Deutsche Bank changes redemption trigger level for S&P plus tracker notes tied to two indexes

By Angela McDaniels

Tacoma, Wash., Jan. 24 - Deutsche Bank AG, London Branch changed the redemption trigger level for its upcoming 0% S&P plus tracker notes due March 7, 2012, according to an amended FWP filing with the Securities and Exchange Commission.

The notes are linked to a basket that includes the S&P 500 Total Return index and the Deutsche Bank Equity Mean Reversion Alpha index (Emerald).

The notes will be called at par plus the basket return if the basket level falls below 35. Originally, the issuer planned to call the notes if the basket level fell below 40.

The basket level on any day equals 100 plus the return of the S&P 500 Total Return plus triple the return of the Emerald index. The return of each index is reduced by an adjustment factor, which is a flat 0.17% for the S&P 500 Total Return and 1% per year for the Emerald index.

The payout at maturity will be par plus the basket return, which could be positive or negative.

The notes (Cusip: 2515A13G4) will price on Feb. 2 and settle on Feb. 7.

Deutsche Bank Securities Inc. is the agent.

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