Deutsche Bank plans to price notes linked to DB Liquid Commodity index

By E. Janene Geiss

Philadelphia, March 31 - Deutsche Bank AG, London Branch plans to price zero-coupon non-principal protected notes due May 7, 2009 linked to the Deutsche Bank Liquid Commodity Index - Optimum Yield Excess Return, according to an FWP filing with the Securities and Exchange Commission.

The notes will pay a coupon quarterly based on the Libor rate less 12 basis points.

The payout at maturity will be par of $10,000 plus or minus three times the index performance, with a 1.2% adjustment factor subtracted.

Holders can redeem the notes early, in which case the payout will be the same as at maturity except the index performance will be discounted by the Libor borrowing cost between the redemption date and the maturity date.

The notes are expected to price April 2 and settle April 7.

Deutsche Bank Securities Inc. and Deutsche Bank Trust Co. Americas are the underwriters.

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