Deutsche Bank to issue reverse exchangeables linked to worst-performing stock in basket

By Laura Lutz

Des Moines, July 6 - Deutsche Bank AG, London Branch plans to price an issue of reverse exchangeable notes due July 11, 2008 linked to a basket of four stocks, according to an FWP filing with the Securities and Exchange Commission.

The notes will bear interest at between 12.35% and 13.35%, with the exact coupon to be set at pricing. Interest will be payable monthly.

The basket consists of the common stocks of Procter & Gamble Co., Citigroup Inc., The Walt Disney Co. and Pfizer Inc.

If any stock in the basket falls below its trigger price, 70% of its initial price, the payout will be a number of shares of the worst-performing stock equal to $1,000 divided by that stock's initial price.

If no such trigger event occurs, investors will receive par.

The notes were expected to price on July 5 and settle on July 11.

Deutsche Bank Securities is the agent.

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