By Laura Lutz
Des Moines, Nov. 19 - Deutsche Bank AG, London Branch priced a $2 million issue of 14.45% reverse convertible notes due Nov. 25, 2008 linked to the worse-performing of two stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The underlying securities are the common stock of Citigroup Inc. and the class A common stock of International Business Machines Corp.
Interest is payable monthly.
If neither stock closes below 60% of its initial price during the life of the notes or if both stocks finish above their initial prices, the payout at maturity will be par.
Otherwise, the payout will be a number of the worse-performing stock equal to par divided by the initial price of that stock.
Deutsche Bank Securities Inc. is the agent.
| Issuer: | Deutsche Bank AG, London Branch
|
| Issue: | Reverse convertible notes
|
| Underlying stocks: | Citigroup Inc. (NYSE: C); International Business Machines Corp., class A (NYSE: IBM)
|
| Amount: | $2 million
|
| Maturity: | Nov. 25, 2008
|
| Coupon: | 14.45%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par if both stocks stay above 60% of initial levels during life of notes or if both stocks finish above initial levels; otherwise, shares of worse-performing stock equal to par divided by initial price of that stock
|
| Initial share price: | $34.43 for Citigroup; $104.31 for IBM
|
| Protection price: | $20.66 for Citigroup; $62.59 for IBM; 60% of initial prices
|
| Pricing date: | Nov. 15
|
| Settlement date: | Nov. 23
|
| Agent: | Deutsche Bank Securities Inc.
|
| Fees: | None
|
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