Published on 4/28/2010 in the Prospect News Structured Products Daily.
New Issue: RBS prices $0.66 million 13% reverse convertibles linked to Las Vegas Sands
New York, April 28 - Royal Bank of Scotland NV priced $657,000 of 13% Knock-In Reverse Exchangeable notes due July 30, 2010 linked to Las Vegas Sands Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Las Vegas Sands shares fall below the protection price of $16.05, 65% of the initial price of $24.69, during the life of the notes and finish below the initial price in which case the payout will be 40.502 shares of Las Vegas Sands 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: | Las Vegas Sands Corp. (Symbol: LVS)
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Amount: | $657,000
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Maturity: | July 30, 2010
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Coupon: | 13%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Las Vegas Sands shares fall below the protection price of $16.05, 65% of the initial price, and finish below the initial price, in which case 40.502 shares of Las Vegas Sands stock
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Initial price: | $24.69
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Protection price: | $16.05, 65% of $24.69
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Exchange ratio: | 40.502
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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: | 78009KFD9
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