Deutsche Bank to price 15-year CMS spread range notes with 7.15%-7.65% base rate

By Angela McDaniels

Seattle, July 3 - Deutsche Bank AG, London Branch plans to price an issue of CMS spread range notes due July 30, 2022, according to an FWP filing with the Securities and Exchange Commission.

The notes are expected to price on July 25 and settle on July 30.

Interest will accrue at the base rate - expected to be 7.15% to 7.65% per year - for the first year. After that, interest will be reset quarterly and will equal the base rate multiplied by the proportion of days on which the spread of the 30-year Constant Maturity Swap (CMS) rate over the two-year CMS rate is at least zero.

Interest is payable quarterly.

The notes will be callable at par on any interest payment date beginning in July 2008.

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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