Bond Deutsch Bank AG 3.125% ( US25152CQB53 ) in USD

Deutsch Bank AG

100 % ▲

Germany

US25152CQB53 ( in USD )

3.125% per year ( payment 2 times a year)

30/07/2030

Prospectus brochure of the bond Deutsche Bank AG US25152CQB53 en USD 3.125%, maturity 30/07/2030

1 000 USD

657 000 USD

25152CQB5

N/A

31/01/2026 ( In 151 days )

Deutsche Bank AG is a German multinational investment bank and financial services corporation headquartered in Frankfurt, offering a wide range of financial products and services to corporate and institutional clients globally.

Analysis of a newly issued fixed-income instrument reveals a USD-denominated obligation (ISIN: US25152CQB53, CUSIP: 25152CQB5) from Deutsche Bank AG, a leading global financial services company headquartered in Germany, currently trading at 100% of its nominal value, offering investors a 3.125% interest rate with semi-annual payments until its maturity on July 30, 2030, originating from Germany, with a total issuance size of $657,000 and a minimum investment lot of $1,000.

http://www.sec.gov/Archives/edgar/data/1159508/000095010312003783...
424B2 1 dp31919_424b2-1564.htm FORM 424B2

Pricing Supplement No. 1564
Registration Statement No. 333-162195
To prospectus supplement dated September 29, 2009 and
Dated July 26, 2012; Rule 424(b)(2)
prospectus dated September 29, 2009

Deutsche Bank AG, London Branch
$657,000 18 Year Callable Step-Up Fixed Rate Notes due July 31, 2030
General

·
Unless redeemed by us, the notes pay interest semi-annually in arrears at a fixed rate of 3.000% per annum from year one
through year ten, 3.125% per annum from year eleven through year twelve, 3.250% per annum from year thirteen through
year fourteen, 4.000% per annum from year fifteen through year sixteen and 5.000% per annum from year seventeen through
year eighteen. We have the right to redeem the notes on any Interest Payment Date on or after July 31, 2013. Therefore, the
term of the notes could be as short as one year, and you will not receive the higher interest rates of 3.125%, 3.250%, 4.000%
or 5.000% per annum if we exercise our right to redeem the notes on or prior to July 31, 2022. Any payment on the notes,
including interest payments and any Payment at Maturity, is subject to the credit of the Issuer.

·
Senior unsecured obligations of Deutsche Bank AG due July 31, 2030.

·
Denominations of $1,000 (the "Principal Amount") and minimum initial investments of $1,000.

·
The notes priced on July 26, 2012 (the "Trade Date") and are expected to settle on July 31, 2012 (the "Settlement Date").
Delivery of the notes in book-entry form only will be made through The Depository Trust Company.
Key Terms
Issuer:
Deutsche Bank AG, London Branch
Issue Price:
100.00% of the Principal Amount
Payment at Maturity:
A cash payment at maturity, for each $1,000 Principal Amount of notes, of $1,000 plus any accrued and
unpaid interest
Interest Rates:
Interest will be paid semi-annually in arrears at the applicable Interest Rate on each Interest Payment Date,
including the Maturity Date, based on an unadjusted 30/360 day count fraction. No interest will be accrued or
payable if the notes are redeemed by us.

From and including the Settlement Date to but excluding July 31, 2022
3.000% per annum

From and including July 31, 2022 to but excluding July 31, 2024
3.125% per annum

From and including July 31, 2024 to but excluding July 31, 2026
3.250% per annum

From and including July 31, 2026 to but excluding July 31, 2028
4.000% per annum

From and including July 31, 2028 to but excluding the Maturity Date
5.000% per annum
Interest Payment
Each July 31 and January 31, beginning January 31, 2013 and ending on the Maturity Date. If any
Dates:
scheduled Interest Payment Date is not a business day, the interest will be paid on the first following day that
is a business day, but no adjustment will be made to the interest payment made on such following business
day.
Early Redemption at
We may, in our sole discretion, redeem your notes in whole or in part on any Interest Payment Date on or
Issuer's Option:
after July 31, 2013 (the "Redemption Date") for an amount in cash, per $1,000 Principal Amount of notes,
equal to $1,000 plus any accrued but unpaid interest to but excluding the applicable Redemption Date. If we
decide to redeem the notes, we will give you notice not less than five (5) business days prior to the
applicable Redemption Date as described below under "Description of the Notes -- Early Redemption at
Issuer's Option."
Trade Date:
July 26, 2012
Settlement Date:
July 31, 2012
Maturity Date:
July 31, 2030
Listing:
The notes will not be listed any securities exchange.
CUSIP / ISIN:
25152C QB 5 / US25152CQB53
Investing in the notes involves a number of risks. See "Selected Risk Considerations" beginning on page PS-2 in this
pricing supplement.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the notes or
passed upon the accuracy or the adequacy of this pricing supplement or the accompanying prospectus supplement and prospectus.
Any representation to the contrary is a criminal offense.

