By Jennifer Chiou
New York, Nov. 1 - ABN Amro Bank NV priced $1.6 million of 16.75% Knock-in Reverse Exchangeable Securities due May 2, 2008 linked to Sears Holdings Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payment at maturity will be determined according to the performance of Sears stock. If the stock closes below $135.66, the knock-in price, during the life of the notes and finishes below $101.75, the initial price, investors will receive a number of Sears shares equal to $1,000 divided by the initial stock price. The knock-in price is 75% of the initial price.
Otherwise, investors will receive par in cash.
ABN Amro Inc. is the agent.
Issuer: | ABN Amro Bank NV
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Issue: | Knock-in Reverse Exchangeable Securities
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Underlying stock: | Sears Holdings Corp.
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Amount: | $1.6 million
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Maturity: | May 2, 2008
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Coupon: | 16.75%, payable monthly
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Price: | Par
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Payout at maturity: | If Sears stock closes below the knock-in price during the life of the notes and finishes below the initial price, 7.371 shares of Sears stock; otherwise, par in cash
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Initial price: | $101.75
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Knock-in price: | $135.66, 75% of initial price
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Pricing date: | Oct. 30
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Settlement date: | Nov. 2
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Agent: | ABN Amro Inc.
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Fees: | 2.25%
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Distribution: | Off shelf
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