By Jennifer Chiou
New York, May 24 - Royal Bank of Scotland NV priced $7.5 million of capped fixed-to-floating-rate notes due May 25, 2021 linked to the Consumer Price Index, according to a 424B5 filing with the Securities and Exchange Commission.
The initial interest rate is 4%. Beginning May 25, 2013, the interest rate will be the year-over-year change in the index plus 200 basis points, subject to a minimum rate of zero and a maximum rate of 8% per year. Interest will be payable monthly.
The payout at maturity will be par.
RBS Securities Inc. is the agent.
Issuer: | Royal Bank of Scotland NV
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Issue: | Capped fixed-to-floating-rate notes
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Underlying index: | Consumer Price Index
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Amount: | $7.5 million
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Maturity: | May 25, 2021
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Coupon: | 4% initially; beginning May 25, 2013, equal to year-over-year change in the CPI plus 200 basis points, subject to a minimum rate of zero and maximum rate of 8%; payable monthly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | May 20
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Settlement date: | May 25
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Underwriter: | RBS Securities Inc.
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Fees: | 2.9%
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Cusip: | 78009PAM3
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