By Susanna Moon
Chicago, June 3 - Deutsche Bank AG, London Branch priced $27.23 million of 9.24% trigger mandatory exchangeable securities due Dec. 12, 2008 linked to Valero Energy Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes priced at par of $52.7085, equal to the initial share price.
If Valero stock finishes at or above the cap price - 120% of the initial share price - the payout at maturity will be a number of shares equal to the cap price divided by the final stock price.
If the stock finishes below the cap price but at or above its initial level, the payout will be one share.
If the stock finishes below its initial price but remains above the trigger level - 85% of the initial price - throughout the life of the notes, the payout will be par.
If the stock finishes below the initial price and falls to or below the trigger level during the life of the notes, investors will receive one share.
Noteholders may elect to receive cash instead of shares.
Deutsche Bank Securities Inc. is the agent.
| Issuer: | Deutsche Bank AG, London Branch
|
| Issue: | Trigger mandatory exchangeable securities
|
| Underlying stock: | Valero Energy Corp. (NYSE: VLO)
|
| Amount: | $27,234,481.95
|
| Maturity: | Dec. 12, 2008
|
| Coupon: | 9.24%, payable quarterly
|
| Price: | Par of $52.7085
|
| Payout at maturity: | If stock finishes at or above the cap price, a number of shares equal to cap price divided by final stock price; if stock finishes below the cap price but at or above its initial level, one share; par if stock finishes below initial price but remains above trigger price during life of notes; one share if stock finishes below initial price and falls to or below trigger price during life of notes
|
| Initial share price: | $52.7085
|
| Trigger price: | $44.8022, 85% of initial price
|
| Cap price: | $63.2502, 120% of initial price
|
| Pricing date: | June 2
|
| Settlement date: | June 9
|
| Agent: | Deutsche Bank Securities Inc.
|
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