New Issue: Deutsche Bank prices $1.911 million CMS spread range notes

By Angela McDaniels

Seattle, Feb. 27 - Deutsche Bank AG, London Branch priced a $1.911 million offering of CMS (constant maturity swap) spread range notes due Feb. 28, 2022, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will bear interest at 7.75% for the first two years. After that, interest will accrue at 7.75% annually for each day the spread of the 30-year CMS rate over the two-year CMS rate is greater than or equal to zero. Interest will be payable quarterly.

The notes will be callable at par on any interest payment date beginning Feb. 28, 2009.

Issuer:	Deutsche Bank AG, London Branch
Issue:	CMS spread range notes
Amount:	$1.911 million
Maturity:	Feb. 28, 2022
Coupon:	7.75% for the first two years; subsequently, 7.75% multiplied by the proportion of days on which the spread of the 30-year CMS rate over the two-year CMS rate is equal to or greater than zero; payable quarterly
Price:	Par
Call:	On any interest payment dates beginning Feb. 28, 2009
Pricing date:	Feb. 23
Settlement date:	Feb. 28
Agents:	Deutsche Bank Securities Inc., Deutsche Bank Trust Co. Americas
Agent fees:	None

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