By Jennifer Chiou
New York, Oct. 31 - Deutsche Bank AG, London Branch priced $3.22 million of 0% market contribution securities due May 3, 2013 linked to the Deutsche Bank Liquid Commodity Apex 14 Total Return index, according to a 424B2 filing with the Securities and Exchange Commission.
The index seeks to achieve a target volatility of 14% in the Deutsche Bank Liquid Commodity Apex index after the deduction of an adjustment fee. The base index is intended to reflect the performance of a basket of three underlying indexes weighted according to a dynamic allocation strategy that aims to achieve equal "risk contribution" of each underlying index. The underlying indexes are the Deutsche Bank Liquid Commodity Mean Reversion Enhanced index, the Deutsche Bank Liquid Commodity Momentum index and the Deutsche Bank Commodity Leveraged Harvest index.
The payout at maturity will be par plus the index return, which could be positive or negative, minus an adjustment factor of 1.75% per year.
The notes are putable at par plus the index return, minus the adjustment factor and less a $5.00 per security redemption fee.
Investors should be willing to lose some or all of their initial investment if the index does not appreciate by 2.642% or more over the term of the securities.
Deutsche Bank Securities Inc. is the agent.
| Issuer: | Deutsche Bank AG, London Branch
|
| Issue: | Market contribution securities
|
| Underlying index: | Deutsche Bank Liquid Commodity Apex 14 Total Return index
|
| Amount: | $3,215,000
|
| Maturity: | May 3, 2013
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus index return minus adjustment factor of 1.75% per year
|
| Put option: | At par plus the index return, minus adjustment factor and less a $5.00 per security redemption fee
|
| Initial index level: | 1,576.77
|
| Pricing date: | Oct. 27
|
| Settlement date: | Nov. 1
|
| Agent: | Deutsche Bank Securities Inc.
|
| Fees: | None
|
| Cusip: | 2515A1E56
|
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