RBS to price 10.5% reverse exchangeables linked to Titanium Metals

By Angela McDaniels

Tacoma, Wash., May 5 - Royal Bank of Scotland NV plans to price 10.5% annualized reverse exchangeable securities due Aug. 31, 2010 linked to the common stock of Titanium Metals Corp., according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Titanium Metals shares fall below 75% 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 Titanium Metals shares equal to $1,000 divided by the initial price.

The notes are expected to price May 25 and settle May 28.

RBS Securities Inc. is the agent.

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