By Jennifer Chiou
New York, May 28 - Deutsche Bank AG, London Branch priced $1.01 million of 0% buffered barrier rebate securities due Feb. 28, 2011 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
A barrier event will occur if the index closes above the upper barrier - 150% of the initial level - on any day during the life of the notes.
If a barrier event has not occurred, the payout at maturity will be:
• Par plus any index gain;
• Par if the index declines by 10% or less; or
• Par minus 1% for every 1% that the index declines beyond 10%.
If a barrier event has occurred, the payout will be:
• Par plus the rebate if the final index level is at least 90% of the initial level; or
• Par plus the rebate and minus 1% for every 1% that the index declines below 90% of the initial level.
The rebate is 17%.
Deutsche Bank Securities Inc. and Deutsche Bank Trust Co. Americas are the agents.
| Issuer: | Deutsche Bank AG, London Branch
|
| Issue: | Buffered barrier rebate securities
|
| Underlying index: | S&P 500
|
| Amount: | $1,012,000
|
| Maturity: | Feb. 28, 2011
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If barrier event has not occurred, par plus any index gain, par if index falls by no more than 10% or par minus 1% for every 1% decline beyond 10%; if barrier event has occurred and final index level is at least 90% of initial level, par plus 17%, otherwise par plus 17% and minus 1% for every 1% index decline beyond 10%
|
| Initial index level: | 910.33
|
| Upper barrier: | 1,365.5, 150% of the initial level
|
| Pricing date: | May 26
|
| Settlement date: | May 29
|
| Agents: | Deutsche Bank Securities Inc. and Deutsche Bank Trust Co. Americas
|
| Fees: | 2.25%
|
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