By Laura Lutz
Des Moines, Jan. 31 - Deutsche Bank AG, London Branch priced $16.63 million of 0% buffered securities due March 30, 2009 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be 50% of the payout for the S&P 500 index plus 50% of the payout for the Russell 2000 index:
• If an index stays within its barrier range during the life of the notes and finishes at or above its initial level, the payout for that index will be par plus 190% of the gain on that index;
• If the index stays within the barrier range during the life of the notes and finishes below its initial level, the payout will be par plus the absolute value of the index decline;
• If the index closes above its upper barrier or below its lower barrier during the life of the notes and finishes at or above 85% of its initial level, the payout for that index will be par; and
• If the index closes outside the barrier range during the life of the notes and finishes below 85% of its initial level, the payout for that index will be par minus 1% for each 1% that the index declines beyond 15%.
The upper barrier for the S&P 500 is 128% of its initial level. The upper barrier for the Russell 2000 is 134% of its initial level. The lower barrier for each index is 85% of its initial level.
Deutsche Bank Securities Inc. and Deutsche Bank Trust Co. Americas are the agents.
| Issuer: | Deutsche Bank AG, London Branch
|
| Issue: | Buffered securities
|
| Underlying indexes: | S&P 500 and Russell 2000
|
| Amount: | $16,628,000
|
| Maturity: | March 30, 2009
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | 50% of S&P 500 payout plus 50% of Russell 2000 payout; if index stays within barrier range and finishes above initial level, index payout will be par plus 190% of index gain; if index stays within range and finishes below initial level, par plus absolute value of index decline; if index closes outside barrier range and finishes at or above 85% of its initial level, par; if index closes outside barrier range and finishes below 85% of initial level, par minus 1% for each 1% that index declines beyond 15%
|
| Initial levels: | 1,362.30 for S&P 500; 705.20 for Russell 2000
|
| Lower barriers: | 1,157.95 for S&P 500; 599.42 for Russell 2000; 85% of initial levels
|
| Upper barriers: | 1,743.75 for S&P 500, 128% of initial level; 944.97 for Russell 2000, 134% of initial level
|
| Pricing date: | Jan. 29
|
| Settlement date: | Feb. 1
|
| Agents: | Deutsche Bank Securities Inc.; Deutsche Bank Trust Co. Americas
|
| Fees: | None
|
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