Published on 10/29/2009 in the Prospect News Structured Products Daily.
New Issue: ABN Amro prices $367,000 15.5% reverse convertibles linked to Wells Fargo
By Jennifer Chiou
New York, Oct. 29 - ABN Amro Bank NV priced $367,000 of 15.5% Knock-In Reverse Exchangeable notes due April 30, 2010 linked to Wells Fargo & Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Wells Fargo shares fall below the protection price of $21.29, 75% of the initial price of $28.39, during the life of the notes and finish below the initial price in which case the payout will be 35.224 shares of Wells Fargo stock.
RBS Securities Inc. is the agent.
Issuer: | ABN Amro Bank NV
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Issue: | Knock-In Reverse Exchangeable notes
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Underlying stock: | Wells Fargo & Co. (Symbol: WFC)
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Amount: | $367,000
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Maturity: | April 30, 2010
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Coupon: | 15.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Wells Fargo shares fall below the protection price of $21.29, 75% of the initial price, and finish below the initial price, in which case 35.224 shares of Wells Fargo stock
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Initial price: | $28.39
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Protection price: | $21.29, 75% of $28.39
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Exchange ratio: | 35.224
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Pricing date: | Oct. 27
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Settlement date: | Oct. 30
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Agent: | RBS Securities Inc.
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Fees: | 2.25%
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