By E. Janene Geiss
Philadelphia, Aug. 27 - Deutsche Bank AG, London Branch priced $2.64 million of CMS slope steepener notes due Aug. 28, 2029, according to a 424B2 filing with the Securities and Exchange Commission.
The notes carry a fixed interest rate of 11% year for the first year. After that, interest equals four times the spread of the 10-year Constant Maturity Swap rate over the two-year CMS rate, subject to a floor of zero and a maximum rate of 11% per year. Interest is payable semiannually.
The payout at maturity will be par.
Beginning in August 2010, the notes are callable at par on any interest payment date.
Deutsche Bank Securities, Inc. and Deutsche Bank Trust Co. Americas are the agents.
| Issuer: | Deutsche Bank AG, London Branch
|
| Issue: | CMS slope steepener notes
|
| Amount: | $2,642,000
|
| Maturity: | Aug. 28, 2029
|
| Coupon: | 11% for first year; after, four times the spread of the 10-year CMS rate over the two-year CMS rate, with a floor of 0% and a cap of 11% per year; payable semiannually
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date from August 2010 onward
|
| Pricing date: | Aug. 25
|
| Settlement date: | Aug. 28
|
| Agents: | Deutsche Bank Securities, Inc. and Deutsche Bank Trust Co. Americas
|
| Fees: | 5%
|
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