlying .......................................... 69
Call Spread Structured Notes relating to several Underlyings .................................. 69
Indicap Structured Notes relating to several Underlyings ......................................... 70
Booster Structured Notes relating to one Underlying ................................................ 70
Booster Structured Notes relating to several Underlyings ........................................ 70
Smart Booster Structured Notes relating to one Underlying ..................................... 70
Smart Booster Structured Notes relating to several Underlyings ............................. 72
Twin Win Booster Structured Notes relating to one Underlying ............................... 74
Twin Win Booster Structured Notes relating to several Underlyings ....................... 75
Lookback Structured Notes relating to one Underlying ............................................. 76
Lookback Structured Notes relating to several Underlyings ..................................... 76
Serenity Structured Notes relating to several Underlyings........................................ 76
Rainbow Structured Notes relating to several Underlyings ....................................... 77
Magnet Structured Notes relating to one or several Underlyings ............................. 77
- 2 -

Outperformance Call Structured Notes relating to several Underlyings .................. 77
Barrier Structured Notes relating to several Underlyings .......................................... 78
Smart Booster Call Spread Structured Notes relating to one Underlying ................ 79
Smart Booster Call Spread Structured Notes relating to several Underlyings ........ 82
Lookback HUP Structured Notes .................................................................................. 89
SECTION E OFFER ...................................................................................................................... 91
RISK FACTORS ....................................................................................................92
RISK FACTORS RELATING TO THE NOTES ........................................................................................ 93
General risks ................................................................................................................... 93
Deviation of the initial issue price from the market value and impact of incidental
costs ............................................................................................................. 94
Trading in the Notes, reduction in liquidity.............................................................. 94
Determination of the price of the Notes in the secondary market .......................... 94
Restricted secondary trading because of non-availability of electronic trading
systems ........................................................................................................ 95
No secondary market immediately prior to final maturity ....................................... 95
Conflicts of interest ................................................................................................. 95
Hedging risks .......................................................................................................... 96
Negative impact on value of Notes due to hedging activities by the Issuer ........... 96
Interest rate, inflationary and market risks.............................................................. 96
Offer volume ........................................................................................................... 96
Use of loans ............................................................................................................ 96
Transaction costs.................................................................................................... 96
Notes are unsecured obligations (Status) .............................................................. 97
Impact of a downgrading of the credit rating .......................................................... 97
Adjustments and Extraordinary Termination .......................................................... 97
Redemption only upon maturity; sale of the Notes................................................. 97
Applicability of investment restrictions.................................................................... 98
Taxes and other duties ........................................................................................... 98
Financial Transaction Tax....................................................................................... 98
U.S. Foreign Account Tax Compliance Act Withholding ........................................ 99
U.S. Hiring Incentives to Restore Employment Act withholding may affect
payments on the Notes .............................................................................. 100
Substitution of the Issuer ...................................................................................... 100
Change of law ....................................................................................................... 100
Governing law ....................................................................................................... 100
Disruption event .................................................................................................... 101
No claim against the issuer of an Underlying ....................................................... 101
Special risks .................................................................................................................. 101
Dependency of the redemption of the Notes on the performance of one Underlying
Bonus Structured Notes .......................................................................... 101
Dependency of the redemption of the Notes on the performance of several
Underlyings Bonus Structured Notes ...................................................... 102
Dependency of the redemption of the Notes on the performance of one Underlying
Smart Bonus Structured Notes................................................................ 104
Dependency of the redemption of the Notes on the performance of several
Underlyings Smart Bonus Structured Notes ........................................... 106
Dependency of the redemption of the Notes on the performance of several
Underlyings Top Rank Structured Notes................................................. 108
Dependency of the redemption of the Notes on the performance of one Underlying
ATM or OTM Call Structured Notes ........................................................ 109
Dependency of the redemption of the Notes on the performance of several
Underlyings ATM or OTM Call Structured Notes .................................... 109
Dependency of the redemption of the Notes on the performance of several
Underlyings Best of Call Structured Notes .............................................. 109
Dependency of the redemption of the Notes on the performance of several
Underlyings Worst of Call Structured Notes............................................ 110
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Dependency of the redemption of the Notes on the performance of one Underlying
Call Spread Structured Notes.................................................................. 110
Dependency of the redemption of the Notes on the performance of several
Underlyings Call Spread Structured Notes ............................................. 111
Dependency of the redemption of the Notes on the performance of several
Underlyings Indicap Structured Notes..................................................... 112
Dependency of the redemption of the Notes on the performance of one Underlying
Booster Structured Notes ........................................................................ 112
Dependency of the redemption of the Notes on the performance of several
Underlyings Booster Structured Notes .................................................... 112
Dependency of the redemption of the Notes on the performance of one Underlying
Smart Booster Structured Notes ............................................................. 113
Dependency of the redemption of the Notes on the performance of several
Underlyings Smart Booster Structured Notes ......................................... 115
Dependency of the redemption of the Notes on the performance of one Underlying
Twin Win Booster Structured Notes ........................................................ 120
Dependency of the redemption of the Notes on the performance of several
Underlyings Twin Win Booster Structured Notes .................................... 121
Dependency of the redemption of the Notes on the performance of one Underlying
Lookback Structured Notes ..................................................................... 122
Dependency of the redemption of the Notes on the performance of several
Underlyings Lookback Structured Notes ................................................. 123