Price to
Discounts and
Proceeds

Public
Commissions(1)
to Us
Per Note
$1,000.00
$25.00
$975.00
Total
$657,000.00
$16,425.00
$640,575.00
(1)
For more detailed information about discounts and commissions, please see "Supplemental Underwriting Information (Conflicts of
Interest)" in this pricing supplement.
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Deutsche Bank Securities Inc., an agent for this offering, is our affiliate. For more information, see "Supplemental Underwriting
Information (Conflicts of Interest)" in this pricing supplement.

The notes are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
governmental agency.

CALCULATION OF REGISTRATION FEE
Maximum Aggregate
Amount of
Title of Each Class of Securities Offered
Offering Price
Registration Fee
Notes
$657,000.00
$75.29
Deutsche Bank Securities

July 26, 2012

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SUMMARY

·
You should read this pricing supplement together with the prospectus supplement dated September 29, 2009 relating
to our Series A global notes of which these notes are a part and the prospectus dated September 29, 2009. You may
access these documents on the website of the Securities and Exchange Commission (the "SEC") at www.sec.gov as
fol ows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):

·
Prospectus supplement dated September 29, 2009:
http://www.sec.gov/Archives/edgar/data/1159508/000119312509200021/d424b31.pdf

·
Prospectus dated September 29, 2009:
http://www.sec.gov/Archives/edgar/data/1159508/000095012309047023/f03158be424b2xpdfy.pdf

·
Our Central Index Key, or CIK, on the SEC website is 0001159508. As used in this pricing supplement, "we," "us" or
"our" refers to Deutsche Bank AG, including, as the context requires, acting through one of its branches.

·
This pricing supplement, together with the documents listed above, contains the terms of the notes and supersedes al
other prior or contemporaneous oral statements as wel as any other written materials including preliminary or
indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, brochures or
other educational materials of ours. You should careful y consider, among other things, the matters set forth in "Risk
Factors" in the accompanying prospectus supplement and prospectus, as the notes involve risks not associated with
conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisers before
deciding to invest in the notes.

·
Deutsche Bank AG has filed a registration statement (including a prospectus) with the Securities and Exchange
Commission for the offering to which this pricing supplement relates. Before you invest, you should read the
prospectus in that registration statement and the other documents relating to this offering that Deutsche Bank AG has
filed with the SEC for more complete information about Deutsche Bank AG and this offering. You may obtain these
documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Deutsche Bank AG,
any agent or any dealer participating in this offering wil arrange to send you the prospectus, prospectus supplement,
underlying supplement, product supplement and this pricing supplement if you so request by cal ing tol -free
1-800-311-4409.

·
You may revoke your offer to purchase the notes at any time prior to the time at which we accept such offer by
notifying the applicable agent. We reserve the right to change the terms of, or reject any offer to purchase, the notes
prior to their issuance. We wil notify you in the event of any changes to the terms of the notes, and you wil be asked
to accept such changes in connection with your purchase of any notes. You may also choose to reject such changes,
in which case we may reject your offer to purchase the notes.

·
We are offering to sell, and are seeking offers to buy, the notes only in jurisdictions where such offers and
sales are permitted. Neither the delivery of this pricing supplement nor the accompanying prospectus
supplement or prospectus nor any sale made hereunder implies that there has been no change in our affairs
or that the information in this pricing supplement and accompanying prospectus supplement and prospectus
is correct as of any date after the date hereof.

·
You must (i) comply with all applicable laws and regulations in force in any jurisdiction in connection with the
possession or distribution of this pricing supplement and the accompanying prospectus supplement and
prospectus and the purchase, offer or sale of the notes and (ii) obtain any consent, approval or permission
required to be obtained by you for the purchase, offer or sale by you of the notes under the laws and
regulations applicable to you in force in any jurisdiction to which you are subject or in which you make such
purchases, offers or sales; neither we nor the agents shall have any responsibility therefore.

