Obligation Deutsch Bank London 0% ( US25152RUV31 ) en USD

Deutsch Bank London

100 % ▲

Allemagne

US25152RUV31 ( en USD )

0%

31/01/2033

Prospectus brochure de l'obligation Deutsche Bank (London Branch) US25152RUV31 en USD 0%, échéance 31/01/2033

1 000 USD

1 000 000 USD

25152RUV3

A- ( Qualité moyenne supérieure )

NR

Deutsche Bank (London Branch) est une succursale de la Deutsche Bank AG, opérant à Londres et fournissant une gamme complète de services bancaires d'investissement et de gestion de fortune à une clientèle internationale.

L'Obligation émise par Deutsch Bank London ( Allemagne ) , en USD, avec le code ISIN US25152RUV31, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 31/01/2033

L'Obligation émise par Deutsch Bank London ( Allemagne ) , en USD, avec le code ISIN US25152RUV31, a été notée NR par l'agence de notation Moody's.

L'Obligation émise par Deutsch Bank London ( Allemagne ) , en USD, avec le code ISIN US25152RUV31, a été notée A- ( Qualité moyenne supérieure ) par l'agence de notation Standard & Poor's ( S&P ).

http://www.sec.gov/Archives/edgar/data/1159508/000095010313000646/dp35831_424b2-ps16...
424B2 1 dp35831_424b2-ps1690.htm FORM 424B2
Pricing Supplement No. 1690
Registration Statement No. 333-184193
To prospectus supplement dated September 28, 2012 and
Dated January 28, 2013; Rule 424(b)(2)
prospectus dated September 28, 2012
Deutsche Bank AG, London Branch
$1,000,000 20-Year CMS Slope Steepener Notes due January 31, 2033
General

·
The notes wil pay interest quarterly in arrears for the first year at a fixed rate of 7.50% per annum and, unless redeemed by us, wil pay interest
thereafter at a rate per annum equal to 4 times the value of the spread between the 30-Year Constant Maturity Swap ("CMS") Rate and the 5-Year CMS
Rate minus 0.55%, subject to the Maximum Interest Rate of 7.00% per annum and the Minimum Interest Rate of 0.00% per annum. After the first year, if
the 30-year CMS Rate does not exceed the 5-year CMS Rate by more than 0.55% on any Interest Determination Date, you wil receive no interest during
the affected interest period.

·
We have the right to redeem the notes in whole but not in part on January 31, 2014, January 31, 2018, January 31, 2023 and January 31, 2028.
Therefore, the term of the notes could be as short as one year. Any payment on the notes, including interest payments, the payment upon early
redemption and the Payment at Maturity, is subject to the credit of the Issuer.

·
Senior unsecured obligations of Deutsche Bank AG due January 31, 2033.

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

·
The notes priced on January 28, 2013 (the "Trade Date") and are expected to settle on January 31, 2013 (the "Settlement Date"). Delivery of the notes
in book-entry form only wil be made through The Depository Trust Company.
Key Terms
Issuer:

Deutsche Bank AG, London Branch
Issue Price:

At variable prices
Payment at Maturity:

Unless the notes are redeemed earlier by us, you wil receive on the Maturity Date a cash payment, for each $1,000
Principal Amount of notes, of $1,000 plus any accrued and unpaid interest. 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. The Payment at Maturity is subject to the credit of the Issuer.
Interest Rates:

Interest wil be paid quarterly in arrears at the applicable Interest Rate set forth below on each Interest Payment Date,
based on an unadjusted 30/360 day count fraction. No interest wil be accrued or payable if the notes are redeemed by us.
· For the first four Interest Periods from and including the Settlement Date to but excluding January 31, 2014, the
Interest Rate wil be 7.50% per annum.
· For each subsequent Interest Period, the applicable Interest Rate wil be determined by the calculation agent on the
relevant Interest Determination Date based on the fol owing formula:
Interest Rate = Multiplier x (Spread Fixed Percentage Amount), subject to the Maximum Interest Rate and the
Minimum Interest Rate
After the first year, if the 30-year CMS Rate does not exceed the 5-year CMS Rate by more than 0.55% on any
relevant Interest Determination Date, you will receive no interest on your notes for the relevant Interest Period,
regardless of any subsequent increase of the Spread during the relevant Interest Period. Furthermore, after the
first year, the applicable Interest Rate will be subject to the Maximum Interest Rate of 7.00% per annum.
(Key Terms continued on next page)