Dependency of the redemption of the Notes on the performance of several
Underlyings Serenity Structured Notes ................................................... 123
Dependency of the redemption of the Notes on the performance of several
Underlyings Rainbow Structured Notes .................................................. 124
Dependency of the redemption of the Notes on the performance of one or several
Underlyings Magnet Structured Notes .................................................... 124
Dependency of the redemption of the Notes on the performance of several
Underlyings Outperformance Call Structured Notes ............................... 124
Dependency of the redemption of the Notes on the performance of several
Underlyings Barrier Structured Notes...................................................... 126
Dependency of the redemption of the Notes on the performance of one Underlying
Smart Booster Call Spread Structured Notes ......................................... 127
Dependency of the redemption of the Notes on the performance of several
Underlyings Smart Booster Call Spread Structured Notes ..................... 133
Dependency of the redemption of the Notes on the performance of an Underlying
Lookback HUP Structured Notes ............................................................... 145
Best Performing Underlying.................................................................................. 145
Worst Performing Underlying ............................................................................... 145
No interest payments or other distributions .......................................................... 145
Participation in the performance of the Underlying(s) .......................................... 145
Continuous price of the Underlying and price of the Underlying on a valuation date
(American barrier)....................................................................................... 145
Maximum amount ................................................................................................. 146
Disruption event and postponement of payments ................................................ 146
Dependency of the redemption amount of the Notes on the performance of the
conversion rate ........................................................................................... 146
Dependency of the Redemption Amount on one or several return factors .......... 146
Dependency of the Redemption Amount when a pre-determined number is
subtracted from a performance .................................................................. 146
Dependency of the Redemption Amount when a performance is subtracted from a
pre-determined number .............................................................................. 147
Risks in relation to several Underlyings (correlation) ........................................... 147
Leverage effect ..................................................................................................... 147
Underlying share................................................................................................... 148
Underlying index (price index) .............................................................................. 149
Underlying index (performance index).................................................................. 150
Underlying funds................................................................................................... 151
Particular risks in relation to funds of funds..................................................... 152
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Particular risks in relation to hedge fund units................................................. 153
Particular risks in relation to funds of hedge funds.......................................... 154
Particular risks in relation to exchange traded funds....................................... 154
Particular risks in relation to property funds .................................................... 154
Underlying metals ................................................................................................. 155
Underlying futures contracts ................................................................................. 156
Futures Contracts on Indices........................................................................... 158
Futures Contracts on Bonds............................................................................ 158
RISK FACTORS RELATING TO COMMERZBANK GROUP ............................................................. 159
GENERAL INFORMATION .................................................................................160
RESPONSIBILITY STATEMENT ....................................................................................................... 160
IMPORTANT NOTE REGARDING THIS BASE PROSPECTUS................................................................ 160
INFORMATION RELATING TO THE NOTES........................................................................................ 161
OFFER AND SALE......................................................................................................................... 161
PRICING
.............................................................................................................................. 161
SETTLEMENT PROCEDURE ........................................................................................................... 161
LISTING AND TRADING ................................................................................................................. 161
CONSENT TO THE USE OF THE BASE PROSPECTUS AND THE FINAL TERMS..................................... 162
INCREASES OF NOTES ................................................................................................................. 162
CALCULATION AGENT .................................................................................................................. 162
INFORMATION REGARDING THE UNDERLYING(S) ............................................................................ 163
POST-ISSUANCE INFORMATION..................................................................................................... 163
COMMERZBANK AKTIENGESELLSCHAFT .....................................................164
DOCUMENTS INCORPORATED BY REFERENCE................................................................................ 164
FUNCTIONALITY OF THE NOTES .....................................................................167
FUNCTIONALITY OF THE NOTES DURING THEIR TERM ..................................................................... 167
Payments ....................................................................................................................... 167
Payment of Fixed Amounts.......................................................................................... 167
FUNCTIONALITY OF THE NOTES AT MATURITY................................................................................ 167
Bonus Structured Notes relating to one Underlying................................................. 167
Bonus Structured Notes relating to several Underlyings......................................... 172
Smart Bonus Structured Notes relating to one Underlying ..................................... 179
Smart Bonus Structured Notes relating to several Underlyings ............................. 189
Top Rank Structured Notes relating to several Underlyings ................................... 200
ATM or OTM Call Structured Notes relating to one Underlying ............................... 201
ATM or OTM Call Structured Notes relating to several Underlyings....................... 202
Best of Call Structured Notes relating to several Underlyings ................................ 202
Worst of Call Structured Notes relating to several Underlyings.............................. 203
Call Spread Structured Notes relating to one Underlying ........................................ 204
Call Spread Structured Notes relating to several Underlyings ................................ 206
Indicap Structured Notes relating to several Underlyings ....................................... 209
Booster Structured Notes relating to one Underlying .............................................. 210
Booster Structured Notes relating to several Underlyings ...................................... 211
Smart Booster Structured Notes relating to one Underlying ................................... 212
Smart Booster Structured Notes relating to several Underlyings ........................... 218
Twin Win Booster Structured Notes relating to one Underlying ............................. 230
Twin Win Booster Structured Notes relating to several Underlyings ..................... 233
Lookback Structured Notes relating to one Underlying ........................................... 237
Lookback Structured Notes relating to several Underlyings ................................... 238
- 5 -

