Deutsche Bank to price CMS slope steepener notes

By E. Janene Geiss

Philadelphia, April 11 - Deutsche Bank AG, London Branch plans to price an issue of principal-protected CMS slope steepener notes due May 2, 2022, according to an FWP filing with the Securities and Exchange Commission.

The notes are expected to price April 27 and settle May 2.

Interest will be variable and will be payable quarterly.

The notes will bear interest at a fixed rate of 12% for the first year. After May 2, 2008, the interest rate will equal 50 times the spread of the 30-year constant maturity swap (CMS) rate over the 10-year CMS rate. This rate will be reset quarterly and will be subject to a minimum interest rate of 0% and a maximum interest rate of 20%.

The notes are callable at par plus accrued interest on any interest payment date beginning in May 2008.

If the notes are not called, the payout at maturity will be par plus accrued interest.

Deutsche Bank Securities, Inc. and Deutsche Bank Trust Co. Americas will be the agents.

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