Published on 9/29/2010 in the Prospect News Structured Products Daily.
New Issue: RBS prices $490,000 13.25% reverse convertibles linked to U.S. Steel
New York, Sept. 29 - Royal Bank of Scotland NV priced $490,000 of 13.25% Knock-In Reverse Exchangeable notes due Dec. 31, 2010 linked to the United States Steel Corp. index, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless U.S. Steel shares fall below the protection price of $32.09, 75% of the initial price of $42.79, during the life of the notes and finish below the initial price in which case the payout will be 23.370 shares of U.S. Steel 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: | United States Steel Corp. (Symbol: X )
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Amount: | $490,000
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Maturity: | Dec. 31, 2010
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Coupon: | 13.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless U.S. Steel shares fall below the protection price of $32.09, 75% of the initial price, and finish below the initial price, in which case 23.370 shares of U.S. Steel stock
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Initial price: | 42.79
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Protection price: | $32.09, 75% of $42.79
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Exchange ratio: | 23.370
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Pricing date: | Sept. 27
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Settlement date: | Sept. 30
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Agent: | RBS Securities Inc.
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Fees: | 1.5%
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