New Issue: Deutsche Bank prices $7.1 million notes linked to dollar ICE swap rate

By Angela McDaniels

Tacoma, Wash., June 3 – Deutsche Bank AG, London Branch priced $7.1 million of securities due June 6, 2017 linked to the 10-year U.S. dollar ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon at the rate of 7% per year if the swap rate is greater than or equal to the coupon barrier, 61.6279% of the initial rate, on the observation date for that quarter.

If the final swap rate is greater than or equal to the buffer level, 61.6279% of the initial rate, the payout at maturity will be par plus the coupon. Otherwise, investors will lose 1.6226% for every 1% that the swap rate declines below the buffer level.

Deutsche Bank Securities Inc. is the agent.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Securities
Underlying rate:	10-year U.S. dollar ICE swap rate
Amount:	$7,104,000
Maturity:	June 6, 2017
Coupon:	Each quarter, notes pay contingent coupon at rate of 7% per year if swap rate is greater than or equal to coupon barrier on observation date for that quarter
Price:	Par
Payout at maturity:	If final swap rate is greater than or equal to buffer level, par plus coupon; otherwise, 1.6226% loss for every 1% that swap rate declines below buffer level
Initial reference rate:	1.72% (not equal to level of swap rate on pricing date)
Coupon barrier:	1.06%, 61.6279% of the initial rate
Buffer level:	1.06%, 61.6279% of the initial rate
Pricing date:	June 1
Settlement date:	June 6
Agent:	Deutsche Bank Securities Inc.
Fees:	0.1%
Cusip:	25152R5H2

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