By Angela McDaniels
Tacoma, Wash., July 13 - Royal Bank of Scotland plc priced $1.48 million of annual reset coupon notes with fixed buffer due July 29, 2016 linked to the S&P 500 index, according to a 424B5 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 6.4% for that year. Otherwise, the coupon will be 3%. 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 July 12 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.
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: | $1,479,000
|
| Maturity: | July 15, 2016
|
| Coupon: | If index's year-over-year return on observation date is zero or positive, 6.4% for that year; otherwise, 3%; payable annually
|
| Price: | Par
|
| Payout at maturity: | Par if final index level is at least 80% of initial level; 1% loss for every 1% that index declines beyond 20%
|
| Initial index level: | 1,313.64
|
| Pricing date: | July 12
|
| Settlement date: | July 15
|
| Agent: | RBS Securities Inc.
|
| Fees: | 4.2%
|
| Cusip: | 78009PAV3
|
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