Deutsche Bank to Redeem PowerShares DB Crude Oil Double Long Exchange Traded Notes
02 September 2009 - 6:15AM
Business Wire
Deutsche Bank today announced that it will redeem all
outstanding PowerShares DB Crude Oil Double Long Exchange Traded
Notes (NYSE: DXO; TSX: DOU)(“the Notes”). Limitations imposed by
the exchange on which Deutsche Bank manages the exposure of the
Notes have resulted in a “regulatory event” as defined in the terms
of the Notes, which has caused Deutsche Bank to redeem the
Notes.
None of the other notes offered by Deutsche Bank are affected by
today’s announcement, nor are the PowerShares DB exchange traded
funds offered by DB Commodity Services LLC. Deutsche Bank will
continue to maintain and develop new commodity exchange traded
products and offer a full range of commodity trading services, in
accordance with the changing regulatory environment. For more
information about Deutsche Bank’s commodity exchange traded
products business in the Americas, please visit:
http://www.dbfunds.db.com.
Deutsche Bank expects to provide notice of this redemption on
September 9, 2009. The repurchase value of the Notes will be
determined as of the date notice is given. Payment of the
repurchase value of the Notes will be made on the third business
day following the date of notice. Daily creations of DXO will
remain suspended. Daily repurchases at the option of investors will
be accepted in the normal manner up to and including September
9.*
About Deutsche Bank
Deutsche Bank (NYSE: DB) is a leading global investment bank
with a strong and profitable private clients franchise. A leader in
Germany and Europe, the bank is continuously growing in North
America, Asia and key emerging markets. With 78,896 employees in 72
countries, Deutsche Bank competes to be the leading global provider
of financial solutions for demanding clients creating exceptional
value for its shareholders and people.
www.db.com
* As disclosed in the pricing supplement relating to the Notes
under the heading "Risk Factors - The market value of the
securities may be influenced by many unpredictable factors," the
market value of the Notes may be influenced by, among other things,
the levels of supply and demand for the Notes. It is possible that
the suspensions, as described above, may influence the market value
of the Notes. Deutsche Bank believes that the limitations on
issuance and sale implemented may cause an imbalance of supply and
demand in the secondary market for the Notes, which may cause the
Notes to trade at a premium or discount in relation to their
indicative value. Therefore, any purchase of Notes in the secondary
market may be at a purchase price significantly different from
their indicative value.
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