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Rabobank to price 11.5% knock-in reverse convertibles linked to Citigroup
By Susanna Moon
Chicago, Aug. 3 - Rabobank plans to price an issue of 11.5% knock-in reverse convertible notes due Feb. 15, 2008 linked to Citigroup Inc. common stock, according to a term sheet.
Interest is payable monthly.
The payout at maturity will be par unless the stock falls below its knock-in-price - 85% of the initial price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Citigroup shares equal to $1,000 divided by the initial stock price or, at the issuer's option, the equivalent cash value.
The notes will price on Aug. 10 and settle on Aug. 15.
LaSalle Financial Services, Inc. is the agent.
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