Published on 5/26/2010 in the Prospect News Structured Products Daily.
New Issue: RBS prices $725,000 of 21.75% reverse exchangeables linked to Lincoln National
By E. Janene Geiss
Philadelphia, May 26 - Royal Bank of Scotland NV priced $725,000 million of 21.75% annualized Knock-In Reverse Exchangeable notes due Aug. 31, 2010 linked to Lincoln National Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Lincoln National shares fall below the protection price of $19.25, 75% of the initial price of $25.67, during the life of the notes and finish below the initial price in which case the payout will be 38.956 shares of Lincoln National stock.
RBS Securities Inc. is the agent.
Issuer: | Royal Bank of Scotland NV
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Issue: | Knock-In Reverse Exchangeable notes
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Underlying stock: | Lincoln National Corp. (Symbol: LNC)
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Amount: | $725,000
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Maturity: | Aug. 31, 2010
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Coupon: | 21.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Lincoln National shares fall below the protection price of $19.25, 75% of the initial price, and finish below the initial price, in which case 38.956 shares of Lincoln National stock
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Initial price: | $25.67
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Protection price: | $19.25, 75% of $25.67
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Exchange ratio: | 38.956
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Pricing date: | May 25
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Settlement date: | May 28
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Agent: | RBS Securities Inc.
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Fees: | 2.25%
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Cusip: | 78009KHQ8
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