New Issue: Deutsche Bank prices $45.56 million leveraged notes linked to basket of four currencies

By Toni Weeks

San Luis Obispo, Calif., Feb. 5 - Deutsche Bank AG, London Branch priced $45.58 million of 0% leveraged notes due Feb. 14, 2014 linked to the performance of a basket of equally weighted currencies, according to a 424B2 filing with the Securities and Exchange Commission.

The underlying currencies are the Mexican peso, the Polish zloty, the Indonesian rupiah and the Korean won. The basket return will be positive if the currencies appreciate in value on a net basis against the dollar.

The payout at maturity will be par plus 1.805 times any basket gain, with a maximum currency return of 100%.

If the basket return is negative, the payout will be par plus the basket return, subject to a minimum settlement amount of $900 per $1,000 principal amount.

J.P. Morgan Securities LLC is the agent.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Leveraged notes
Underlying currencies:	Mexican peso, Polish zloty, Indonesian rupiah and Korean won, equally weighted
Amount:	$45,558,000
Maturity:	Feb. 14, 2014
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 1.805 times any basket gain, subject to maximum currency return of 100%; if basket return is negative, exposure to decline, subject to maximum loss of 10%
Initial spot rates:	12.6277 for peso, 3.04125 for zloty, 9,769 for rupiah, 1,092.9 for won
Pricing date:	Feb. 1
Settlement date:	Feb. 6
Agent:	J.P. Morgan Securities LLC
Fees:	1%
Cusip:	25152RBN2

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