Published on 7/3/2007 in the Prospect News Structured Products Daily.
New Issue: ABN Amro sells $500,000 of 13.81% knock-in reverse exchangeables linked to Freeport
By Laura Lutz
Des Moines, July 3 - ABN Amro Bank NV priced $500,000 of 13.81% knock-in reverse exchangeable notes due Dec. 31, 2007 linked to Freeport-McMoRan Copper & Gold Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payment at maturity will be determined according to the performance of Freeport-McMoRan stock. If the stock trades at or below $62.67, the knock-in price, and closes below $78.34, the initial price, during the life of the notes, investors will receive a number of Freeport-McMoRan shares equal to $1,000 divided by the initial stock price. The knock-in price is 80% of the initial price.
Otherwise, investors will receive par in cash.
ABN Amro Inc. is the underwriter
Issuer: | ABN Amro Bank NV
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Issue: | Knock-in reverse exchangeable notes
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Underlying stock: | Freeport-McMoRan Copper & Gold Inc.
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Amount: | $500,000
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Maturity: | Dec. 31, 2007
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Coupon: | 13.81%, payable monthly
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Price: | Par
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Payout at maturity: | If Freeport-McMoRan stock closes below the knock-in price during the life of the notes and finishes below the initial price, 12.765 shares of Freeport-McMoRan stock; otherwise, par in cash
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Initial price: | $78.34
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Knock-in price: | $62.67, 80% of initial price
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Exchange ratio: | 12.765 shares, at maturity
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Pricing date: | June 26
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Settlement date: | July 3
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Agent: | ABN Amro Inc.
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Fees: | 2.5%
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Distribution: | Off shelf
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