Published on 5/6/2010 in the Prospect News Structured Products Daily.
New Issue: RBS prices $1.08 million 20.5% reverse exchangeables linked to Eastman Kodak
By Angela McDaniels
Tacoma, Wash., May 6 - Royal Bank of Scotland NV priced $1.08 million of reverse exchangeable securities due Aug. 10, 2010 linked to the common stock of Eastman Kodak Co., according to a 424B2 filing with the Securities and Exchange Commission.
The three-month notes pay 5.125% for an annualized coupon of 20.5%. Interest is payable monthly.
The payout at maturity will be par unless the stock falls below the knock-in price - 70% of the initial share price - during the life of the notes and finishes below the initial share price, in which case investors will receive a number of Eastman Kodak shares equal to $1,000 divided by the initial share price.
RBS Securities Inc. is the agent.
Issuer: | Royal Bank of Scotland NV
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Issue: | Reverse exchangeable securities
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Underlying stock: | Eastman Kodak Co. (Symbol: EK)
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Amount: | $1,075,000
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Maturity: | Aug. 10, 2010
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Coupon: | 20.5%, payable monthly
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Price: | Par
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Payout at maturity: | If stock dips below knock-in price during life of notes and finishes below initial share price, 161.551 Eastman Kodak shares; otherwise, par
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Initial share price: | $6.19
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Knock-in price: | $4.33, 70% of initial share price
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Pricing date: | May 5
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Settlement date: | May 10
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Agent: | RBS Securities Inc.
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Fees: | 2.75%
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Cusip: | 78009KGM8
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