Deutsche Bank tenders for 14 series of its trust-issued certificates

By Susanna Moon

Chicago, Nov. 8 - Deutsche Bank AG, London branch said it began a cash tender offer for 14 series of certificates issued by Camber Master Trust, Capstan Master Trust and Pivot Master Trust.

For each $50,000 principal amount, Deutsche Bank said it will pay the following total amounts for notes tendered by 5 p.m. ET on Nov. 22, the early tender date, including an early tender premium of $1,500 per note:

• $27,125 for Camber Master Trust's $107.65 million outstanding $125 million series 9 U.S. auction-rate credit-linked certificates;

• $27,125 for Camber Master Trust's $57.35 million outstanding $125 million series 10 auction-rate credit-linked certificates;

• $32,500 for Capstan Master Trust's $65.75 million outstanding $150 million series 1 auction-rate credit-linked certificates;

• $32,500 for Capstan Master Trust's $92.35 million outstanding $150 million series 2 auction-rate credit-linked certificates;

• $32,500 for Capstan Master Trust's $43.6 million outstanding $150 million series 3 auction-rate credit-linked certificates;

• $32,500 for Capstan Master Trust's $51.05 million outstanding $150 million series 4 auction-rate credit-linked certificates;

• $29,500 for Pivot Master Trust's $36.3 million outstanding $125 million series 1 auction-rate credit-linked certificates;

• $29,500 for Pivot Master Trust's $17.35 million outstanding $125 million series 2 auction-rate credit-linked certificates;

• $28,000 for Pivot Master Trust's $78.2 million outstanding $125 million series 3 auction-rate credit-linked certificates;

• $28,000 for Pivot Master Trust's $70.5 million outstanding $125 million series 4 auction-rate credit-linked certificates;

• $30,125 for Pivot Master Trust's $13.6 million outstanding $150 million series 5 auction-rate credit-linked certificates;

• $30,125 for Pivot Master Trust's $44 million outstanding $150 million series 6 auction-rate credit-linked certificates;

• $30,125 for Pivot Master Trust's $40 million outstanding $150 million series 7 auction-rate credit-linked certificates; and

• $30,125 for Pivot Master Trust's $31.2 million outstanding $150 million series 8 auction-rate credit-linked certificates.

Holders who tender their notes after the early date but by 11:59 p.m. ET on Dec. 7, the expiration date, will receive the total amount less the early tender premium of $1,500 per note.

Tendered securities will be accepted only in principal amounts of $50,000 provided that holders tender at least $100,000 principal amount of any series of notes.

The bank will pay accrued interest up to, but not including, the settlement date, which is expected to be Dec. 9.

Funding for the offer will come from available cash on hand.

Tendered notes may be withdrawn at any time before 5 p.m. ET on Nov. 22.

Global Bondholder Services Corp. (212 430-3774 or 866 795-2200) is the depositary and information agent.

Deutsche Bank Securities Inc. (212 250-2955 or 866 627-0391) is the dealer manager for the tender offer.

Deutsche is an investment bank based in Frankfurt.

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