Published on 10/31/2007 in the Prospect News Structured Products Daily.
New Issue: ABN Amro sells $2.6 million 15.25% Knock-in Reverse Exchangeables on Titanium Metals
By Jennifer Chiou
New York, Oct. 31 - ABN Amro Bank NV priced $2.6 million of 15.25% annualized Knock-in Reverse Exchangeable Securities due Jan. 31, 2008 linked to the common shares of Titanium Metals Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Payment at maturity will be determined according to the performance of Titanium Metals stock. If Titanium Metals shares close below $28.72, the knock-in price, during the life of the notes and the final share price is less than the initial share price of $35.90, investors will receive a number of Titanium Metals shares equal to $1,000 divided by the initial share price. The knock-in price is 80% of the initial share price.
Otherwise, investors will receive par in cash.
ABN Amro Inc. and LaSalle Financial Services are the agents.
Issuer: | ABN Amro Bank NV
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Issue: | Knock-in Reverse Exchangeable Securities
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Underlying stock: | Titanium Metals Corp. (Symbol: TIE)
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Amount: | $2.6 million
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Maturity: | Jan. 31, 2008
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Coupon: | 15.25% annualized, payable monthly
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Price: | Par
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Payout at maturity: | If Titanium Metals shares fall below the knock-in price during the life of the notes and finish below the initial share price, a number of Titanium Metals shares equal to $1,000 divided by the initial share price; otherwise, par in cash
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Initial share price: | $35.90
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Knock-in price: | $28.72, 80% of initial share price
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Exchange ratio: | 27.855 shares, at maturity
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Pricing date: | Oct. 26
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Settlement date: | Oct. 31
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Agents: | ABN Amro Inc., LaSalle Financial Services
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Fees: | 1.375%
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Distribution: | Off shelf
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