Serenity Structured Notes relating to several Underlyings...................................... 240
Rainbow Structured Notes relating to several Underlyings ..................................... 240
Magnet Structured Notes relating to one or several Underlyings ........................... 241
Outperformance Call Structured Notes relating to several Underlyings ................ 242
Barrier Structured Notes relating to several Underlyings ........................................ 247
Smart Booster Call Spread Structured Notes relating to one Underlying .............. 250
Smart Booster Call Spread Structured Notes relating to several Underlyings ...... 263
Lookback HUP Structured Notes ................................................................................ 290
TAXATION...........................................................................................................292
EU SAVINGS DIRECTIVE .............................................................................................................. 292
FEDERAL REPUBLIC OF GERMANY ............................................................................................... 292
1.
Income taxation .......................................................................................... 293
2.
Inheritance and Gift Tax ............................................................................. 295
3.
Other Taxes................................................................................................ 295
4.
EU Savings Directive.................................................................................. 295
LUXEMBOURG ............................................................................................................................. 295
FINLAND
296
NORWAY
296
1.
Foreign investors ........................................................................................ 297
2.
Domestic investors ..................................................................................... 297
SWEDEN
297
1.
Taxation in Sweden General ................................................................... 297
2.
Sweden Withholding Tax............................................................................ 298
THE PROPOSED FINANCIAL TRANSACTIONS TAX ............................................................................ 298
U.S. FOREIGN ACCOUNT TAX COMPLIANCE ACT WITHHOLDING.................................................... 298
U.S. HIRING INCENTIVES TO RESTORE EMPLOYMENT ACT ............................................................ 299
SELLING RESTRICTIONS ..................................................................................300
EUROPEAN ECONOMIC AREA ....................................................................................................... 300
SWEDEN
301
FINLAND
301
NORWAY
301
UNITED STATES OF AMERICA ....................................................................................................... 301
TERMS AND CONDITIONS ................................................................................303
AND FORM OF FINAL TERMS...........................................................................303
TERMS AND CONDITIONS FOR STRUCTURED NOTES ...................................................................... 304
Bonus Structured Notes relating to one Underlying................................................. 348
Bonus Structured Notes relating to several Underlyings......................................... 350
Smart Bonus Structured Notes relating to one Underlying ..................................... 353
Smart Bonus Structured Notes relating to several Underlyings ............................. 357
Top Rank Structured Notes relating to several Underlyings ................................... 361
ATM or OTM Call Structured Notes relating to one Underlying ............................... 362
ATM or OTM Call Structured Notes relating to several Underlyings....................... 362
Best of Call Structured Notes relating to several Underlyings ................................ 362
Worst of Call Structured Notes relating to several Underlyings.............................. 363
Call Spread Structured Notes relating to one Underlying ........................................ 363
Call Spread Structured Notes relating to several Underlyings ................................ 364
Indicap Structured Notes relating to several Underlyings ....................................... 365
Booster Structured Notes relating to one Underlying .............................................. 366
Booster Structured Notes relating to several Underlyings ...................................... 366
- 6 -

