By Marisa Wong
Madison, Wis., March 22 - Deutsche Bank AG, London Branch priced $25 million of 0% enhanced participation notes due June 22, 2011 linked to the Euro Stoxx 50 index and the euro, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par plus 300% of any appreciation of the index multiplied by the performance of the euro relative to the dollar, subject to a maximum return of 18%. Specifically, investors will receive (a) $1,000 multiplied by (b) one plus (i) the underlying index return multiplied by the currency return minus one multiplied by (ii) three.
If the index return multiplied by the performance of the euro is less than one, investors will be exposed to the decline.
The index return equals the final index level divided by the initial level, and the currency return equals the final spot rate divided by the initial spot rate. The spot rate expresses the number of dollars per euro. For both the index and the spot rate, the final level will be averaged over the five trading days ending June 27, 2011.
Deutsche Bank Securities Inc. is the agent.
| Issuer: | Deutsche Bank AG, London Branch
|
| Issue: | Enhanced participation notes
|
| Underlying index: | Euro Stoxx 50 index
|
| Underlying currency: | Euro
|
| Amount: | $25 million
|
| Maturity: | June 22, 2011
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus 300% of any index gain multiplied by the performance of the euro relative to the dollar, subject to a maximum return of 18%; exposure to any losses
|
| Initial index level: | 2,792.61
|
| Initial spot rate: | 1.4138
|
| Pricing date: | March 18
|
| Settlement date: | March 23
|
| Agent: | Deutsche Bank Securities Inc.
|
| Fees: | None
|
| Cusip: | 2515A15E7
|
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