New Issue: Deutsche Bank prices $6.23 million leveraged notes linked to currencies

By Angela McDaniels

Tacoma, Wash., July 26 - Deutsche Bank AG, London Branch priced $6.23 million of 0% leveraged notes due Jan. 25, 2013 linked to the performance of a basket of currencies relative to the dollar, according to a 424B2 filing with the Securities and Exchange Commission.

The basket includes equal weights of the Brazilian real, the Russian ruble, the Indian rupee and the Chinese renminbi.

If the basket return is positive, the payout at maturity will be par plus 181% of the return. Investors will be exposed to the decline if the basket return is negative, subject to a minimum payout of $950 per $1,000 principal amount of notes.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Leveraged notes
Underlying currencies:	Brazilian real, Russian ruble, Indian rupee and Chinese renminbi, equally weighted
Amount:	$6,234,000
Maturity:	Jan. 25, 2013
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 181% of return if basket return is positive; exposure to decline if basket return is negative, subject to minimum payout of 95% of par
Initial spot rates:	1.5547 for real; 27.6850 for ruble; 44.3763 for rupee; 6.4495 for renminbi
Pricing date:	July 22
Settlement date:	July 27
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1.25%
Cusip:	2515A1A92

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