By Laura Lutz
Des Moines, Nov. 7 - ABN Amro Bank NV priced $4 million of 18.8% Knock-In Reverse Exchangeable Securities due Nov. 7, 2008 linked to the American Depositary Shares of Suntech Power Holdings Co., Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Payment at maturity will be determined according to the performance of Suntech stock. If the stock closes below the knock-in price - 60% of the initial price - during the life of the notes and finishes below the initial price, investors will receive a number of Suntech shares equal to par divided by the initial stock 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: | Suntech Power Holdings Co., Ltd. (NYSE: STP)
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Amount: | $4 million
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Maturity: | Nov. 7, 2008
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Coupon: | 18.8%, payable monthly
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Price: | Par
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Payout at maturity: | If Suntech stock closes below the knock-in price during the life of the notes and finishes below the initial price, 17.544 shares of Suntech stock; otherwise, par in cash
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Initial price: | $57.00
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Knock-in price: | $34.20, 60% of initial price
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Exchange ratio: | 17.544 shares, at maturity
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Pricing date: | Nov. 2
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Settlement date: | Nov. 7
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Agent: | ABN Amro Inc.
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Fees: | 0.3%
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Distribution: | Off shelf
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