PS-1
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Selected Risk Considerations

An investment in the notes involves risks. This section describes the most significant risks relating to the notes. For a
complete list of risk factors, please see the accompanying prospectus supplement and the accompanying prospectus.

·
AN INVESTMENT IN THE NOTES MAY BE RISKIER THAN AN INVESTMENT IN NOTES WITH A SHORTER
TERM -- The notes have a term of eighteen years, subject to our right to redeem the notes starting on July 31,
2013. By purchasing notes with a longer term, you wil have greater exposure to the risk that the value of the
notes may decline due to such factors as inflation and rising interest rates. If market interest rates rise during the
term of the notes, the interest rate on the notes may be lower than the interest rates for similar debt securities
then prevailing in the market. If this occurs, you wil not be able to require the Issuer to redeem the notes and
wil , therefore, bear the risk of earning a lower return than you could earn on other investments until the Maturity
Date.

·
THE NOTES MAY BE REDEEMED PRIOR TO THE MATURITY DATE -- We may, in our sole discretion,
redeem the notes on any Interest Payment Date on or after July 31, 2013. We are more likely to redeem the
notes during periods when the remaining interest is to accrue on the notes at a rate greater than what we would
pay on a comparable debt security of ours with a maturity comparable to the remaining term of the notes. If we
redeem the notes, you may not be able to reinvest your funds in another investment that provides a similar yield
with a similar level of risk.

·
THE STEP-UP FEATURE PRESENTS DIFFERENT INVESTMENT CONSIDERATIONS THAN FIXED-RATE
NOTES -- Because we have the right to redeem the notes on any Interest Payment Date on or after July 31,
2013, the term of the notes could be as short as one year. You wil not receive the higher interest rates of
3.125%, 3.250%, 4.000% or 5.000% per annum if we exercise our right to redeem the notes on or prior to July
31, 2022. When determining whether to invest in the notes, you should consider, among other things, the overal
Interest Rates of the notes as compared to the interest rates of other equivalent investment alternatives rather
than the higher stated Interest Rates of the notes or any potential interest payments you may receive after the
first year fol owing the issuance of the notes.

·
CREDIT OF THE ISSUER -- The notes are senior unsecured obligations of the Issuer, Deutsche Bank AG, and
are not, either directly or indirectly, an obligation of any third party. Any interest payments to be made on the
notes depend on the ability of Deutsche Bank AG to satisfy its obligations as they come due. As a result, the
actual and perceived creditworthiness of Deutsche Bank AG wil affect the value of the notes and in the event
Deutsche Bank AG were to default on its obligations you may not receive interest and principal payments owed to
you under the terms of the notes.

·
THE NOTES ARE NOT DESIGNED TO BE SHORT-TERM TRADING INSTRUMENTS -- The price at which
you wil be able to sel your notes to us or our affiliates prior to maturity, if at all, may be at a substantial discount
from the Principal Amount of the notes. The potential returns described in this pricing supplement assume that
your notes, which are not designed to be short-term trading instruments, are held to maturity.

·
ASSUMING NO CHANGES IN MARKET CONDITIONS OR ANY OTHER RELEVANT FACTORS, THE VALUE
OF THE NOTES ON THE SETTLEMENT DATE (AS DETERMINED BY DEUTSCHE BANK AG) WILL BE
LESS THAN THE ORIGINAL ISSUE PRICE -- While the interest payments described in this pricing supplement
is based on the ful Principal Amount of your notes, the Issue Price of the notes includes the agents' commission
and the cost of hedging our obligations under the notes through one or more of our affiliates. Our hedging costs
include the projected profit that we or our affiliates are expected to realize in consideration for assuming the risks
inherent in managing the hedging transactions. Therefore, the value of the notes on the Settlement Date,
assuming no changes in market conditions or other relevant factors, will be less than the Issue Price. The
inclusion of commissions and hedging costs in the Issue Price wil also decrease the price, if any, at which we wil
be wil ing to purchase the notes after the Settlement Date, and any sale on the secondary market could result in a
substantial loss to you. The notes are not designed to be short-term trading instruments. Accordingly, you should
be wil ing and able to hold your notes to maturity.

