Published on 9/29/2009 in the Prospect News Structured Products Daily.
New Issue: ABN Amro prices $1.94 million 17.75% reverse convertibles linked to Wells Fargo
New York, Sept. 29 - ABN Amro Bank NV priced $1.944 million of 17.75% Knock-In Reverse Exchangeable notes due March 31, 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 $18.32, 65% of the initial price of $28.19, during the life of the notes and finish below the initial price in which case the payout will be 35.474 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: | $1.944 million
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Maturity: | March 31, 2010
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Coupon: | 17.75%, 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 $18.32, 65% of the initial price, and finish below the initial price, in which case 35.474 shares of Wells Fargo stock
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Initial price: | $28.19
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Protection price: | $18.32, 65% of $28.19
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Exchange ratio: | 35.474
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Pricing date: | Sept. 25
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Settlement date: | Sept. 30
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Agent: | RBS Securities Inc.
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Fees: | 1.75%
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