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Investing in the notes involves a number of risks. See "Selected Risk Considerations" beginning on page PS-4 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(1)
Commissions(2)
to Us
Per Note
At variable prices
$50.00
$950.00
Total
At variable prices
$50,000.00
$950,000.00
(1) The notes wil be offered from time to time in one or more negotiated transactions at varying prices to be determined at the time of each sale, which may be at
market prices prevailing, at prices related to such prevailing prices or at negotiated prices; provided, however, that such price wil not be less than $950.00 per
note. See "Selected Risk Considerations--Variable Price Reoffering Risks."
(2) For more detailed information about discounts and commissions, please see "Supplemental Underwriting Information (Conflicts of Interest)" in this pricing
supplement.
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
$1,000,000.00
$136.40

Deutsche Bank Securities
January 28, 2013

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(Key Terms continued from previous page)

Interest Period:

The period from (and including) an Interest Payment Date, or the Settlement Date in the case of the first Interest Period, to
(but excluding) the fol owing Interest Payment Date.
Interest Determination Date:

For each Interest Period commencing on or after January 31, 2014, two US Government Securities business days prior to
the first day of such Interest Period.
Interest Payment Dates:

The last day of each January, April, July and October, beginning on April 30, 2013 and ending on the Maturity Date. 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.
Spread:

The 30-Year CMS Rate minus the 5-Year CMS Rate.
30-Year CMS Rate:

For any US Government Securities business day, the mid-market semi-annual swap rate expressed as a percentage for a
U.S. dollar interest rate swap transaction with a term equal to 30 years, published on Reuters page ISDAFIX3 at 11:00
a.m., New York time. If the 30-Year CMS Rate does not appear on Reuters page ISDAFIX3 on such day, the 30-Year
CMS Rate for such day shal be determined by the calculation agent in accordance with the procedures set forth under
"Description of the Notes" below.
5-Year CMS Rate:

For any US Government Securities business day, the mid-market semi-annual swap rate expressed as a percentage for a
U.S. dol ar interest rate swap transaction with a term equal to 5 years, published on Reuters page ISDAFIX3 at 11:00 a.m.,
New York time. If the 5-Year CMS Rate does not appear on Reuters page ISDAFIX3 on such day, the 5-Year CMS Rate
for such day shall be determined by the calculation agent in accordance with the procedures set forth under "Description of
the Notes" below.
Maximum Interest Rate:

7.00% per annum
Minimum Interest Rate:

0.00% per annum
Multiplier:

4
Fixed Percentage Amount:

0.55%
Early Redemption at Issuer's Option:
We may, in our sole discretion, redeem your notes in whole but not in part on January 31, 2014, January 31, 2018, January
31, 2023 and January 31, 2028 (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 wil give you notice not less than five (5) business days prior to the applicable Redemption Date. We
wil not give a notice that results in a Redemption Date later than the Maturity Date.
Trade Date:

January 28, 2013
Settlement Date:

January 31, 2013
Maturity Date:

January 31, 2033
Listing:

The notes wil not be listed on any securities exchange.
CUSIP / ISIN:

25152RUV3 / US25152RUV31

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SUMMARY

·
You should read this pricing supplement together with the prospectus supplement dated September 28, 2012 relating to our Series A global notes of which these
notes are a part and the prospectus dated September 28, 2012. 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 28, 2012:
http://www.sec.gov/Archives/edgar/data/1159508/000119312512409437/d414995d424b21.pdf

·
Prospectus dated September 28, 2012:
http://www.sec.gov/Archives/edgar/data/1159508/000119312512409372/d413728d424b21.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 all 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
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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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Hypothetical Examples
The table and hypothetical examples set forth below il ustrate how the interest payments on the notes is calculated after the first year using the Multiplier of 4, the
Fixed Percentage Amount of 0.55%, the Maximum Interest Rate of 7.00% per annum and the Minimum Interest Rate of 0.00% per annum. The actual interest
payments on the notes after the first year wil be determined on the relevant Interest Determination Dates. For purposes of these examples, we have assumed that
the notes are not being redeemed prior to the Maturity Date. The fol owing results are based solely on the hypothetical example cited below. You should consider
careful y whether the notes are suitable to your investment goals. The numbers appearing in the tables and examples below have been rounded for ease of analysis.