·
THE NOTES WILL NOT BE LISTED AND THERE WILL LIKELY BE LIMITED LIQUIDITY -- The notes will not
be listed on any securities exchange. Deutsche Bank AG or its affiliates may offer to purchase the notes in the
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secondary market but are not required to do so and may cease such market-making activities at any time. Even if
there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the notes easily.
Because other dealers are not likely to make a secondary market for the notes, the price at which you may be
able to trade your notes is likely to depend on the price, if any, at which Deutsche Bank AG or its affiliates are
wil ing to buy the notes.

PS-2
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·
MANY ECONOMIC AND MARKET FACTORS WILL IMPACT THE VALUE OF THE NOTES -- The value of the
notes wil be affected by a number of economic and market factors that may either offset or magnify each other,
including:

·
the time remaining to maturity of the notes;

·
trends relating to inflation;

·
interest rates and yields in the market general y;

·
a variety of economic, financial, political, regulatory or judicial events; and

·
our creditworthiness, including actual or anticipated downgrades in our credit ratings, financial condition or
results of operations.

·
TRADING AND OTHER TRANSACTIONS BY US OR OUR AFFILIATES MAY IMPAIR THE VALUE OF THE
NOTES -- We and our affiliates expect to engage in hedging and trading activities related to the Interest Rates
of the notes. We may have hedged our obligations under the notes directly or through certain affiliates, and we or
they would expect to make a profit on any such hedge. Because hedging our obligations entails risk and may be
influenced by market forces beyond our or our affiliates' control, such hedging may result in a profit that is more
or less than expected, or it may result in a loss. Although they are not expected to, these hedging activities may
adversely affect the level of the interest rates available in the market and, therefore, the value of the notes. It is
possible that Deutsche Bank AG or its affiliates could receive substantial returns from these hedging activities
while the value of the notes declines. Our trading activities related to the Interest Rates of the notes may be
entered into on behalf of Deutsche Bank AG, its affiliates or customers other than for the account of the holders
of the notes or on their behalf. Accordingly, these trading activities may present conflicts of interest between
Deutsche Bank AG and you. Any of the foregoing activities described in this risk consideration may reflect trading
strategies that differ from, or are in direct opposition to, investors' trading and investment strategies relating to
the notes.

·
POTENTIAL CONFLICTS OF INTEREST EXIST BECAUSE WE AND THE CALCULATION AGENT FOR THE
NOTES, ARE THE SAME LEGAL ENTITY -- Deutsche Bank AG, London Branch is the Issuer of the notes and
the calculation agent for the notes. While Deutsche Bank AG, London Branch wil act in good faith and in a
commercially reasonable manner in making al determinations with respect to the notes including the amount of
interest payable on each Interest Payment Date, there can be no assurance that any determinations made by
Deutsche Bank AG, London Branch in these capacities wil not affect the value of the notes. Because
determinations made by Deutsche Bank AG, London Branch as the calculation agent for the notes, may affect the
interest payment and Payment at Maturity, potential conflicts of interest may exist between Deutsche Bank AG,
London Branch and you, as a holder of the notes. Furthermore, Deutsche Bank AG, London Branch or one or
more of its affiliates may have published, and may in the future publish, research reports on movements in interest
rates general y. This research is modified from time to time without notice and may express opinions or provide
recommendations that are inconsistent with purchasing or holding the notes. Any of these activities may affect the
value of the notes or the potential payout on the notes.

·
TREATED AS FIXED RATE DEBT INSTRUMENTS -- You should review careful y the section of the
accompanying prospectus supplement entitled "United States Federal Income Tax Consequences." The notes wil
be treated for U.S. federal income tax purposes as fixed rate debt instruments that are issued without original
issue discount.

Interest paid on a note wil be taxable to you as ordinary income at the time it accrues or is received in
accordance with your method of tax accounting. Upon the sale or exchange of a note prior to maturity, you wil
recognize taxable gain or loss equal to the difference between the amount realized and your tax basis in the note.
For this purpose, the amount realized does not include any amount attributable to accrued interest, which wil be
treated as a payment of interest that is taxed as described above. In general, gain or loss realized upon the sale
or exchange of a note wil be capital gain or loss and wil be long-term capital gain or loss if you have held the
note for more than one year.

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If you are a non-U.S. holder, you wil not be subject to U.S. federal income tax (including withholding tax),
provided that you fulfil certain certification requirements and certain other conditions are met. See "--Tax
Consequences to Non-U.S. Holders" on page PS-50 of the accompanying prospectus supplement.

PS-3
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Under current law, the United Kingdom wil not impose withholding tax on payments made with respect to the
notes.