Smart Booster Structured Notes relating to one Underlying ................................... 367
Smart Booster Structured Notes relating to several Underlyings ........................... 370
Twin Win Booster Structured Notes relating to one Underlying ............................. 377
Twin Win Booster Structured Notes relating to several Underlyings ..................... 378
Lookback Structured Notes relating to one Underlying ........................................... 381
Lookback Structured Notes relating to several Underlyings ................................... 381
Serenity Structured Notes relating to several Underlyings...................................... 382
Rainbow Structured Notes relating to several Underlyings ..................................... 383
Magnet Structured Notes relating to one or several Underlyings ........................... 383
Outperformance Call Structured Notes relating to several Underlyings ................ 383
Barrier Structured Notes relating to several Underlyings ........................................ 386
Smart Booster Call Spread Structured Notes relating to one Underlying .............. 388
Smart Booster Call Spread Structured Notes relating to several Underlyings ...... 394
TERMS AND CONDITIONS FOR LOOKBACK HUP STRUCTURED NOTES ........................................... 427
FORM OF FINAL TERMS FOR STRUCTURED NOTES ....................................441
SIGNATURES......................................................................................................448

- 7 -

SUMMARY

Summaries are made up of disclosure requirements known as "Elements". These Elements are
numbered in Sections A E (A.1 E.7).

This summary contains all the Elements required to be included in a summary for this type of
securities and Issuer. There may be gaps in the numbering sequence of the Elements in cases where
Elements are not required to be addressed.

Even though an Element may be required to be inserted in the summary because of the type of
securities and Issuer, it is possible that no relevant information can be given regarding the Element. In
this case a short description of the Element is included in the summary with the mention of `- not
applicable -'.

Section A Introduction and Warnings

Element
Description of
Disclosure requirement
Element

A.1
Warnings
This summary should be read as an introduction to the base
prospectus (the "Base Prospectus") and the relevant Final Terms.
Investors should base any decision to invest in the securities issued
under the Base Prospectus (the "Structured Notes" or "Notes") in
consideration of the Base Prospectus as a whole and the relevant
Final Terms.

Where a claim relating to information contained in the Base
Prospectus is brought before a court in a member state of the
European Economic Area, the plaintiff investor may, under the
national legislation of such member state, be required to bear the
costs for the translation of the Base Prospectus and the Final Terms
before the legal proceedings are initiated.

Civil liability attaches to those persons who are responsible for the
drawing up of the summary, including any translation thereof, or for
the issuing of the Base Prospectus, but only if the summary is
misleading, inaccurate or inconsistent when read together with the
other parts of the Base Prospectus or it does not provide, when read
together with the other parts of the Base Prospectus, all necessary
key information.

