New Issue: Deutsche prices $5.11 million capped knock-out notes tied to S&P 500

By Jennifer Chiou

New York, Dec. 27 - Deutsche Bank AG, London Branch priced $5.11 million of 0% capped knock-out notes due Jan. 9, 2013 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

A knock-out event occurs if the index falls by more than 20% from the initial level during the life of the notes.

If a knock-out event does not occur, the payout at maturity is par plus the contingent minimum return of 12%.

If a knock-out event occurs, the payout at maturity is par plus the index return.

In either case, any gains are capped at 20%.

JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the placement agents.

Issuer:	Deutsche Bank AG, London Branch.
Issue:	Capped knock-out notes
Underlying index:	S&P 500
Amount:	$5,109,000
Maturity:	Jan. 9, 2013
Coupon:	0%
Price:	Par
Payout at maturity:	If index falls by more than 20% from initial level during life of notes, par plus index return; otherwise, par plus at least 12%; maximum return of 20% in either case
Initial level:	1,254
Knock-out level:	1,003.20, 80% of initial level
Pricing date:	Dec. 22
Settlement date:	Dec. 28
Placement agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1%
Cusip:	2515A1FS5

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