By Angela McDaniels
Tacoma, Wash., Sept. 28 - Royal Bank of Scotland plc has issued $12 million principal amount of 0% RBS Nasdaq 100 Trendpilot exchange-traded notes as of Sept. 20, according to a 424B5 filing with the Securities and Exchange Commission.
The notes mature on Dec. 13, 2041 and are linked to the RBS Nasdaq 100 Trendpilot index.
The issuer plans to issue up to $100 million of the notes from time to time at varying prices. It issued $4 million principal amount of notes on the initial settlement date, Dec. 13, 2011. An additional $8 million of notes have priced since then.
The notes have a face amount of $25 each.
The notes are callable and putable. Holders who wish to exercise the put option must put back at least 20,000 notes.
The payout at maturity or upon redemption will be the daily redemption value on the valuation date.
The daily redemption value on the inception date was $25. On each subsequent day, it is equal to the daily redemption value on the preceding day multiplied by the index factor - the index closing level on that day divided by the index closing level on the previous day - and minus the investor fee, which is 1% per year when the index is tracking the RBS 12-Month Nasdaq 100 Total Return index and 0.5% per year when it is tracking the cash rate.
The index provides exposure to either the RBS 12-Month Nasdaq 100 Total Return index or the yield on a hypothetical notional investment in three-month Treasury bills as of the most recent weekly auction.
If the closing level of the RBS 12-Month Nasdaq 100 Total Return index is at or above its historical 100-index-business-day simple moving average for five consecutive index business days, then the RBS Nasdaq 100 Trendpilot index will track the return on the RBS 12-Month Nasdaq 100 Total Return index.
If the closing level of the RBS 12-Month Nasdaq 100 Total Return index is below its historical 100-index-business-day simple moving average for five consecutive index business days, then the RBS Nasdaq 100 Trendpilot index will track the cash rate.
The notes are listed on the NYSE Arca under the symbol "TNDQ."
RBS Securities Inc. is the agent. Pacer Financial, Inc. is marketing the notes. Both will receive a portion of the investor fee.
| Issuer: | Royal Bank of Scotland plc
|
| Issue: | RBS Nasdaq 100 Trendpilot exchange-traded notes
|
| Underlying index: | RBS Nasdaq 100 Trendpilot index
|
| Amount: | $12 million
|
| Maturity: | Dec. 13, 2041
|
| Coupon: | 0%
|
| Face value: | $25
|
| Payout at maturity: | Cash amount equal to daily redemption value, which on any day equals the daily redemption value on the preceding day multiplied by the index factor and minus the investor fee
|
| Call option: | At any time
|
| Put option: | At any time, subject to a minimum of 20,000 notes
|
| Inception date: | Dec. 8, 2011
|
| Initial settlement date: | Dec. 13, 2011 (for $4 million)
|
| Agent: | RBS Securities Inc.
|
| Listing: | NYSE Arca: TNDQ
|
| Cusip: | 78009P143
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