A.2
Consent to the
[- not applicable -
use of the

Prospectus
The Issuer has not granted consent to use the Base Prospectus and
the Final Terms for the subsequent resale or final placement of the
Notes by any financial intermediary.]

[[The Issuer hereby grants consent to use the Base Prospectus and
the Final Terms for the subsequent resale or final placement of the
Notes by any financial intermediary.]

[The Issuer hereby grants consent to use the Base Prospectus and
the Final Terms for the subsequent resale or final placement of the
Notes by the following financial intermediar[y][ies]: [name(s) and
address(es) of financial intermediar(y)(ies)]]

[The offer period within which subsequent resale or final placement
of Notes by financial intermediaries can be made, is valid only as
long as the Base Prospectus and the Final Terms are valid in
- 8 -

accordance with Article 9 of the Prospectus Directive as
implemented in the relevant Member State [and in the period from
[start date] to [end date]].

The consent to use the Base Prospectus and the Final Terms is
granted only in relation to the following Member State(s): [relevant
Member State(s)].

The consent to use the Base Prospectus including any supplements
as well as any corresponding Final Terms is subject to the condition
that (i) the Base Prospectus and the respective Final Terms are
delivered to potential investors only together with any supplements
published before such delivery and (ii) when using the Base
Prospectus and the respective Final Terms, each financial
intermediary must make certain that it complies with all applicable
laws and regulations in force in the respective jurisdictions.

In the event of an offer being made by a financial intermediary,
this financial intermediary will provide information to investors
on the terms and conditions of the offer at the time of that
offer.]

- 9 -

Section B Issuer

Element
Description of
Disclosure requirement
Element

B.1
Legal and
The legal name of the Bank is COMMERZBANK Aktiengesellschaft
Commercial
(the "Issuer", the "Bank" or "COMMERZBANK", together with its
Name of the
consolidated subsidiaries "COMMERZBANK Group" or the
Issuer
"Group")
and
the
commercial
name
of
the
Bank
is

COMMERZBANK.

B.2
Domicile / Legal
The Bank's registered office is in Frankfurt am Main and its head
Form /
office is at Kaiserstraße 16 (Kaiserplatz), 60311 Frankfurt am Main,
Legislation /
Federal Republic of Germany.
Country of

Incorporation
COMMERZBANK is a stock corporation established under German
law in the Federal Republic of Germany.

B.4b
Known trends
The global financial market crisis and sovereign debt crisis in the
affecting the
eurozone in particular have put a very significant strain on the net
Issuer and the
assets, financial position and results of operations of the Group in
industries in
the past, and it can be assumed that further materially adverse
which it operates
effects for the Group can also result in the future, in particular in the

event of a renewed escalation of the crisis.

B.5
Organisational
COMMERZBANK is the parent company of COMMERZBANK
Structure
Group. COMMERZBANK Group holds directly and indirectly equity

participations in various companies.

B.9
Profit forecasts or - not applicable -
estimates

The Issuer currently does not make profit forecasts or estimates.

B.10
Qualifications in
- not applicable -
the auditors'

report on the
Unqualified auditors' reports have been issued on the historical
historical financial financial information contained in this Base Prospectus.
information

B.12
Selected key
The following table sets forth selected key financial information of
financial
COMMERZBANK Group which has been derived from the
information
respective audited consolidated financial statements prepared in

accordance with IFRS as of 31 December 2013 and 2014 as well as
from the consolidated interim financial statements as of 30 June
2015 (reviewed):

31 December
31 December
30 June
Balance Sheet (m)
2013*)
2014
2015

Total assets .................................................
5 .
4..
9.,..
6..
5..
4. ....
557,609
561,022
Equity ...........................................................
2..
6.,..
933
26,960
29,810

January December
January June
Income Statement
2013*)
2014
2014
2015
(m)

Operating profit ..............................
7 ..
31
684
581
1,070
Pre-tax profit or loss .......................
2 ..
3 ..
8 . ....
623
581
1,004
Consolidated profit or
81
264
300
646
loss**)................................

- 10 -