By Angela McDaniels
Tacoma, Wash., March 25 - Deutsche Bank AG, London Branch priced $700,000 of 0% enhanced participation notes due March 29, 2012 linked to the performance of the Chinese renminbi relative to the dollar, according to a 424B2 filing with the Securities and Exchange Commission.
The notes priced at 103.75% of par.
The payout at maturity will be par plus 1,000% of the underlying performance, which will be positive if the renminbi has strengthened relative to the dollar and negative if it has weakened.
Investors will receive positive returns only if the underlying performance is greater than 0.375%. And because of the leverage, investors will lose their entire initial investments if the underlying performance is negative 10% or less.
The initial spot rate was set by the calculation agent by reference to the one-year forward rate for the renminbi on the pricing date.
Deutsche Bank Securities Inc. is the agent.
| Issuer: | Deutsche Bank AG, London Branch
|
| Issue: | Enhanced participation notes
|
| Underlying currency: | Chinese renminbi
|
| Amount: | $700,000
|
| Maturity: | March 29, 2012
|
| Coupon: | 0%
|
| Price: | 103.75
|
| Payout at maturity: | Par plus 1,000% of the underlying performance, which will be positive if the renminbi has strengthened relative to the dollar and negative if it has weakened
|
| Initial spot rate: | 6.4325 renminbi per dollar
|
| Pricing date: | March 23
|
| Settlement date: | March 28
|
| Agent: | Deutsche Bank Securities Inc.
|
| Fees: | None
|
| Cusip: | 2515A15F4
|
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