For a discussion of certain German tax considerations relating to the notes, you should refer to the section in the
accompanying prospectus supplement entitled "Taxation by Germany of Non-Resident Holders."

You should consult your tax adviser regarding the U.S. federal tax consequences of an investment in the
notes, as well as tax consequences arising under the laws of any state, local or non-U.S. taxing
jurisdiction.

PS-4
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DESCRIPTION OF THE NOTES

The following description of the terms of the notes supplements the description of the general terms of the debt
securities set forth under the headings "Description of Notes" in the accompanying prospectus supplement and
"Description of Debt Securities of Deutsche Bank Aktiengesellschaft" in the accompanying prospectus. Capitalized
terms used but not defined in this pricing supplement have the meanings assigned to them in the accompanying
prospectus supplement and prospectus. The term "note" refers to each $1,000 Principal Amount of our 18 Year
Callable Step-Up Fixed Rate Notes.

General

The notes are senior unsecured obligations of Deutsche Bank AG that, unless redeemed by us, pay interest at a rate
of 3.000% per annum from year one through year ten, 3.125% per annum from year eleven through year twelve, 3.250%
per annum from year thirteen through year fourteen, 4.000% per annum from year fifteen through year sixteen and 5.000%
per annum from year seventeen through year eighteen. Interest wil be paid semi-annual y in arrears on each Interest
Payment Date based on an unadjusted 30/360 day count fraction. The notes are our Series A notes referred to in the
accompanying prospectus supplement and prospectus. The notes wil be issued by Deutsche Bank AG under an indenture
among us, Law Debenture Trust Company of New York, as trustee, and Deutsche Bank Trust Company Americas, as
issuing agent, paying agent, and registrar.

The notes are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or
by any other governmental agency.

The notes are our senior unsecured obligations and wil rank pari passu with all of our other senior unsecured
obligations.

The notes wil be issued in denominations of $1,000 and integral multiples of $1,000 in excess thereof. The principal
amount ( the "Principal Amount") is $1,000 and the Issue Price of each note is $1,000.00. The notes wil be issued in
registered form and represented by one or more permanent global notes registered in the name of The Depository Trust
Company ("DTC") or its nominee, as described under "Description of Notes -- Form, Legal Ownership and Denomination
of Notes" in the accompanying prospectus supplement and "Forms of Securities -- Global Securities" in the accompanying
prospectus.

Payments on the Notes

The "Maturity Date" wil be July 31, 2030. If the scheduled Maturity Date is not a business day, the Maturity Date
wil be the first fol owing day that is a business day, but no adjustment wil be made to the interest payment made on such
fol owing business day. Unless the notes are redeemed by us prior to the Maturity Date, you wil receive on the Maturity
Date a cash payment, for each $1,000 Principal Amount of notes, of $1,000 plus any accrued but unpaid interest.

Unless redeemed by us, the notes wil bear interest at the fol owing interest rates (the "Interest Rates"): (i) from and
including the Settlement Date to but excluding July 31, 2022, 3.000% per annum, (i ) from and including July 31, 2022 to but
excluding July 31, 2024, 3.125% per annum (i i) from and including July 31, 2024 to but excluding July 31, 2026, 3.250%
per annum (iv) from and including July 31, 2026 to but excluding July 31, 2028, 4.000% per annum and (v) from and
including July 31, 2028 to but excluding the Maturity Date, 5.000% per annum. The interest wil be paid semi-annual y in
arrears on July 31 and January 31 of each year, beginning January 31, 2013 and ending on the Maturity Date (each, an
"Interest Payment Date"). No interest wil be accrued or payable if the notes are redeemed by us. If any scheduled
Interest Payment Date is not a business day, the interest wil be paid on the first fol owing day that is a business day, but no
adjustment wil be made to the interest payment made on such fol owing business day. Interest wil be computed on the
basis of a 360-day year consisting of twelve 30-day months.

We wil irrevocably deposit with DTC no later than the opening of business on the applicable Interest Payment Date
and the Maturity Date (or the applicable Redemption Date) funds sufficient to make payments of the amount payable with
respect to the notes on such date. We wil give DTC irrevocable instructions and authority to pay such amount to the
holders of the notes entitled thereto.
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A "business day" is any day other than a day that (i) is a Saturday or Sunday, (i ) is a day on which banking
institutions generally in the City of New York or London, England, are authorized or obligated by law, regulation or

PS-5
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