RBS to price digital notes with fixed buffer linked to the Dow

By Marisa Wong

Madison, Wis., June 29 - Royal Bank of Scotland plc plans to price 0% digital notes with fixed buffer due Jan. 29, 2016 linked to the Dow Jones industrial average, according to a 424B5 filing with the Securities and Exchange Commission.

If the index return is zero or positive, the payout at maturity will be par plus the greater of the index return and the digital return. The digital return is expected to be between 19% and 21% and will be set at pricing.

Investors will receive par if the index falls by up to 20% and will lose 1% for every 1% that the index declines beyond 20%.

The notes (Cusip: 78009PDA6) will price on July 27 and settle July 31.

RBS Securities Inc. is the underwriter.

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