Published on 7/5/2006 in the Prospect News Convertibles Daily.
New Issue: ABN Amro prices $0.8 million 9% Knock-in Reverse Exchangeables linked to ING Groep
By Jennifer Chiou
New York, July 5 - ABN Amro Bank NV priced a $0.8 million issue of 9% Knock-in Reverse Exchangeable notes due July 6, 2007 linked to American Depositary Receipts representing ING Groep NV stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payment at maturity will be determined according to the performance of ING Groep stock. If the stock trades at or below $31.46, the knock-in price, and closes below $39.32, the initial price, investors will receive a number of ING Groep 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.
Issuer: | ABN Amro Bank NV
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Issue: | Knock-in Reverse Exchangeable senior medium-term series A notes
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Underlying securities: | American Depositary Receipts representing ING Groep NV stock
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Amount: | $0.8 million
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Maturity: | July 6, 2007
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Coupon: | 9%, payable quarterly
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Price: | Par
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Payout at maturity: | If ING Groep stock closes below the knock-in price during the life of the notes and finishes below the initial price, 25.432 shares of ING Groep stock; otherwise par in cash
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Initial stock price: | $39.32
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Knock-in price: | $31.46, 80% of initial price
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Exchange ratio: | 25.432 shares, at maturity
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Pricing date: | June 30
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Settlement date: | July 6
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Agents: | LaSalle Financial Services Inc., ABN Amro Inc.
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Distribution: | Off shelf
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