Published on 5/12/2010 in the Prospect News Structured Products Daily.
New Issue: RBS prices $64,000 13.5% reverse exchangeables linked to SanDisk
By Angela McDaniels
Tacoma, Wash., May 12 - Royal Bank of Scotland NV priced $64,000 of 13.5% annualized Knock-In Reverse Exchangeable Securities due Aug. 13, 2010 linked to SanDisk Corp. shares, 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 - 75% of the initial price - during the life of the notes and finish below the initial price, in which case the payout will be a number of shares of SanDisk stock equal to $1,000 divided by the initial price.
RBS Securities Inc. is the agent.
Issuer: | Royal Bank of Scotland NV
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Issue: | Knock-In Reverse Exchangeable Securities
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Underlying stock: | SanDisk Corp. (Symbol: SNDK)
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Amount: | $64,000
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Maturity: | Aug. 13, 2010
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Coupon: | 13.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless SanDisk shares fall below the protection price during the life of the notes and finish below the initial price, in which case 23.669 shares of SanDisk stock
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Initial price: | $42.25
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Protection price: | $31.69, 75% of initial price
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Pricing date: | May 11
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Settlement date: | May 14
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Agent: | RBS Securities Inc.
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Fees: | 1.375%
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Cusip: | 78009KGB2
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