Published on 8/28/2008 in the Prospect News Structured Products Daily.
New Issue: ABN Amro prices $1.15 million 14.5% reverse convertibles linked to Hess
New York, Aug. 28 - ABN Amro Bank NV priced $1.15 million of 14.5% Knock-In Reverse Exchangeable notes due Nov. 28, 2008 linked to Hess Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Hess shares fall below the protection price of $73.87, 70% of the initial price of $105.53, during the life of the notes and finish below the initial price in which case the payout will be 9.476 shares of Hess stock.
ABN Amro Inc. is the agent.
Issuer: | ABN Amro Bank NV
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Issue: | Knock-In Reverse Exchangeable notes
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Underlying stock: | Hess Corp.
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Amount: | $1.15 million
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Maturity: | Nov. 28, 2008
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Coupon: | 14.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Hess shares fall below the protection price of $73.87, 70% of the initial price, and finish below the initial price, in which case 9.476 shares of Hess stock
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Initial price: | $105.53
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Protection price: | $73.87, 70% of $105.53
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Exchange ratio: | 9.476
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Pricing date: | Aug. 26
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Settlement date: | Aug. 29
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Agent: | ABN Amro Inc.
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Fees: | 1.375%
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