Applicable
Hypothetical Interest

Multiplier x (Spread Fixed
Interest Rate
Payment
30-Year CMS Rate
5-Year CMS Rate
Spread
Percentage Amount)
(per annum)
0.00%
0.55%
-0.55%
-4.40%
0.00%
$0.00
1.00%
1.00%
0.00%
-2.20%
0.00%
$0.00
2.10%
1.55%
0.55%
0.00%
0.00%
$0.00
4.00%
2.00%
2.00%
5.80%
5.80%
$14.50
5.00%
2.70%
2.30%
7.00%
7.00%
$17.50
6.00%
3.00%
3.00%
9.80%
7.00%
$17.50

The fol owing examples il ustrate how the hypothetical interest payments set forth in the table above are calculated.

Example 1: If on the Interest Determination Date for the relevant Interest Period the value of the 30-Year CMS Rate is 0.00% and the 5-Year CMS Rate is 0.55%,
the Spread for the corresponding Interest Period would be 0.55% and the applicable Interest Rate would be 0.00%, calculated as fol ows:

4 x ( 0.55% 0.55%), subject to the Maximum Interest Rate of 7.00% and the Minimum Interest
Interest Rate
=
Rate of 0.00%

=
4.40%, subject to the Minimum Interest Rate of 0.00%

=
0.00%

In this case, because the value of the Multiplier multiplied by the difference between the Spread and the Fixed Percentage Amount results in a per annum rate of
4.40%, which is less than the Minimum Interest Rate of 0.00%, the applicable Interest Rate for the corresponding Interest Period would be 0.00%, and you would
receive no interest payment on the relevant Interest Payment Date.

Example 2: If on the Interest Determination Date for the relevant Interest Period the value of the 30-Year CMS Rate is 1.00% and the 5-Year CMS Rate is 1.00%,
the Spread for the corresponding Interest Period would be 0.00% and the Applicable Interest Rate would be 0.00%, calculated as follows:

4 x ( 0.00% 0.55%), subject to the Maximum Interest Rate of 7.00% and the Minimum Interest Rate
Interest Rate
=
of 0.00%
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=
2.20%, subject to the Minimum Interest Rate of 0.00%

=
0.00%

In this case, because the value of the Multiplier multiplied by the difference between the Spread and the Fixed Percentage Amount results in a per annum rate of
2.20%, which is less than the Minimum Interest Rate of 0.00%, the applicable Interest Rate for the corresponding Interest Period would be 0.00%, and you would
receive no interest payment on the relevant Interest Payment Date.

PS-2
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Example 3: If on the Interest Determination Date for the relevant Interest Period the value of the 30-Year CMS Rate is 2.10% and the 5-Year CMS Rate is 1.55%,
the Spread for the corresponding Interest Period would be 0.55% and the applicable Interest Rate would be 0.00%, calculated as fol ows:

4 x ( 0.55% 0.55%), subject to the Maximum Interest Rate of 7.00% and the Minimum Interest Rate
Interest Rate
=
of 0.00%

=
0.00%

In this case, because the difference between the Spread and the Fixed Percentage Amount is 0.00%, the applicable Interest Rate is equal to 0.00% and you wil
receive no interest payment on the relevant Interest Payment Date.

Example 4: If on the Interest Determination Date for the relevant Interest Period the 30-Year CMS Rate is 4.00% and the 5-Year CMS Rate is 2.00%, the Spread
for the corresponding Interest Period would be 2.00% and the applicable Interest Rate would be 5.80%, calculated as fol ows:

4 x ( 2.00% 0.55%), subject to the Maximum Interest Rate of 7.00% and the Minimum Interest Rate
Interest Rate
=
of 0.00%

=
5.80%

In this case, because the value of the Multiplier multiplied by the difference between the Spread and the Fixed Percentage Amount results in a per annum rate of
5.80%, which is greater than the Minimum Interest Rate of 0.00% but less than the Maximum Interest Rate of 7.00%, the applicable Interest Rate would be 5.80%
and you wil receive an interest payment of $14.50 per $1,000 Principal Amount of notes on the relevant Interest Payment Date.

