RBS to price 9.75% reverse convertibles linked to Morgan Stanley

By Susanna Moon

Chicago, March 2 - Royal Bank of Scotland NV plans to price 9.75% annualized Knock-In Reverse Exchangeable Securities due Sept. 17, 2010 based on Morgan Stanley shares, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Morgan Stanley shares fall below 80% of the initial price during the life of the notes and finish below the initial price, in which case the payout will be a number of Morgan Stanley shares equal to $1,000 divided by the initial price.

The notes are expected to price on March 12 and settle on March 17.

RBS Securities Inc. is the agent.

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