Deutsche Bank to price step return buffered securities linked to five currencies versus yen

By Angela McDaniels

Tacoma, Wash., April 28 - Deutsche Bank AG, London Branch plans to price 0% step return buffered securities due May 23, 2013 linked to the performance of a basket of currencies relative to the Japanese yen, according to an FWP filing with the Securities and Exchange Commission.

The equally weighted basket includes the Brazilian real, the Russian ruble, the Indonesian rupiah, the Chinese renminbi and the Korean won. The basket level will increase if the currencies appreciate relative to the yen.

If the final basket level is greater than or equal to the initial basket level, the payout at maturity will be par plus the greater of the step return and the basket return. The step return is expected to be 17.25% to 19% and will be set at pricing.

Investors will receive par if the basket level declines by 10% or less and will lose 1% for every 1% that it declines beyond 10%.

The notes (Cusip: 2515A16G1) are expected to price May 20 and settle May 25.

Deutsche Bank Securities Inc. is the agent.

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