New Issue: Deutsche Bank prices $32.02 million capped knock-out notes linked to palladium

By Toni Weeks

San Diego, April 5 - Deutsche Bank AG, London Branch priced $32.02 million of 0% capped knock-out notes due April 13, 2012 linked to the price of palladium, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus the commodity return, subject to a maximum return of 20% and a contingent minimum return of 9%, unless the price of palladium has declined by 20% or more from the initial price on the final valuation date of April 10, 2012, in which case investors will be fully exposed to losses.

JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the agents.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Capped knock-out notes
Underlying commodity:	Palladium
Amount:	$32,024,000
Maturity:	April 13, 2012
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus the commodity return, subject to a maximum return of 20% and a contingent minimum return of 9%, unless the final price has fallen from the initial price by 20% or more, in which case full exposure to losses
Initial price:	$772.00
Knock-out price:	$617.60, 80% of initial price
Pricing date:	April 1
Settlement date:	April 6
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1%
Cusip:	2515A15L1

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