New Issue: Deutsche Bank sells $9.57 million buffered return enhanced notes on four currencies

By Toni Weeks

San Diego, Sept. 7 - Deutsche Bank AG, London Branch priced $9.57 million of 0% buffered return enhanced notes due March 7, 2013 linked to the performance of a basket of currencies relative to the dollar, according to a 424B2 filing with the Securities and Exchange Commission.

The equally weighted basket includes the Indian rupee, the Indonesian rupiah, the Korean won and the Singapore dollar.

If the basket gains, the payout at maturity will be par plus 1.7 times the basket return, subject to a maximum payment of $2,700 per $1,000 principal amount of notes.

Investors will receive par if the basket declines by up to 10% and will lose 1.1111% for every 1% decline beyond 10%.

JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC will act as placement agents.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Buffered return enhanced notes
Underlying currencies:	Indian rupee, Indonesian rupiah, Korean won and Singapore dollar, equally weighted
Amount:	$9,573,000
Maturity:	March 7, 2013
Coupon:	0%
Price:	Par
Payout at maturity:	If basket gains, par plus170% of basket return, subject to maximum payment of $2,700 per $1,000 of notes; par if basket falls by up to 10%; 1.1111% loss for every 1% decline beyond 10%
Initial level:	45.8965 for rupee, 8,525 for rupiah, 1,062.7 for won and 1.2044 for Singapore dollar
Pricing date:	Sept. 2
Settlement date:	Sept. 8
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1.25%
Cusip:	2515A1CS8

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