Deutsche to price principal protection barrier M-notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., April 2 - Deutsche Bank AG, London Branch plans to price zero-coupon 100% principal protection barrier M-notes due Oct. 29, 2009 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

If the index remains at or above the lower barrier and at or below the upper barrier throughout the life of the notes, the payout at maturity will be par plus the absolute value of the index return. Otherwise, the payout will be par.

The lower barrier will be 85% of the initial index level, and the upper barrier will be between 120% and 123% of the initial level. The exact upper barrier will be set at pricing.

The notes are expected to price on April 24 and settle on April 29.

Deutsche Bank Securities Inc. will be the agent.

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