Published on 3/16/2010 in the Prospect News Structured Products Daily.
New Issue: RBS sells $152,000 10.5% reverse exchangeables linked to Dow Chemical
By Susanna Moon
Chicago, March 16 - Royal Bank of Scotland NV priced $152,000 of 10.5% annualized Knock-in Reverse Exchangeable Securities due March 17, 2011 based on the performance of Dow Chemical Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless the stock falls below the knock-in price - 80% of the initial share price - during the life of the notes and finishes below the initial share price, in which case investors will receive a number of Dow Chemical shares equal to $1,000 divided by the initial share price.
RBS Securities Inc. is the agent.
Issuer: | Royal Bank of Scotland NV
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Issue: | Knock-in Reverse Exchangeable Securities
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Underlying stock: | Dow Chemical Co. (Symbol: DOW)
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Amount: | $152,000
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Maturity: | March 17, 2011
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Coupon: | 10.5%, payable monthly
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Price: | Par
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Payout at maturity: | If stock dips below knock-in price during life of notes and finishes below initial share price, 33.512 Dow Chemical shares; otherwise, par
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Initial share price: | $29.84
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Knock-in price: | $23.87, 80% of initial share price
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Pricing date: | March 12
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Settlement date: | March 17
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Agent: | RBS Securities Inc.
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Fees: | 3.25%
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Cusip: | 78009KCB6
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