Example 5: If on the Interest Determination Date for the relevant Interest Period the 30-Year CMS Rate is 5.00% and the 5-Year CMS Rate is 2.70%, the Spread
for the corresponding Interest Period would be 2.30% and the applicable Interest Rate would be 7.00%, calculated as fol ows:

4 x ( 2.30% 0.55%), subject to the Maximum Interest Rate of 7.00% and the Minimum Interest Rate
Interest Rate
=
of 0.00%

=
7.00%

In this case, because the value of the Multiplier multiplied by the difference between the Spread and the Fixed Percentage Amount results in a per annum rate of
7.00%, which is greater than the Minimum Interest Rate of 0.00% but equal to the Maximum Interest Rate of 7.00%, the applicable Interest Rate would be 7.00%
and you wil receive an interest payment of $17.50 per $1,000 Principal Amount of notes on the relevant Interest Payment Date.

Example 6: If on the Interest Determination Date for the relevant Interest Period the 30-Year CMS Rate is 6.00% and the 5-Year CMS Rate is 3.00%, the Spread
for the corresponding Interest Period would be 3.00% but the applicable Interest Rate for the corresponding Interest Period would nevertheless be only 7.00%,
calculated as fol ows:

4 x ( 3.00% 0.55%), subject to the Maximum Interest Rate of 7.00% and the Minimum Interest Rate
Interest Rate
=
of 0.00%
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=
9.80%, subject to the Maximum Interest Rate of 7.00%

=
7.00%

In this case, because the value of the Multiplier multiplied by the difference between the Spread and the Fixed Percentage Amount results in a per annum rate of
9.80%, which is greater than the Maximum Interest Rate of 7.00%, the applicable Interest Rate would be 7.00% and you wil receive an interest payment of $17.50
per $1,000 Principal Amount of notes on the relevant Interest Payment Date.

PS-3
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Selected Purchase Considerations

·
PRESERVATION OF CAPITAL AT MATURITY -- If you hold the notes to maturity, you wil receive 100% of the principal amount of your notes regardless of
the performance of the 30-Year CMS Rate and the 5-year CMS Rate. Because the notes are our senior unsecured obligations, payment of any amount at
maturity remains subject to our ability to pay our obligations as they become due.

·
FIXED QUARTERLY INTEREST PAYMENTS FOR THE FIRST YEAR AND UNCERTAIN QUARTERLY INTEREST PAYMENTS THEREAFTER -- For the
first year, the notes wil pay interest at a fixed rate of 7.50% per annum. Thereafter, interest payable on the notes, if any, is based on the product of (a) the
Multiplier of 4 and (b) the Spread between the 30-Year CMS Rate and the 5-Year CMS Rate minus the Fixed Percentage Amount of 0.55%. The applicable
Interest Rate for each Interest Period wil be higher when the Spread increases, subject to a Maximum Interest Rate of 7.00% per annum. If the Spread is
equal to or less than 0.55%, you wil receive no interest during the affected interest periods.

·
TAXED AS CONTINGENT PAYMENT DEBT INSTRUMENTS -- In the opinion of our special tax counsel, Davis Polk & Wardwell LLP, the notes wil be
treated for U.S. federal income tax purposes as "contingent payment debt instruments," with the tax consequences described under "--CPDI Notes," on
page PS-40 of the accompanying prospectus supplement. Under this treatment, regardless of your method of accounting, you wil be required to accrue
interest in each year on a constant yield to maturity basis at the "comparable yield," as determined by us (with certain adjustments to reflect the difference,
if any, between the actual and projected amounts of the contingent payments on the notes, and certain additional adjustments if the notes are purchased for
an amount that differs from the issue price). Any income recognized upon a taxable disposition of the notes generally wil be treated as interest income for
U.S. federal income tax purposes.

Because the notes may be offered to investors at varying prices, the "issue price" of the notes for U.S. federal income tax purposes wil not be known until
the Settlement Date. After the Settlement Date, you may obtain the issue price, comparable yield and the projected payment schedule by contacting
Deutsche Bank Structured Notes at 212-250-6937. Neither the comparable yield nor the projected payment schedule constitutes a representation
by us regarding the actual amounts that we will pay on a note.

You should review careful y the section of the accompanying prospectus supplement entitled "United States Federal Income Taxation." The preceding
discussion, when read in combination with that section, constitutes the ful opinion of our special tax counsel regarding the material U.S. federal income tax
consequences of owning and disposing of the notes.

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 concerning the application of U.S. federal income tax laws to your particular situation, as well as any tax
consequences arising under the laws of any state, local or foreign jurisdictions.

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.
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