Deutsche Bank to price 15NC1 CMS slope steepener notes

By Jennifer Chiou

New York, June 25 - Deutsche Bank AG, London Branch plans to price CMS slope steepener notes due July 15, 2023, according to an FWP filing with the Securities and Exchange Commission.

Interest is variable and will be payable quarterly.

The notes will bear interest at a fixed rate of 10% per year for the first year.

Thereafter, the interest rate for each quarterly interest period will equal 13 times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate, calculated two business days before the end of that interest period. The interest rate is subject to a minimum of 0% and a maximum of 15% per year.

The notes are callable at par plus accrued interest on any interest payment date beginning July 2009.

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

The notes are expected to price on July 10 and settle July 15.

Deutsche Bank Securities Inc. and Deutsche Bank Trust Co. Americas are the agents.

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