HM, I am not trying to parse every single word ~~~.. but the news said "Cash-Settled Equity Linked Notes Linked to the Common Stock of JPMorgan Chase & Co. due May 1, 2023".
So there is the word "cash-settled". Then it has a close maturity date.
The fact that it is linked to JPM stock is like you said the old P and K WAMU preferred which were tied to the health of WAMU, in this case JPM. And so if JPM goes belly up then the notes go belly up too. But it is not going to happen in the next 6-10 years if ever. But the notes have a fixed rate. It is just like the mortgage of a house, you pay in installment for 15 years or 30 years. In this case, it is possible that JPM is paying DB with installments every 6 months until it is paid off.
I am interested to know if this is JPM paying DB because if it is then it will serve as model of how we will be paid. And that validates KCC position that we will be paid through our stock broker. It has happened with PIERS receiving runoff notes in the brokerage account.
I understand that 99% of what RD posted is not our money but please look closely at this one. It is not our money but close, if DB gets paid then we are not far away.