Published on 4/27/2007 in the Prospect News Structured Products Daily.
New Issue: ABN sells $1.125 million 12.5% knock-in notes linked to Southern Copper
By E. Janene Geiss
Philadelphia, April 27 - ABN Amro Bank NV priced $1.125 million of 12.5% Knock-in Reverse Exchangeable Securities due April 30, 2008 linked to Southern Copper Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payment at maturity will be determined according to the performance of Southern Copper stock. If the stock falls below $58.42, the knock-in price, during the life of the notes and finishes below $83.46, the initial price, investors will receive a number of Southern Copper shares equal to $1,000 divided by the initial price. The knock-in price is 70% of the initial price.
Otherwise, investors will receive par in cash.
ABM 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: | Southern Copper Corp.
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Amount: | $1.125 million
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Maturity: | April 30, 2008
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Coupon: | 12.5% annualized, payable monthly
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Price: | Par
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Payout at maturity: | If Southern Copper stock closes below the knock-in price of $58.42 during the life of the notes and finishes below the initial price, 11.982 shares of Southern Copper stock; otherwise, par in cash
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Initial price: | $83.46
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Knock-in price: | $58.42, 70% of initial price
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Exchange ratio: | 11.982 shares, at maturity
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Pricing date: | April 25
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Settlement date: | April 30
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Agent: | ABN Amro Inc.
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Agent fees: | 2.5%
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