RBS plans capped fixed-to-floaters linked to Consumer Price Index

By Jennifer Chiou

New York, May 17 - Royal Bank of Scotland NV plans to price capped fixed-to-floating notes due May 25, 2021 linked to the Consumer Price Index, according to a 424B5 filing with the Securities and Exchange Commission.

The initial interest rate is 4%. Beginning in May 2013, the interest rate will be the year-over-year change in the index plus 200 basis points, subject to a minimum rate of zero and a maximum rate of 8% per year. Interest will be payable monthly.

The payout at maturity will be par.

The notes (Cusip: 78009PAM3) are expected to price on May 20 and settle on May 25.

RBS Securities Inc. is the agent.

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