New Issue: RBS prices $379,000 five-year annual reset coupon notes on S&P 500

By Toni Weeks

San Diego, Dec. 5 - Royal Bank of Scotland plc priced $379,000 of annual reset coupon notes with fixed buffer due Dec. 7, 2016 linked to the S&P 500 index, according to a 424B5 filing with the Securities and Exchange Commission.

The coupon will be 7.5% if the index closes at or above its initial level for each annual observation period. Otherwise, the coupon will be 3%. 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 plc
Issue:	Annual reset coupon notes with fixed buffer
Underlying index:	S&P 500
Amount:	$379,000
Maturity:	Dec. 7, 2016
Coupon:	7.5% if index closes at or above initial level for annual observation period; otherwise, 3%; payable annually
Price:	Par
Payout at maturity:	Par, unless index falls by more than 20%, in which case 1% loss for every 1% drop in the index beyond 80%
Initial level:	1,244.28
Buffer value:	955.42, 80% of initial value
Pricing date:	Dec. 2
Settlement date:	Dec. 6
Agent:	RBS Securities Inc.
Fees:	4.2%
Cusip:	78009PCA7

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