Published on 4/28/2010 in the Prospect News Structured Products Daily.
New Issue: RBS prices $0.15 million 13.5% reverse convertibles linked to Arch Coal
New York, April 28 - Royal Bank of Scotland NV priced $147,000 of 13.5% annualized Knock-In Reverse Exchangeable notes due July 30, 2010 linked to Arch Coal, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Arch Coal shares fall below the protection price of $21.34, 80% of the initial price of $26.68, during the life of the notes and finish below the initial price in which case the payout will be 37.481 shares of Arch Coal stock.
RBS Securities Inc. is the agent.
Issuer: | Royal Bank of Scotland NV
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Issue: | Knock-In Reverse Exchangeable notes
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Underlying stock: | Arch Coal, Inc. (Symbol: ACI)
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Amount: | $147,000
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Maturity: | July 30, 2010
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Coupon: | 13.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Arch Coal shares fall below the protection price of $21.34, 80% of the initial price, and finish below the initial price, in which case 37.481 shares of Arch Coal stock
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Initial price: | $26.68
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Protection price: | $21.34, 80% of $26.68
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Exchange ratio: | 37.481
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Pricing date: | April 27
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Settlement date: | April 30
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Agent: | RBS Securities Inc.
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Fees: | 1.375%
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Cusip: | 78009KFC1
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