New Issue: Deutsche Bank prices $985,000 12% reverse exchangeables linked to Australian dollar vs. yen

By Angela McDaniels

Tacoma, Wash., Oct. 20 - Deutsche Bank AG, London Branch priced $985,000 of reverse exchangeable securities due Jan. 21, 2010 linked to the performance of the Australian dollar relative to the Japanese yen, according to a 424B2 filing with the Securities and Exchange Commission.

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

The three-month notes pay 3% for an annualized coupon of 12%. Interest is payable at maturity.

If the Australian dollar has weakened relative to the yen by more than 5% on any day during the life of the notes and the final exchange rate is less than the initial exchange rate, the payout at maturity will be par minus the decline in the Australian dollar relative to the yen. Otherwise, the payout will be par.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Reverse exchangeable securities
Underlying currency:	Australian dollar relative to Japanese yen
Amount:	$985,000
Maturity:	Jan. 21, 2010
Coupon:	12%, payable at maturity
Price:	Par
Payout at maturity:	Par if exchange rate remains at or above threshold level throughout life of notes; otherwise, par plus change in spot rate, capped at par
Initial exchange rate:	83.16 yen per Australian dollar
Threshold level:	79.20 yen per Australian dollar; equal to the initial rate divided by 1.05
Pricing date:	Oct. 16
Settlement date:	Oct. 21
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc.
Fees:	0.25%

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