Published on 6/28/2011 in the Prospect News Structured Products Daily.
New Issue: RBS sells $2.82 million three-year annual reset coupon notes on S&P 500
By Toni Weeks
San Diego, June 28 - Royal Bank of Scotland NV priced $2.82 million of annual reset coupon notes with fixed buffer due June 30, 2014 linked to the S&P 500 index, according to a 424B5 filing with the Securities and Exchange Commission.
The coupon will be 5.05% if the index closes at or above its initial level for each annual observation period. Otherwise, the coupon will be 2%. Interest is payable annually.
The payout at maturity will be par unless the index falls by more than 20%, in which case investors will lose 1% for every 1% decline beyond 20%.
RBS Securities Inc. is the agent.
Issuer: | Royal Bank of Scotland NV
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Issue: | Annual reset coupon notes with fixed buffer
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Underlying index: | S&P 500
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Amount: | $2,815,000
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Maturity: | June 30, 2014
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Coupon: | 5.05% if index closes at or above initial level on annual observation date; otherwise, 2%; payable annually
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Price: | Par
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Payout at maturity: | Par, unless index falls by more than 20%, in which case 1% loss per 1% drop beyond 20%
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Initial index level: | 1,280.1
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Buffer level: | 1,024.08, 80% of initial level
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Pricing date: | June 27
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Settlement date: | June 30
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Agent: | RBS Securities Inc.
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Fees: | 2.95%
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Cusip: | 78009PAT8
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