What i see here is JPM doing what a large international bank does....offer products to raise cash.
QUOTE: "Deutsche Bank AG, London Branch (the “Issuer”) today announces the launch of a public offering of its Cash-Settled Equity Linked Notes Linked to the Common Stock of JPMorgan Chase & Co. due May 1, 2023 (the “Notes”)"
This offering is a public sale of Notes, NOT a payment to DB since they are named as the "issuer" as per the norm in every securities offering.
DB will be paid a fee for their services, they are not being paid the cash raised by the sale. The fact that the transaction is between JPM and DB is purely coincidental as they both are main players in transactions of this type.
QUOTE: "Deutsche Bank Securities Inc. is acting as Sole Bookrunner...ie DB is acting as the sole underwriter/manager of the offering, not the payee.