By Jennifer Chiou
New York, May 14 - Deutsche Bank AG, London Branch priced a $6.825 million issue of principal-protected Constant Maturity Swap (CMS) slope steepener notes due May 15, 2022, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is variable and will be payable quarterly.
The notes will bear interest at a fixed rate of 10.65% for the first two years.
After that, the interest rate will equal 50 times the spread of the 15-year CMS rate over the two-year CMS rate. This rate will be reset quarterly and will be subject to a minimum interest rate of 0% and a maximum interest rate of 20%.
The notes are callable at par plus accrued interest on any interest payment date beginning May 15, 2009.
If the notes are not called, the payout at maturity will be par plus accrued interest.
Deutsche Bank Securities, Inc. and Deutsche Bank Trust Co. Americas are the agents.
| Issuer: | Deutsche Bank AG, London Branch
|
| Issue: | CMS slope steepener notes
|
| Amount: | $6.825 million
|
| Maturity: | May 15, 2022
|
| Interest rate: | 10.65% for the first two years; after that, 50 times the spread of the 15-year CMS rate over the two-year CMS rate, reset quarterly and subject to a minimum interest rate of 0% and a maximum interest rate of 20%; payable quarterly
|
| Price: | Par
|
| Call: | May 15, 2009 onwards
|
| Pricing date: | May 10
|
| Settlement date: | May 15
|
| Agents: | Deutsche Bank Securities, Inc.; Deutsche Bank Trust Co. Americas
|
| Fees: | None
|
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