New Issue: Deutsche Bank prices $1 million callable CMS slope steepener notes

By Susanna Moon

Chicago, Jan. 30 - Deutsche Bank AG, London Branch priced $1 million of callable CMS slope steepener notes due Jan. 31, 2033, according to a 424B5 filing with the Securities and Exchange Commission.

The coupon will be 7.5% for the first year. After that, the rate will be 4 times the spread of the 30-year Constant Maturity Swap rate over the five-year CMS rate minus a strike of 55 basis points, up to a maximum rate of 7%. Interest is payable quarterly and cannot be less than zero.

The payout at maturity will be par.

The notes will be callable at par on Jan. 31, 2014, Jan. 31, 2018, Jan. 31, 2023 or Jan. 31, 2028.

Deutsche Bank Securities Inc. is the agent.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Callable CMS slope steepener notes
Amount:	$1 million
Maturity:	Jan. 31, 2033
Coupon:	7.5% initially, beginning Jan. 31, 2014, 4 times spread of 30-year CMS rate over five-year CMS rate less 55 bps, capped at 7%; payable quarterly
Price:	Variable
Payout at maturity:	Par
Call option:	At par on Jan. 31, 2014, Jan. 31, 2018, Jan. 31, 2023 or Jan. 31, 2028
Pricing date:	Jan. 28
Settlement date:	Jan. 31
Agent:	Deutsche Bank Securities Inc.
Fees:	5%
Cusip:	25152RUV3

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