Published on 1/27/2011 in the Prospect News Structured Products Daily.
New Issue: RBS prices $35,000 15% reverse convertibles linked to SanDisk
New York, Jan. 27 - Royal Bank of Scotland NV priced $35,000 of 15% Knock-In Reverse Exchangeable notes due July 29, 2011 linked to the SanDisk Corp. index, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless SanDisk shares fall below the protection price of $37.46, 75% of the initial price of $49.94, during the life of the notes and finish below the initial price in which case the payout will be 20.024 shares of SanDisk stock.
RBS Securities Inc. is the agent.
| Issuer: | Royal Bank of Scotland NV
|
| Issue: | Knock-In Reverse Exchangeable notes
|
| Underlying stock: | SanDisk Corp. (Symbol: SNDK)
|
| Amount: | $35,000
|
| Maturity: | July 29, 2011
|
| Coupon: | 15%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless SanDisk shares fall below the protection price of $37.46, 75% of the initial price, and finish below the initial price, in which case 20.024 shares of SanDisk stock
|
| Initial price: | 49.94
|
| Protection price: | $37.46, 75% of $49.94
|
| Exchange ratio: | 20.024
|
| Pricing date: | Jan. 26
|
| Settlement date: | Jan. 31
|
| Agent: | RBS Securities Inc.
|
| Fees: | 1.75%
|
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