Deutsche Bank to sell 13-month notes linked to DB Liquid Commodity index

By Susanna Moon

Chicago, July 28 - Deutsche Bank AG, London Branch plans to price securities due Sept. 10, 2009 linked to the Deutsche Bank Liquid Commodity Index - Optimum Yield Excess Return, according to an FWP filing with the Securities and Exchange Commission.

Interest is payable quarterly at a rate of Libor minus 12 basis points.

Payout at maturity will be par of $10,000 plus triple any index gain minus three times an adjustment factor of 1.2% annually.

If the index finishes below its initial level, investors will lose 3% for each 1% decline. The adjustment factor will lower the return by 1.2% per year regardless of any index change.

The notes are putable at any time. The payout will be calculated in the same manner as the payout at maturity, except the index return, if positive, will be reduced by the discount factor.

The notes will be automatically called if the index is at or below 90% of its initial level.

The notes are expected to price on July 30 and settle on Aug. 4.

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

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