New Issue: Deutsche prices $1.92 million 8.73% trigger yield optimization notes linked to Macy's

By Jennifer Chiou

New York, May 31 - Deutsche Bank AG, London Branch priced $1.92 million of 8.73% trigger yield optimization notes due May 31, 2012 linked to Macy's, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The notes have a face value of $28.65 each, which is equal to the initial share price of Prudential.

Interest is payable monthly.

The payout at maturity will be par unless the final price of Prudential stock is less than 80% of the initial share price, in which case the payout will be one share of Prudential stock per note.

UBS Financial Services Inc. and Deutsche Bank Securities Inc. are the underwriters.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Trigger yield optimization notes
Underlying stock:	Macy's, Inc. (Symbol: M)
Amount:	$1,920,294.90
Maturity:	May 31, 2012
Coupon:	8.73%, payable monthly
Price:	Par of $28.65
Payout at maturity:	If final price of Prudential stock is less than trigger price, one Prudential share; otherwise, par
Initial share price:	$28.65
Trigger price	$22.92, 80% of initial price
Pricing date:	May 26
Settlement date:	May 31
Underwriters:	UBS Financial Services Inc. and Deutsche Bank Securities Inc.
Fees:	2%
Cusip:	25154W621

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