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RBS plans to price annual reset coupon securities linked to S&P 500
By Angela McDaniels
Tacoma, Wash., March 29 - Royal Bank of Scotland NV plans to price annual reset coupon securities due April 14, 2014 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
Interest is payable annually. If the index return on the relevant observation date is zero or positive, the coupon will be 5.25% for that year. Otherwise, the coupon will be 2%. For each interest period, the initial index level used to calculate the return will be the index's level on the previous observation date. The observation dates fall on April 11 of each year.
The payout at maturity will be par unless the final index level is less than 80% of the initial index level, in which case investors will lose 1% for every 1% decline below the buffer.
The notes (Cusip: 78009KSC7) are expected to price April 11 and settle April 14.
RBS Securities Inc. is the agent.
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