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RBS plans five-year annual reset coupon securities linked to S&P 500
By Susanna Moon
Chicago, Nov. 19 - Royal Bank of Scotland NV plans to price annual reset coupon securities due Nov. 30, 2015 based on the S&P 500 index, according to an FWP with the Securities and Exchange Commission.
If the index return on any observation date is zero or positive, the coupon will be 7.5% for that year. Otherwise, the coupon will be 1%. The observation date will be annually on Nov. 23 of each year. Interest is payable annually.
The payout at maturity will be par unless the index finishes below 80% of the initial level, in which case investors will lose 1% for every 1% decline below the trigger.
The notes (Cusip 78009KPG1) are expected to price Nov. 23 and settle Nov. 30.
RBS Securities Inc. is the agent.
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