Deutsche Bank plans enhanced participation notes linked to renminbi

By Angela McDaniels

Tacoma, Wash., March 22 - Deutsche Bank AG, London Branch plans to price 0% enhanced participation notes due March 29, 2012 linked to the performance of the Chinese renminbi relative to the dollar, according to an FWP filing with the Securities and Exchange Commission.

The notes will price at 103.75% of par.

The payout at maturity will be par plus 1,000% of the underlying performance, which will be positive if the renminbi has strengthened relative to the dollar and negative if it has weakened.

Investors will receive positive returns only if the underlying performance is greater than 0.375%. And because of the leverage, investors will lose their entire initial investments if the underlying performance is negative 10% or less.

The initial spot rate used to calculate the underlying performance will be set by the calculation agent by reference to the one-year forward rate for the renminbi on the pricing date.

The notes (Cusip: 2515A15F4) are expected to price March 23 and settle March 28.

Deutsche Bank Securities Inc. is the agent.

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