Published on 2/25/2011 in the Prospect News Structured Products Daily.
New Issue: RBS prices $785,000 13.25% reverse convertibles linked to Silver Wheaton
New York, Feb. 25 - Royal Bank of Scotland NV priced $785,000 of 13.25% Knock-In Reverse Exchangeable notes due May 28, 2011 linked to the Silver Wheaton Corp. index, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Silver Wheaton shares fall below the protection price of $30.69, 75% of the initial price of $40.92, during the life of the notes and finish below the initial price in which case the payout will be 24.438 shares of Silver Wheaton 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: | Silver Wheaton Corp. (Symbol: SLW)
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Amount: | $785,000
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Maturity: | May 28, 2011
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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 Silver Wheaton shares fall below the protection price of $30.69, 75% of the initial price, and finish below the initial price, in which case 24.438 shares of Silver Wheaton stock
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Initial price: | 40.92
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Protection price: | $30.69, 75% of $40.92
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Exchange ratio: | 24.438
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Pricing date: | Feb. 23
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Settlement date: | Feb. 28
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Agent: | RBS Securities Inc.
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Fees: | 1.5%
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