Deutsche Bank plans 15-year CMS spread range notes

By Jennifer Chiou

New York, Feb. 9 - Deutsche Bank AG, London Branch plans to price an offering of CMS (constant maturity swap) spread range notes due Feb. 22, 2022, according to an FWP filing with the Securities and Exchange Commission.

The notes will pay 8% interest for the first year.

After the first year, the interest payment will be a base interest rate multiplied by the proportion of days on which the 30-year CMS rate is higher than the two-year CMS rate. The base rate will be 8% for years two through five, 10% for years six through 10 and 15% thereafter.

Interest will be payable quarterly.

The notes will be callable at par on any interest payment date starting in February 2008.

The notes will price on Feb. 16 and settle on Feb. 22.

Deutsche Bank Securities Inc. and Deutsche Bank Trust Co. Americas will be the agents.

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