RBS plans to price 15-year callable capped CMS steepener notes

By Susanna Moon

Chicago, March 30 - Royal Bank of Scotland NV plans to price callable capped CMS steepener notes due April 15, 2026 linked to the 30-year and two-year Constant Maturity Swap rates, according to an FWP with the Securities and Exchange Commission.

The coupon will be 10% for the first year. After that, it will be four times the spread of the 30-year CMS rate over the two-year CMS rate, up to a cap of 10%. Interest will be payable quarterly and cannot be less than zero.

The payout at maturity will be par.

The notes will be callable at par on any interest payment date beginning April 15, 2012.

RBS Securities Inc. is the agent.

The notes will price on April 12 and settle on April 15.

The Cusip is 78009KSD5.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.